Stacks Price Up By 14.95% – Time to Buy STX Coin?
The Stacks protocol recently launched Bitcoin NFTs on its network, propelling the digital asset to new heights. Meanwhile, before you buy STX, we recommend going through this article to understand its technical and fundamental performance.
STX: Adding Smart Contracts And Dapp Functionality To Bitcoin
The over-arching issue with Bitcoin critics has been the challenge of modifying the ancient blockchain protocol to meet new use cases. The Stacks blockchain has largely changed that. Since founded in 2013 as Blockstacks, the platform has deployed smart contracts and decentralised applications (dApps) capability on the Bitcoin network, and it has been largely successful.
At press time, governance token STX trading at $2.171, up 14.95% in the last 24 hours. This is following a seven-day trailing period in which recorded over 54.81% in the previous week. Against the landmark cryptocurrency Bitcoin, STX has risen 23.84% in 48 hours and 22.55% against Ethereum price. This shows the growing interest in the protocol’s value proposition and use.
However, today’s gains are modest compared to the previous 72 hours. STX surged to a high of $2.45, increasing 20% from $2.04 before seeing resistance at the price peg. STX is still expected to soar in the coming days as more investors take cognisance of the blockchain protocol secured by the Bitcoin network.
STX Technical And Fundamental Analysis
Looking at STX’s technical indicators give us a clearer view of its impressive rally so far this week. The digital token is soaring above the 20-day moving average (MA) support price of $1.483 as the bulls seize control of the market. STX is trading above the longer-term 200-day MA indicator at $1.385, giving more reasons to buy STX.
The moving average convergence and divergence (MACD) indicator show the green trendline soaring above the orange trendline. This indicates a clear buying signal as investors rush to buy STX. A relative strength index (RSI) figure of 76.43 further reaffirms the bullish potential of the proof-of-transfer (PoX) algorithm.
STX’s sudden rise has been largely due to its fundamental performance. The Stacks blockchain launched its first slew of Bitcoin non-fungible tokens (NFTs) in the past week. The first-ever smart contract functionality successfully launched on Bitcoin, and the Stacks team noted that its Bitcoin Birds NFTs were gone within an hour, with others like Stacks Pops, Punks, and Monks also enjoying massive sales.
This propelled the Stacks blockchain into the top 10 Altcoin rankings for the week, with STX topping the Lunacrush Altrank.
Adding to its fundamental adoption, popular US crypto exchange Coinbase added support for STX on its institutional custody service platform Coinbase Prime.
Also, ALEXGo.Btc, a DeFi protocol meant to reduce liquidation risk on the Stacks blockchain, recently received investments from popular crypto exchange OKEx’s venture capital arm OKEx BlockDream Ventures. With the Stacks blockchain making the Bitcoin network more multi-purpose and flexible, more investors will be drawn to the blockchain protocol. This makes today’s rally a good signal to buy STX for the long haul.