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Bulls have been in luck recently, with Stacks price closing on $1.00. Suddenly investors are paying attention to this token, functioning as Bitcoin’s layer for smart contracts. Stacks allows smart contracts as well as decentralized applications to trustlessly tap BTC as the main asset.
Stacks price was late to the bullish party at the beginning of the year and only started to rise toward the end of January. However, February has been the month for STX bulls to show their strength. In just 30 days, Stacks price has grown by 158% to trade marginally above $0.70 at the time of writing.
STX price may have bottomed in early November, in the wake of the implosion of FTX exchange. As the market bled, Stacks slowed down, settling in a massive support range between $0.20 and $0.30.
Stacks price consolidated the losses in that range even as crypto assets jolted to the upside in late December and part of January. It is only after bulls broke and held above the aggressive seller congestion at $0.30, did Stacks price woke up – immediately jumping into the ongoing rally.
What’s Next for Stacks Price After This Massive Rally?
Investors may be wondering about what awaits STX price in the wake of the 158% in 30-day cumulative gains. From an analysis of the daily time frame chart, we see Stacks price holding significantly above all the applied major moving averages.
For instance, the 100-day Exponential Moving Average (EMA) (in blue) holds at $0.3063, the 50-day EMA (in red) at $0.3284, and the 200-day EMA (in purple) at $0.3728. As these moving averages move to catch up with the up-trending price, momentum would keep building behind STX.
Investors trading the golden cross pattern formed when the 50-day EMA crossed above the 100-day EMA, threw all their weight behind Stacks price and ignited a decent rally over the last seven days.
Notice the engulfing green candlestick on the chart above after the price weakened resistance at $0.3728—the 200-day EMA. Key levels seemed insignificant to the bulls, paving the way for a vertical climb above $0.60. Furthermore, the candle wick stretched to $0.70 before Stacks price coiled back to $0.60.
Support at this level, shown as support-1 in the lower yellow band on the chart was confirmed as bulls took a breather before lighting up another fire behind STX. For that reason, Stacks price reached highs above and tagged $0.8541 – the new 2023 high.
Although profit booking does not seem aggressive at the moment, Stacks pulled back to $0.70 to allow bulls ample time to plan the next attack on the minor hurdle at $0.80 and the psychological barrier at $1.00.
Going forward, bulls must ensure support at $0.70 is secured, if not, they would need to defend $0.60 as though their lives depended on it. On the bright side, the Moving Average Convergence Divergence (MACD) indicator vividly displays a buy signal on the same daily chart.
Investors who bought STX above $0.30 had several signals to work with, including the MACD line in blue crossing above the signal line. In addition to the histograms in the momentum indicator flipping above the mean line, they grew longer, affirming the bullish outlook.
Some of the levels to watch would be the two yellow bands on the chart. If Stacks price slides beneath the lower band at $0.60, declines could increase and wipe out the progress for a retest of support at $0.30.
On the other side of the fence, STX price could quickly reclaim the ground above $1.00 if bulls weaken the immediate resistance at $0.80.
Stacks Price Short-Term Outlook – 4-Hour Chart
Stacks price is comfortably in the bulls’ hands based on the four-hour time frame chart. A buy signal from the Super Trend encouraged traders to keep their long positions in place. Like in the daily time frame, STX has support at $0.70 and $0.60, respectively.
The massive spike to $0.8541 attracted profit booking, hence the pullback to $0.60. Confirming the increase in overhead pressure is a sharp drop in the Money Flow Index (MFI) from highly overbought conditions at 95.00 to the neutral region.
Although the pullback was uncalled for, especially among the bulls, it is allowing more investors to join the market and capitalize on the expected swing above $1.00. In other words, the fear of missing out (FOMO) could start influencing the decisions investors make going forward.
Stacks Alternatives To Buy
Before you start accumulating bitcoin, do you know about these new coins whose presales are selling out quickly in 2023? Investors are diversifying their portfolios with the best crypto presales, promising a better risk-reward ratio. The list below shines a light on 12 Best Altcoins to Buy Right Now in February 2023.
For instance, Fight Out (FGHT) is an incentive-driven move-to-earn (M2E) ecosystem, giving users access to rewards for the workouts they are doing. The team behind this revolutionary Web3 platform believes there should not be barriers to entry in the fitness industry and that all people should have access to resources that help them lead healthy lifestyles.
Fight Out will reward users with an in-game currency called REPS which will be used to motivate fitness enthusiasts. Community members will be able to purchase more REPS with FGHT – thus increasing demand for the primary token.
After running the presale just a few months, Fight Out’s team has raised $4.45 million so far with the price increasing in 12-hour intervals. The presale is almost to the finish line with the first exchange listing expected in early March.
Other investors are also looking at C+Charge (CCHG), a crypto project built around revolutionizing the EV charging industry. For the first time, EV drivers will have access to the carbon credit industry.
C+Charge rewards users who pay with CCHG when charging their vehicles with carbon credits. The same credits can be used to mint NFTs to sell in a dedicated marketplace. So far CCHG has raised $1.25 million in a presale that has been running for a few weeks.
As blockchain use cases expand to cover real-life activities, Metropoly (METRO) is pushing innovation to the next level. By bringing up an NFT marketplace, Metropoly believes it has what it takes to change how investment is conducted in the real estate industry.
Users who buy the NFTs will have indirectly purchased properties from which they can receive rental income. In addition to that, the process of investing would come down to less than 20 seconds from the current 60 days globally. Investors buying METRO have raised $526k so far in a presale that is selling out fast.
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