Stacks Price Prediction: Does STX Hold the Potential to Double Its Value Soon?

Updated: 19 September 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Stacks (STX) posted positive price moves since September 1, creating excitement among investors. As of 6:09 a.m. EST today, September 19, Stacks (STX) is up by 7%, trading at $0.4953.

In addition, its 24-hour volume has surged 423%, reflecting the increased buying demand on STX. While STX continues to post impressive strides, speculation is rising that the anticipated Bitcoin EFT approval may boost investor interest in STX.

Stack’s Innovative Smart Contracts

Stacks (STX) has emerged as a prominent player in the cryptocurrency sphere, facilitating smart contracts within the Bitcoin network. This innovative approach has stirred considerable excitement, mainly because of the impending Bitcoin Exchange-Traded Fund (EFT) approval.

What sets Stacks apart is its unique proposition. It empowers developers to develop decentralized applications (dApps) on the Bitcoin blockchain. Also, it grants users the opportunity to earn Bitcoin through a mechanism called “Stacking.” As the community anticipates the ETF verdict, Stacks’s smart contracts on Bitcoin make it a promising project.

Following this excitement, bullish market analysts expect STX to double in price, trading between $0.67 and $0.78 by Q4 of 2023. This anticipated performance underscores the growing confidence in Stacks as it forges new paths within the cryptocurrency ecosystem.

Bitcoin’s surge above $27K Fuels Stacks Rally

The Stacks token price mirrored Bitcoin’s performance, as BTC broke the $27,000 resistance on Monday. While there was no news within the Stacks ecosystem, BTC’s recovery undoubtedly pushed STX up.

The price of Stacks (STX) surged over 6% on September 18, in tune with the ongoing cryptocurrency market recovery. It reached $0.5023, marking its highest point since August 31. It has climbed more than 13% from its lowest price this year.

Stacks’ revival caused a surge in short positions liquidations, reaching $60,000, the highest since September 5. In addition, Stacks’ futures market open interest jumped by over 28% to exceed $28.3 million.

This surge could positively affect STX price by creating a more bullish sentiment in the market. The rise in open interest also suggests growing investor interest and participation in the futures market. This can increase trading volume and liquidity, further supporting upward price movement for STX.

Bullish STX Nears 50-day Moving Average – Is This a Critical Resistance?

STX’s bullish candle stick formation shows the increase in buying pressure today. As a result, the Relative Strength Index (RSI) at 53 is moving up. This suggests price rallies for STX as buyers approach the overbought zone.

The Moving Average Convergence/Divergence (MACD) is above the signal line with green histogram bars. This depicts the bullish solid momentum backing STX rally potential.

However, STX faces stiff resistance near the 50-day Moving Average at $0.5064. A breakout at this point will empower the bulls to target the 200-day MA at $0.64 in the coming days, representing a 30% increase from the current price.

STX Sets to Break Above 50-day SMA – $0.5286 Will Be the Next Target

STX is pushing to break above the resistance at $0.5064. Accomplishing this will automatically set the next resistance to $0.5286, targeting $0.6. On the other hand, STX could find support at $0.4543 should the bears return to force a decline.

Should the selling pressure at the critical levels push STX down, the $0.4532 support could trigger a rebound. While Stacks’ shows off its growth tendencies, another attractive stake-to-earn project is making waves, Bitcoin BSC.

Stake-to-earn on Bitcoin BSC for Enticing APY Returns

Bitcoin BSC (BTCBSC) has garnered considerable attention with its stake-to-earn model built on the Binance Smart Chain (BSC). This project’s ongoing presale has secured over $3 million, edging towards its soft cap.

The staking dashboard shows that stakers would receive an estimated annual percentage yield (APY) of 169%. However, with forecasts indicating that post-presales will lock up over 80% of the total supply, the purchase and staking have been non-stop.

Given the heightened investor interest in this project, the presale debuted in September 2023 and could end in a few days. However, prospective investors can still secure their slots within the remaining timeframe.

BTCBSC Offering Enticing Returns at Low Presale Prices

Meanwhile, the BTCBSC token is trading at $0.99, equivalent to the price of Bitcoin in 2011 before its massive surge.

As anticipation for BTCBSC’s public launch builds, the project introduced a referral program. Those who invite friends to participate in the presale will earn a 5% referral bonus on the invitees’ purchases. Hurry to the website to secure your slot.