Stacks Price Prediction: STX Soared 24% On Comments By Legendary VC Investor, But Consider This Leading Edge AI Platform For 10X Gains

ByLockridge Okoth

Updated: 21 December 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 price soared 24% during the December 20 trading session and 10% in the last 24 hours to trade for $1.5029 as of 4:00 a.m. EST time.

Trading volume is also up 32%, coming on the back of recent expressions by big-name VC investor Tim Draper.

In an interview with Coin Bureau’s Jessica Walker, the VC investor said, “Most of what I’ve been investing in have been things that start to move the important applications over to Bitcoin. So I think that’s a really interesting trend and we’re thinking it’s going to go the way Microsoft did.”

The comment drew inspiration from Bitcoin-based NFT projects like Ordinals, whose emergence in 2023 has fueled projects like Stacks. Notably, Stacks is a layer 2 network designed to enable smart contracts on the BTC network.

Data according to DeFiLlama shows a 585% surge in total value locked (TVL) since the start of the year, moving from $7.1 million to the current $48.63 million year-to-date.

Meanwhile, behavior analytics platform Santiment anticipates a possible correction in Stacks price, among other altcoins like Solana (SOL) and Near Protocol (NEAR) after the altcoins recorded skyrocketing social volume.

🗣️ #Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea

— Santiment (@santimentfeed) December 21, 2023

A spike in social volume points to an increasing amount of mentions of the coin on more than a thousand crypto-related social media channels. As indicated in the chart below, the social media metrics have spiked for the three altcoins.

Santiment explains that this kind of mainstream attention could precipitate the fear of missing out (FOMO), as late investors or the sidelined ones chase the rally. This is often recipe for a price top, according to the behavior aggregator, which means a correction could be underway.

Stacks Price Prognosis As Santiment Anticipates A Correction

STAX is already overbought, judging from the position of the Relative Strength Index (RSI) above the 77 level. Nevertheless, its inclination to the north suggests momentum is still rising.

Also, the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) are still in the positive territory, showing the bulls have the upper hand.

Increased buying pressure could see Stacks price extend north, clearing the equal highs at $1.5759. In a highly bullish case, the gains could extrapolate for the STX market value to reach the $2.0000 psychological level. Such a move would constitute a 37% climb above current levels.

On the other hand, a rejection from the critical resistance at $1.5759 could see Stacks price pull south, potentially losing the support at $1.2562.

An extended seller momentum could see Stacks price fall into the fold of the supply barrier turned bullish breaker, which extends between $1.0638 and $1.1568. A three-day candlestick close below the midline of the channel at $1.1134 would confirm the continuation of the downtrend.

To invalidate the bullish thesis, Stacks price must slip below the $1.0000 psychological level to record a candlestick close under the $0.8860 support level.

It is worth it to note that the RSI is already showing signs of being subdued, evidenced by its deviation from its overall northbound move. This could be the beginning of Santiment’s forecasted pullback.

Meanwhile, consider LPX for your portfolio diversification strategy as Stacks price confronts a formidable barricade presented by the equal highs.

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