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The Stacks price rose 25% in the past 24 hours to trade at $3.1180 as of 05:10 a.m. EST on trading volume that surged 475% to $612 million.
This comes as the interest in Layer 2 Bitcoin grows, connected to their focus on Bitcoin ordinals. Stacks functions as a Layer 2 network for Bitcoin, offering features such as custom cryptocurrency issuance, liquid staking protocol, and a decentralized exchange.
Stacks (STX) price outperforms the market as interest in layer-2 Bitcoin grows
STX, the native token of the Stacks layer 1 smart contract platform focused on Bitcoin, has emerged as a top performer in the crypto market with a remarkable 400% rally since October 2023. This surge…
— Eliza Matthews (@ElizaMatth8803) February 26, 2024
Consequently, the upcoming Nakamoto Release upgrade, expected to occur before the Bitcoin halving in April, is already sparking an increase in user interest. The user interest may have a positive effect on the STX price.
Stacks Price Bullish, Trades Above The Upper Boundary Of The Ascending Triangle
From the start of the year, the Stacks price has been in a consolidation phase within the $1.5 range. However, the bulls have shown resilience, driving the price up gradually from the beginning of February, before hitting the $2.8 resistance.
Stacks price is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the bullish sentiments. The 50-day SMA is trading above the 200-day SMA, forming a golden cross at $1.57, signaling a continuation of the bullish momentum.
The Relative Strength Index (RSI) is trading above the 70-overbought region at 77, an indication of intense buying pressure.
Furthermore, the Moving Average Convergence Divergence (MACD) affirms the bullish prospects for STX’s price, as the moving average line (blue) crosses the signal line (orange). This represents a bullish crossover, encouraging investors to buy more, further supporting the sentiments of a looming bullish rally.
The green bars on the histogram extend above the zero line, an indication of a general positive momentum. Additionally, the Stochastic Oscillator 14 3 3 line (green) is crossing above the trigger line (orange), a confirmation of a bullish moving average crossover, which indicates an incoming bullish trend.
Stacks Price Prediction
The Stacks price analysis indicates bullish prospects for the BTC price, evident from the price breaking out of the ascending triangle’s upper boundary. The bulls are aiming to drive the price to $3.78, representing a 21.63% increase.
In an inverse scenario, the bears may take control of the price, which may pave the way for a slight retrace back to the next support zone at $2.5, within the lower boundary of the ascending triangle pattern.
Meanwhile, investors looking to make over 25X returns on investment are rushing to buy Frogwifhat, a new meme coin that is taking on Bonk, WIF and Myro.
Frogwifhat Meme Coin Soars 226% on Uniswap Upon Launch, 25X Growth Potential
Frogwifhat has emerged as a popular meme coin in the cryptocurrency world, captivating users with its unique blend of internet favorites: frogs and hats.
Embodying the pinnacle of French high fashion, the Frogwifhat proudly showcases its haute couture flair, always accompanied by a baguette to underscore its deep-rooted French heritage.
Le Frog Wif Hat, the epitomé of French meme culture… 🥖
1️⃣ Light first extremely long cigarette of the day
2️⃣ Put on beret
3️⃣ Swear at some AmericansC’est simple comme bonjour 🐸🎩#FrogWifHat #FWIF #Crypto #Alts #MemeCoin #PEPE #DOGE #Web3 pic.twitter.com/D1qCUwEXz3
— Frogwifhat (@Frogwifhat_coin) February 27, 2024
Did the Developers Behind Dogwifhat And Bonk Also Create Frogwifhat?
The Frogwifhat (FWIF) website clearly indicates that FWIF aims to replicate the achievements of other meme coins such as Dogwifhat, Bonk, and Smog. Additionally, there is speculation suggesting that the individuals who founded FWIF could also be responsible for the success of the previously mentioned meme coins.
Frogwifhat, currently trending at number 3 on Dexscreener, has seen remarkable growth. It surged 226% on Uniswap shortly after launch.
The project, currently anchored on the Ethereum blockchain, is eyeing expansion into the Solana network to broaden its horizons. To facilitate this shift towards a multichain framework, it is utilizing portalbridge.com.
This move coincides with Solana experiencing a surge in meme coin launches that include Smog, MYRO, BONK, and Dogwifhat. These coins have significantly bolstered its activity and attracted traders in pursuit of substantial profits.
YouTuber and crypto analyst Zach Humphries predicts that Frogwifhat will mirror Smog’s impressive growth. He confidently expects a further 25X increase for FWIF.
You can buy FWIF on the official website.
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