Stacks (STX) Price Prediction: Will It Rally To $1?

Stacks STX is gaining in the market today, as it’s up by 23.62% at $0.9382 reflecting a massive spike from yesterday’s closing price of $0.78992. It traded at $0.213 on January 1, 2023, and increased to $0.03031 on February 3, 2023. 

The asset moved into an uptrend on February 19, jumping to $0.6439 for the first time in 2023. This price movement has made it one of the best-performing cryptocurrencies for February.

Factors Contributing To The Stacks Rally

The Stacks Network has enjoyed a positive price trend in 2023. Some innovations and activities could be responsible for this increase. Here are the latest trends and updates on the network that could have a significant impact on the price.

Stacks Foundation Launches Building On BTC Hackathon

The Stacks Foundation announced a virtual hackathon where participants will build their smart contracts on the network with Clarity. Hackathons have gained popularity in the crypto community recently. They are events where programmers come together to collaborate o a project for a short period.

Explore the hackathon ? https://t.co/PAPg3Szb9F

— stacksfoundation.btc (@StacksOrg) February 23, 2023

Clarity is a programming language for writing smart contracts on the Stacks 2.0 blockchain. It provides necessary tools that make it easy for developers to build smart contracts on the network.

These events attract rewards, grants, and mentorship for developers and increase participation among members of a crypto community. The deadline for the event is March 7, 2023, and will reward participants with $1,750 worth of prizes. This event could unravel new technology that will boost the network further and sustain the current rally.

Hyperchains By Hiro To Lauch On Stacks

Developers who wish to build on bitcoin will benefit from including hyperchains for faster network speed and reduced workloads. These hyperchains are one of the upgrades added to the stack’s network.

With @stacks' upcoming releases not only will trustless $BTC come to the $STX L2 — $sBTC — but we will also get hyperchains, which allow for high-throughput and low-latency applications: https://t.co/Z1tIFgB0vN

— Chris Burniske (@cburniske) February 26, 2023

The stack blockchain framework is designed to create a decentralized and permissionless user environment. The protocol prioritizes open membership where anyone can become a miner and user verifiable to permit anyone to validate the state of the blockchain.

The Stacks network has become the largest and fastest growing Web3 project on bitcoin and the hyperchains will help boost the network productivity. NFTs and Decentralized Exchanges will benefit from this technology since they require smart chains for smooth operations.

Ordinals Making waves On The Stacks Network

The STX network has introduced the Ordinals protocol. This protocol supports NFT developers to build and store these digital items on the original blockchain. Dune analytics, notes that since the Ordinal launch, the network recorded nearly 178,000 Bitcoin Ordinals inscriptions thus increasing Bitcoin network activities and pushing STX’s price.

Ordinals have catalyzed a cultural shift in #Bitcoin that will work to $STX's benefit. For those that want more programmable uses of $BTC, applications built on top of @stacks will provide what they seek. https://t.co/icPTUGrMFQ

— Chris Burniske (@cburniske) February 26, 2023

This innovation is vital to the network since NFTs are vital assets in the crypto ecosystem and will only increase in relevance.

Stacks (STX) Price Prediction

STX is in an uptrend today trading at $0.9382 an increase from yesterday’s closing price of $0.7822. It experienced a notable price increase on February 17, with the asset increasing gradually. The 50-day Simple Moving Average (SMA) has moved above the 200-day SMA confirming the bullish trend.

Also, STX is trading above its SMA’s (50-day and 200-day SMA) which is a short and long-term bullish sentiment.  Stacks has posted three consecutive green days on the chart and will likely attain the $1 price level in the coming days.

STX’s Relative Strength Index (RSI) indicator is 84.35, in the overbought region above 70. It reflects strong bullish pressure on the asset’s price.  STX’s Moving Average Convergence/Divergence (MACD) is bullish and has risen above its signal line. It shows divergence with the histogram bar for today at full strength.

The support levels are $0.6784, $0.7047, and $0.7428 and its resistance levels are $0.8072, $0.8336, and $0.8717.  STX has broken past its resistance levels and them to support to continue its bullish trend. It will likely trade above $1 if the bulls sustain the current charge. Although, a price pullback may occur it will help the asset consolidate for a further rise in its price.

Stacks (STX) Alternatives That Will Reward Investors

As STX rallies, there are other altcoins currently on presale you can invest in to make a profit. These altcoins will soon launch on exchanges and now is the best time for investors.

C+Charge

C+Charge is a Web3 initiative based on promoting green energy alternatives and reducing the carbon footprint. It is an innovative payment system crafted for Electric Vehicles (EVs) to create an efficient charging system based on Carbon credits. The CCHG token presale has been a huge success raising over $1.55 million in its early stages.

Currently, each CCHG token is worth $0.017 and will increase to $0.018 in the next few days. The token is deflationary and uses a token burn mechanism to keep the supply under control. All tokens that remain after the presale stages will be burnt.

The C+ charge platform aims at making carbon credits easily accessible to all users on the network. Also, users will earn carbon credits as rewards for each successful charge that can be converted to CCHG tokens.

Fight Out (FGHT)

Fight Out is a move-to-earn platform that promotes physical fitness and a healthy lifestyle among its growing users. It is built on the Ethereum blockchain which is highly secure. Also, it has attracted interest from elite athletes with its customizable plans that cater to all types of individuals.

FGHT the platform’s token is worth $0.00167 and has raised $4.56 million at the presale. The Asset’s price will increase at the next stage of the presale to $0.0334. Users can earn rewards on the platform for completing daily workout plans and participating in activities within the network.

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