Stx today formed a God -candles and gathered up to 19.5% after it was broken from a bullish pattern as the wider market recovered.
Stacks (STX) rose on April 21, Asian time to an intraday height of $ 0.717, before they settled from the press of $ 0.714. Market capitalization was set at almost $ 1.1 billion, while the daily trade volume increased by more than 200% by $ 153 million, indicating an increase in commercial activity.
As a Bitcoin -based protocol, the profit from STX can today largely be attributed to the reflection of the upward trend in Bitcoin (BTC), which last day has risen almost 3.4% to $ 87.573, the highest level since Trump announced his “Liberation Day” tariffs. The wider cryptomarkt has also risen 1.1% at almost $ 2.85 trillion.
The rally was accompanied by an increase in demand among derivatives traders who have gambled on STX’s prizes. Per Coinglass factsOpen interest for STX has risen 31% to more than $ 51 million.
STX Technical analysis
In the meantime, STX has broken on the 1-day USDT price diagram above a falling wig pattern, defined by two falling and converging trend lines.
In the technical analysis, an excess outbreak of this pattern is often seen as a bullish reversal signal, which indicates the potential for a rebound in price.
According to For analysts Captain Faibik, the outbreak could activate almost 100% upside down, with an objective of $ 1.40.
As an addition to the bullish outlook, STX has moved above its 50-day exponential advancing average, usually a sign of improving the momentum that can encourage further purchase activity.
Furthermore, the Aroon is up at 100%, while the Aroon Down is 0%, which shows that the purchasing pressure clearly dominates with every sale at the moment.
Moreover, the Chaikin money flow is in a positive area, indicating that the inflow of capital reinforces and buyers are in control.
Provided that Bitcoin can sustain his positive momentum, the most likely target for STX seems to be the psychological resistance at $ 1. A break above this level could push it to focus on $ 1.3-1.4, a key resistance zone that connects to earlier Swing Highs and the projected Wiguitbraak movement.
For the non-dedication, Stacks is a Bitcoin Layer-2 network with which developers can build smart contracts, defi-applications and NFTs while remain anchored for the protection of Bitcoin. It uses a unique consensus mechanism called proof of transfer to connect its blockchain to Bitcoin, making advanced use cases possible without changing the Bitcoin core protocol.
STX is the native token of the Stacks network. It is used to process transactions, provide smart contracts with power and to earn Bitcoin solutions through token lock.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
