Stack (STX), a platform for scaling and building on top of Bitcoin, has experienced a modest price surge in comparison to the overall cryptocurrencies. STX gained 7.16% in the last 24 hours. The token is currently trading at $2.38, with a 24-hour low of $2.20 and a high of $2.45.
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DeFi TVL Reaches All-Time High on Stacks
One of the key factors contributing to the recent price appreciation of STX is the all-time high in STX-denominated total value locked (TVL) in decentralized finance (DeFi) applications on the leading Bitcoin L2 platform, as reported by DefiLlama.
Whales Drive Massive Buying Pressure
Analyst Sakemate has observed buying pressure for STX on major exchanges like Coinbase and Binance. According to the analyst, whales have been “eating the order book with constant bids,” leading to a supply shock as there is not enough STX available on exchanges to meet the surging demand.
This intense buying activity suggests that large investors are bullish on the future prospects of Stacks and its native token.
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Show more +Technical Indicators Point to Bullish Breakout
CryptoJack, another prominent analyst, has identified a bullish breakout on the STX daily chart, with the price breaking above a key resistance trendline. The analyst is taking a long position on Stacks, setting a target price of $3.8.
A detailed technical analysis provided by altFINS further supports the bullish sentiment surrounding STX. The analysis highlights a bullish breakout from a falling wedge pattern, which could signal the resumption of an uptrend. STX is currently approaching the near-term target of $2.50, representing a potential 20% gain.
altFINS suggests two potential entry points for traders looking to capitalize on the current STX price action:
- Wait for the price to break above $2.50 to confirm the continuation of the uptrend, with a potential 20% upside to $3.00.
- Look for a pullback near the $2.00 support level for another swing trade entry, with a potential 25% upside back to $2.50.
STX Trend and Momentum Analysis
The technical analysis reveals that STX is currently in an uptrend on the short-term timeframe, while the medium-term and long-term trends are classified as “Strong Down” and “Down,” respectively. The RSI-14 (Relative Strength Index) levels indicate that STX is neither overbought nor oversold at the moment, providing room for further price appreciation.
Source: altFINS – Start using it today
The nearest support zone for STX is identified at $2.00, followed by $1.30. On the upside, the nearest resistance zone is located at $2.50, with the next resistance level at $3.50.
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