{"id":25803,"date":"2023-06-22T22:53:46","date_gmt":"2023-06-23T02:53:46","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=25803"},"modified":"2023-06-22T22:53:46","modified_gmt":"2023-06-23T02:53:46","slug":"stacks-stx-rises-74-in-last-week-is-1-possible","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/22\/stacks-stx-rises-74-in-last-week-is-1-possible\/","title":{"rendered":"Stacks (STX) Rises 74% In Last Week, Is $1 Possible?"},"content":{"rendered":"

The past few days saw excitement among market participants as many cryptocurrencies soared to new highs amid improving sentiments. Stacks (STX) was among the tokens that stood out even when the market appeared gloomy<\/a> and once again, the bulls achieved an incredible feat in the last 24 hours, pushing the price to a new 60-day high.\u00a0<\/p>\n

Stacks (STX) demonstrated a significantly bullish momentum in seven days, going from $0.5501 to $0.8743, the highest price attained in the last 60 days. With this impressive price movement, a $1 milestone seems imminent.<\/p>\n

Stacks Defends Its Price Momentum<\/h2>\n

According to CoinMarketCap data<\/a>, STX has recorded a remarkable price increase of 72.66% in the last seven days, positioning it as the highest gainer on the weekly chart<\/a>.\u00a0The token maintains the bullish momentum at the time of writing, with a 24-hour price increase of 12.23%, leaving the current value at $0.8406.<\/p>\n

Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000<\/a><\/p>\n

With this bullish price movement, Stacks\u2019 market cap has increased significantly by 13.45% to $1.172 billion. Stacks also witnessed a massive boost in trading volume in the last seven days. The trading volume went from $32.19 million on June 18 to $450 million on June 21, a nearly 1300% increase.\u00a0<\/p>\n

The massive increase in trading volume demonstrates a surge in investor demand and buying pressure, reflecting the positive sentiment in Stacks markets.\u00a0Though the volume seems to stall over the past 24 hours, the token still sustains its momentum, reaching over $351 million.\u00a0<\/p>\n

What\u2019s Influencing Stacks\u2019 Price Moves<\/h2>\n

Stacks is a Bitcoin blockchain layer that enables developers to deploy smart contracts, NFTs, DeFi, and dApps on the Bitcoin network.\u00a0Simply put, Stacks brings DeFi to Bitcoin, unlocking billions in capital and setting the pace to activate a Bitcoin economy.<\/p>\n

STX, being Stacks\u2019 native token, has been soaring recently due to the increased demand for Ordinals NFTs on the Bitcoin blockchain. Dune analytics data<\/a> shows that Ordinals\u2019 daily inscription spending has increased from $29 million in May to $48 million in June.\u00a0<\/p>\n

This increased network activity is significantly pushing the STX token price higher. Moreover, Bitcoin\u2019s increasing market sentiment following news of BlackRock\u2019s spot BTC ETF application must have robbed off on STX.<\/p>\n

Another factor behind STX\u2019s price action is the increased investor sentiment due to the regulatory approval<\/a> by the US SEC. Stacks recently became the first SEC-certified token offering in the United States. The legitimacy contributed to boosting STX\u2019s price by attracting investors\u2019 interest.<\/p>\n

Related Reading: \u2018Ripple (XRP) Is A Must-Hold For The Next Bull Run,\u2019 Says Bitcoin Maxi<\/a><\/p>\n

The broader crypto market performance has also contributed to boosting STX price. The global crypto market cap<\/a> has increased by 3.23%, with most coins adding massive gains in the last day.<\/p>\n

STX Price Outlook<\/p>\n

Notably, STX has bounced off all Moving Averages<\/a>, a strong bullish indicator for more price uptick. STX\u2019s primary support and resistance levels are $0.74054 and $0.8840, respectively.\u00a0The token has already conquered the $0.8 resistance and turned it into a support level, indicating higher upticks as the bulls mount pressure to break the resistance level at $0.8840.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The past few days saw excitement among market participants as many cryptocurrencies soared to new highs amid improving sentiments. Stacks (STX) was among the tokens that stood out even when the market appeared gloomy<\/a> and once again, the bulls achieved an incredible feat in the last 24 hours, pushing the price to a new 60-day high.\u00a0<\/p>\n

Stacks (STX) demonstrated a significantly bullish momentum in seven days, going from $0.5501 to $0.8743, the highest price attained in the last 60 days. With this impressive price movement, a $1 milestone seems imminent.<\/p>\n

Stacks Defends Its Price Momentum<\/h2>\n

According to CoinMarketCap data<\/a>, STX has recorded a remarkable price increase of 72.66% in the last seven days, positioning it as the highest gainer on the weekly chart<\/a>.\u00a0The token maintains the bullish momentum at the time of writing, with a 24-hour price increase of 12.23%, leaving the current value at $0.8406.<\/p>\n

Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000<\/a><\/p>\n

With this bullish price movement, Stacks\u2019 market cap has increased significantly by 13.45% to $1.172 billion. Stacks also witnessed a massive boost in trading volume in the last seven days. The trading volume went from $32.19 million on June 18 to $450 million on June 21, a nearly 1300% increase.\u00a0<\/p>\n

The massive increase in trading volume demonstrates a surge in investor demand and buying pressure, reflecting the positive sentiment in Stacks markets.\u00a0Though the volume seems to stall over the past 24 hours, the token still sustains its momentum, reaching over $351 million.\u00a0<\/p>\n

What\u2019s Influencing Stacks\u2019 Price Moves<\/h2>\n

Stacks is a Bitcoin blockchain layer that enables developers to deploy smart contracts, NFTs, DeFi, and dApps on the Bitcoin network.\u00a0Simply put, Stacks brings DeFi to Bitcoin, unlocking billions in capital and setting the pace to activate a Bitcoin economy.<\/p>\n

STX, being Stacks\u2019 native token, has been soaring recently due to the increased demand for Ordinals NFTs on the Bitcoin blockchain. Dune analytics data<\/a> shows that Ordinals\u2019 daily inscription spending has increased from $29 million in May to $48 million in June.\u00a0<\/p>\n

This increased network activity is significantly pushing the STX token price higher. Moreover, Bitcoin\u2019s increasing market sentiment following news of BlackRock\u2019s spot BTC ETF application must have robbed off on STX.<\/p>\n

Another factor behind STX\u2019s price action is the increased investor sentiment due to the regulatory approval<\/a> by the US SEC. Stacks recently became the first SEC-certified token offering in the United States. The legitimacy contributed to boosting STX\u2019s price by attracting investors\u2019 interest.<\/p>\n

Related Reading: \u2018Ripple (XRP) Is A Must-Hold For The Next Bull Run,\u2019 Says Bitcoin Maxi<\/a><\/p>\n

The broader crypto market performance has also contributed to boosting STX price. The global crypto market cap<\/a> has increased by 3.23%, with most coins adding massive gains in the last day.<\/p>\n

STX Price Outlook<\/p>\n

Notably, STX has bounced off all Moving Averages<\/a>, a strong bullish indicator for more price uptick. STX\u2019s primary support and resistance levels are $0.74054 and $0.8840, respectively.\u00a0The token has already conquered the $0.8 resistance and turned it into a support level, indicating higher upticks as the bulls mount pressure to break the resistance level at $0.8840.<\/p>\n

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