STX Price Prediction: Stacks(STX) Layer2 Blockchain Network Activity Spike Shows Bullish Move

Stacks(STX), the Layer2 blockchain network comes to attention with a 24-hour growth of 8% and volume surge to 50%. The stacks network is an extension of the Bitcoin blockchain tp build smart contracts.

Stacks (STX) price is up by 8% in the past 24 hours and volume has surged by 50%. The Layer2 blockchain network is used to build smart contracts on the Bitcoin blockchain.

STX price is in a downtrend overall since hitting an all time high of $3.84 on April 1. The crypto attempted to break out of the bearish trend at the start of June by rallying to highs of $2.48, but failed to hold out for long.

STX price is now showing signs of strength and making a bullish move by trading above the 10 Day Simple Moving Average (SMA), despite the broader market turbulence and several other technical indicators remaining bearish.

Stacks Network Activity Surges

The recent price performance is largely due to a surge in network activity on the Stacks network.

According to the latest data from X, metrics such as transaction volume (TV) have surged to 900m USD, while active accounts (AA) have also increased and unique active wallets (UAW) have spiked to nearly 1.8 million.

Furthermore, an increase in Bitcoin Stacking rewards has also acted as a bullish catalyst throughout the board.

These periods of green on the Stacks blockchain are indicating strong bullish sentiment from investors and a foundation for the bulls to continue the rally.

STX Chart Analysis: Bullish Trend

The STX/USDT 4 hr chart is showing neutral to bullish signals, with all other indicators in the neutral zone.

STX price is currently below all moving averages, indicating a bearish trend.

RSI at 57 is in the neutral frame, showing increasing selling pressure after the spike, which can also start the accumulation as the trend continues. MACD just above the signal adds neutral momentum to the trend, while the Average Directional Index (ADX) is at 36, indicating the digital asset is trending in either direction.

STX has strong support at $1.56 and if the price falls below this level, the price could consolidate and see further corrections as there are no strong support areas.

On the other hand, if the price breaks out to the upside and crosses the $1.95 level, a 20% surge above $2 can be expected. Continuing the trend will see STX flip all SMAs and EMAs and reach the $2.5 mark once again.

The above is the detailed content of STX Price Prediction: Stacks(STX) Layer2 Blockchain Network Activity Spike Shows Bullish Move. For more information, please follow other related articles on the PHP Chinese website!