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STX, the cryptocurrency of the Stacks network, has managed to attract attention by rising by about 45% in the new year. What are the important levels for STX? How far can the rise continue? Here is the STX analysis, we have prepared for you!
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What is Stacks?
Stacks is an open-source blockchain network based on Bitcoin that consists of decentralized applications and smart contracts. The Bitcoin and Stacks networks, which run simultaneously, allow for changes to be made to smart contracts and decentralized applications without making changes to the Bitcoin blockchain. Stacks aims to expand the Bitcoin network by developing a more efficient execution layer as an additional option to the slower Bitcoin main network. Decentralized applications are open to everyone and can be developed by anyone. Every transaction is recorded on the Bitcoin network, which is the most secure blockchain.
Muneeb Ali and Ryan Shea founded the project. Also, it is headquartered in New York. In 2019, the project changed its name and changed the name of the project and the local token to Stacks instead of Blockstack. Stacks also holds the title of the first coin approved by the US Securities and Exchange Commission (SEC).
Looking at the relationship between Stacks and Bitcoin, it is possible to say that the positive movements of Bitcoin also positively affect STX. In addition, the meetings held by the developers of the Stacks network every week for the users in the ecosystem also show the interest of the project developers in the users.
What are the important levels for STX?
Starting the uptrend in 2023, STX closed the previous year with an increase of about 740% and showed an increase of about 155% in December.
The price received a quick reaction by testing the region it broke through the resistance zone of the formation, along with the decline movement experienced by Bitcoin on January 3, 2024. As long as the price does not make closings below the yellow box on a daily basis, we can say that the price is positive. The target of the formation shows the $2 level. However, the price is still holding the $1.74 level as resistance. With the price breaking the $1.74 level first, we can see an acceleration to the $2 level. It is likely that the price will experience a retracement to the $0.9 levels in the coming daily closings below the yellow zone.
The price of STX is currently trading at $1.60. The formation support is at $1.50 and the resistance is at $1.74. The price is in a bullish trend as long as it does not close below the yellow box on a daily basis. The target of the formation is at $2. However, the price is still holding the $1.74 level as resistance. If the price breaks the $1.74 level, we can see an acceleration to the $2 level. If the price closes below the yellow box, it is likely that the price will experience a retracement to the $0.9 level.
Conclusion
The price of STX is in a bullish trend and is likely to continue to rise in the short term. However, the price is still holding the $1.74 level as resistance. If the price breaks the $1.74 level, we can see an acceleration to the $2 level.