In the last 24 hours, Stacks has declined by 0.38%, with STX trading at $1.76 while the article is being drafted. It further reflects a drop of 9.98% in the last 7 days and a surge of 17.61% in the last 30 days. STX holders are confident that the token will eventually fetch returns to them, for it is poised to soar to a new ATH in the days to come. It is initially crucial for the token to sustain within the range of $1.25 and $2, following which it aims to breach $3 at the earliest.
Near-term predictions expect STX to jump by 2% from the current value in the next 5 days. This STX price prediction will take the token to approximately $1.82. This paves the way for a 9.67% increase from the current value to $1.96, amidst a relatively elevated volatility of 11.52%. The 200-day SMA of $2.01 shows that STX is in a downtrend. It could very well be placed in a phase that signals correction ahead of a rebound. Stacks is set to rise when the Federal Reserve cuts rates again.
Other factors that could affect STX include overall market sentiments, trading volume, and ecosystem milestones. For starters, market sentiments are bullish even if BTC and ETH are falling. They were on the verge of establishing a new all-time high (ATH), but they have now temporarily lowered the bar. Investors are optimistic about the future because of its growing adoption and mainstream discussion. Furthermore, investors are injecting liquidity into the cycle to boost cryptocurrencies’ value.
Trading volume, specifically for STX, is up by 12.41%. In this regard, the context is one of accumulation among traders. Buying a digital token at a lower value, which has the potential to rise in the future, is a natural phenomenon among traders, indicating their confidence in Stacks and its native token. Market Cap is also up; it last grew to 34th position worldwide at 1.29%.
Advertisement
Finally, there are milestones that STX must achieve to prove its strength. The next best level is $3.25. STX/USDT was last seen standing tall above the SMA to demonstrate an uptrend. Given that the 50-day SMA is $1.64 at the time of writing, the current value is in line with this trend.
All sights are to see if it breaks out from the range of $1.80 to $1.90 to test the level of $3.25.All eyes are focused on observing if the price breaks out from the range of $1.80 to $1.90, in order to test the $3.25 mark.
Stacks has two developments to look forward to: the launch of a BTC-pegged stablecoin and a network upgrade. Nakamoto Upgrade, or the network upgrade, is tentatively scheduled to happen by the middle of October 2024. The stablecoin could take a little longer.
Also Read: Cardano Midnight Testnet Launch: Could ADA Price Soar Soon?
Advertisement
