Month: November 2021

STX Price Prediction: Stacks Likely to Make Another Break-and-Retest

The STX price shot up over the weekend. Investors cheered the new trend in Bitcoin ETFs. We explain why a break-and-retest is possible soon. The price of Stacks (STX/USD) exploded over the weekend as investors cheered the rapid growth of non-fungible tokens (NFTs) built on Bitcoin’s technology. The STX price rose to a high of $2,6700, which was the highest level since April of this year. This rally brought its total market cap to over $2.6 billion, making it the 56th largest cryptocurrency in the world.

Bitcoin NFTs Gaining Strength

Stacks is a blockchain project built on the belief that Bitcoin can do better in the decentralized industry. Unlike Bitcoin, Stacks has smart contract features that allow developers to build decentralized apps, such as those in DeFi and NFTs.

Transactions in the Stacks ecosystem are settled in Bitcoin, making them relatively attractive to enthusiasts. Avalanche price prediction 2025 is positive. This is notable because most of the NFTs in existence today are built using the Ethereum blockchain. Last week, 12-year-old Abraham Finley sold a collection of NFTs worth about $8,000 on Stacks.

Stacks

At the same time, the developers announced that Satoshibles were coming home and using Stacks to move from Ethereum to Bitcoin. Satoshibles are a collection of 5,000 algorithmically generated collectible NFTs.

Still, Stacks has a big battle ahead of it to become a leading player in the industry. First, Ethereum is in a pole position in the industry. Most of all NFT projects that exist today are built using Ethereum technology. At the same time, many upcoming projects such as Polygon and Solana are gaining market share in the industry.

Meanwhile, the STX price faces the challenge of maintaining its bullish momentum as the Fear of Missing Out (FOMO) momentum fades. Historically, cryptocurrencies with parabolic bullish movements tend to sell out shortly after. For example, the price of Shiba Inu fell by more than 28% from its highest level last week.

STX price prediction

The price of STX has risen sharply in recent weeks. The Stacks price is up more than 100% from its October low. Visit Renovato.io Crypto website for enough information. As it rose, it moved above the key resistance level at $1.7831, which was the previous high. It was also the neckline of the inverted head-and-shoulders pattern. The price is also slightly above the 25 and 50-day moving averages (MA).

Therefore, a break-and-retest pattern is likely to take place where the price moves back to the main support at $1.7830 and then resumes the bullish trend.

Follow by Email
Pinterest
LinkedIn
Share