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Stacks (STX) is on an uptrend today, gaining over 12% in the last 24 hours. Although the general crypto market is volatile, STX shows positive moves on the price chart.
STX increased progressively in 2023 despite some price pullbacks due to price volatility. It traded at $0.213 on January 1, 2023, and moved to the $0.3 price range on February 3. It increased to $0.6439 by February 19 and hit $0.9 on February 27 for the first time in 2023.
STX reached $1.1762 on March 17 after some price fluctuations. However, the bears were still active in the market, forcing a retreat back to the $0.7 price in April and early May. However, its price action is still positive.
Stacks (STX) Price Analysis
STX is in the green today, forming a higher high on the price chart as the bulls seek to reclaim the earlier gains. The $0.6786 support acted as a price pivot as it approached its closest resistance level of $0.8238. Also, STX is trading above its 200-day Simple Moving Average (SMA), a bullish sentiment in the long term.
Related Reading: Top 5 Cryptos To Watch This Week Amid US Banking Crisis
However, STX is still below its 50-day SMA since its decline on April 13, 2023. This is a bearish sentiment in the short term that shows the bears are still active in the market.
Also, the Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows a negative value. It is also a bearish sentiment. However, the MACD’s histogram bars show a green bar forming, which indicates a positive trend reversal ahead.
STX’s Relative Strength Index (RSI) is 51.59 in the neutral zone. Note that the indicator is moving upwards, signifying the possibility of an uptrend.
Although it is too optimistic to expect the asset to return to the $1 price level, it is still a long-term possibility. Expect a break above the $0.8238 resistance in the coming days if the bulls sustain the current rally.
Binance Announces Support For STX Network Upgrade
The apex global crypto exchange, Binance, declared support for the STX network upgrade and hard fork. The upgrade and hard fork will occur at the Bitcoin block height of 787,651. Consequently, STX deposits and withdrawals will be suspended at the Bitcoin block height of 787,645.
Binance stated that STX trading would not be affected by the network upgrade and hard fork. Additionally, it will not result in the creation of new tokens. The exchange hopes to reopen deposits and withdrawals once the network is stable, promising to alert its users when this happens.
This upgrade is likely a result of a bug noticed on the network. Subsequently, the developers will likely incorporate more security features into the Stacks Bitcoin layer.
Featured image from Pixabay and chart from Tradingview
