Stacks (STX) Succumbs To Market Correction, Slides By 10% In The Last Day

Semilore Faleti

1 year ago

3 mins read

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The crypto market is currently experiencing a general price recorrection, following a strong bullish phase that saw many assets soar to new highs. Stacks (STX), one of the notable performers in recent days, is not left out of the current ebb and flow of the market, with its value experiencing a significant decline in the last few hours.

According to data from CoinMarketCap, STX is down by 10.14% in the last day, representing the biggest loss in the top 100 cryptocurrencies today. However, looking at STX’s wider price movement, the ERC-20 token’s present downturn may not present much worry to its investors.

For context, STX has jumped by 44.55% in the last seven days emerging as the second biggest weekly gainer, falling just behind meme season sensation – Pepecoin.

At the time of writing, Stacks is trading at $0.776, with a 0.96% gain in the last hour. However, additional data from CoinMarketCap shows the token’s daily trading volume is down by 26.41%, falling to a value of $235 million.

That said, STX remains the 40th biggest cryptocurrency in the market, boasting a massive market cap value of $1 billion.

Stacks In 2023 So Far

Stacks has been one of the major headliners of 2023, with the token recording a total percentage increase of 290% since the start of the year. Like most cryptocurrencies, Stacks began the year with a slow pace, recording little price gains in January, as its value rose from $0.21 on January 1 to $0.269 by January 31.

In mid-February, STX eventually picked up pace surging by 241% to hit a market price of $0.988 on March 2. However, this positive ascent was soon followed by a significant downtrend, causing the token’s value to plummet as low as $0.575 just one week later.

Thereafter, Stacks resumed its bullish trajectory to hit its highest market price of 2023 thus far, peaking at $1.176 on March 18. Following such price gains, the STX market showed no significant price movement before sliding into a bearish state that lasted for over two months prior to the token’s recent boost in price in the last week.

STX Trading At $0.774 | STXUSD Chart On Tradingview.com

What Next For Stacks?

According to STX’s 4-hour chart, its Relative Strength Index (RSI) shows the token has just left the overbought zone indicating the current bearish trend may be more than just a price recorrection.

Furthermore, the Moving Average Convergence Divergence (MACD) has just crossed below the signal line, also indicating that STX’s price will likely remain on the downtrend for now.

However, the price prediction site, Coincodex, is projecting a quick resurgence for STX, as they expect the token to gain by 20.74% in the next 5 days to hit a market price of $0.937.

Featured Image: Yahoo Finance, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

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Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

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He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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