Stacks candlestick melted quickly. STX's surge of 73% doesn't last long and swiftly plunged after traders booked for profits.
Notably, STX serves as a utility token inside the Stacks ecosystem to pay for network activity and contract execution. STX owners can also stake their holdings on the Stacks network via"Stacking" to support its blockchain's consensus mechanism. In return, they earn BTC rewards.
It appears traders flocked to purchase STX en masse, anticipating a rise in its demand after the Bitcoin Odessey's launch. For instance, cryptocurrency exchange OKcoin, the main backer behind the $160-million-fund, promoted the Stacks token for its bullish outlook,Interestingly, STX's ongoing price rally appeared at a confluence of two key support levels, with at least one suggesting that the Stacks token is heading to a new all-time high next.
This confluence comprises an upward sloping trendline that has acted as an accumulation point for traders since early 2020 and the 0.5 Fib line of the Fibonacci retracement graph made from $0.04-swing low to $2.82-swing high.STX now looks to close above its two interim exponential moving averages — the 20-week and the 50-week EMAs — following its rebound from the dual-support area.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Bitcoin's Volatility on US Inflation Reports and Stacks' STX 33% Explosion (Market Watch)Bitcoin's price went through some massive volatility on the report of February's CPI numbers, but this failed to produce a directional change, and BTC remains at around $39K.
Consulte Mais informação »
Okcoin, Stacks Launch $165M Pledge to Support Bitcoin-Related ProjectsCrypto exchange Okcoin and Stacks have launched a $165 million pledge among VCs to invest in solutions that accelerate the adoption of bitcoin. BrandyBetz reports
Consulte Mais informação »
How the new iPhone SE stacks up against its budget-friendly Android competitorsHead-to-head with a crop of competitive Android phones.
Consulte Mais informação »
CoinFLEX CEO Mark Lamb Explains How flexUSD Stacks up to Other Stablecoins – Interview Bitcoin NewsCoinFLEX creates innovative solutions to bring investors and crypto markets together through intuitive yield products such as flexUSD, the world’s first
Consulte Mais informação »
Bitcoin's Volatility on US Inflation Reports and Stacks' STX 33% Explosion (Market Watch)Bitcoin's price went through some massive volatility on the report of February's CPI numbers, but this failed to produce a directional change, and BTC remains at around $39K.
Consulte Mais informação »
Biggest Movers: RUNE Rallies on Friday, With KDA Climbing Over 10% – Market Updates Bitcoin NewsRUNE and KDA managed to sustain double-digit gains on Friday, as STX climbed by as much as 36%, before moving into the red later in the day.
Consulte Mais informação »