Altcoins
Stacks Price Surge of 10% Could Spark Altcoin Interest Ahead of US Inflation Data
The price of Stacks, a Bitcoin Layer for smart contracts, has seen a strong increase in the past 24 hours. The altcoin is hovering above $1.60, indicating solid market activity and investor interest. The token has been hovering around $1,639, marking a solid increase of 13%,
According to data from CoinMarketCapThe current market cap stands at an impressive over $2 billion, making it the 32nd largest cryptocurrency by market cap.
In particular, trading volumes increased significantly, increasing by 148% to over $162 million over the same period. This increased trading activity underscores a growing interest in pilelikely driven by favorable market trends.
Stacks Price Prediction: Will STX Break Above $2 Soon?
Stacks has shown signs of recovery over the past week, rising 13% to its current price. This uptrend comes after a period of decline, with the cryptocurrency dropping 21% over the past month.
Price of batteries
Previously, in early June, STX attempted a bullish breakout, reaching $2.48, but failed to maintain those levels. Despite these fluctuations, STX remains significantly below its all-time high of $3.84, recorded on April 1, 2024.
What to expect from the inflation report?
Stacks price has seen a significant increase as market participants eagerly await the release of Inflation in the United States figures later today. This data will provide deeper insights into the potential Federal Reserve tariff adjustments.
Forecasts suggest the next report will show a decline in June inflation attributed to lower food and fuel costs. This slowdown could signal the Fed is considering lowering interest rates in September, a move currently expected by financial markets.
The bullish trend in Price of batteries could soon challenge the resistance level of $1.7. If overcome, the asset could rise to $2. Sustained bullish dynamics could push it towards $3 in the next market cycle. If the uptrend intensifies, a rise to $5 is conceivable.
Conversely, a bearish move could send its value to the $1.5 support level. It has further support at $1.4 and a critical base at $1.2, signaling potential bearish trends ahead.
Technical indicators point to potential gains for STX
The 4 Hour Technician indicators for the STX pair suggest a bullish sentiment in the market momentum. The Relative Strength Index (RSI) is currently positioned at 74.79, indicating that the asset is potentially overbought. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing a bullish signal.
Stack Price Chart: Source: Trading View
The MACD line (blue) crosses above the signal line (orange), suggesting that buying momentum has increased. The recent upward trajectory of the price, after a period of consolidation, aligns with the bullish indication of the MACD
The Chaikin Money Flow (CMF) has sharply moved into positive territory, indicating increased buying pressure. Similarly, the Awesome Oscillator (AO) has changed from a pattern of red bars, indicating selling momentum, to green bars, suggesting increasing buying momentum.
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Frequently Asked Questions (FAQ)
Stacks uses the Bitcoin blockchain to settle its transactions, drawing on the security and capital of Bitcoin through a unique consensus mechanism called Proof of Transfer.
Proof of Transfer (PoX) is the consensus mechanism used by Stacks. It allows Stacks to anchor its transactions directly to the Bitcoin blockchain, ensuring high security and leveraging the Bitcoin network.
Yes, Stacks can access and interpret the entire state of the Bitcoin blockchain at any time, enabling sophisticated interactions between Stacks smart contracts and Bitcoin data.