Stacks (STX) breaks a major resistance level

Stacks ($STX) was trading within a confined range of $1.675 and $2.135. It has finally broken out of that range to mark a surge of 6.38% in the last 24 hours and 24.87% in the last 7 days. The token value is $2.37 at the time of writing this article. The community is speculating that it could soon rally with a growth rate of 20%. The crypto market has already experienced such a high jump, and STX replicating that trend would not be unprecedented. However, it is worth noting that the token sustained the range for a month and eventually found a way to navigate above the expected milestone.

It goes on to indicate the opportunities that other cryptocurrencies can leverage.

Its short-term predictions are less bullish, but bullish nonetheless. STX is expected to touch the mark of $2.42 in the next 5 days and $2.50 in the next 30 days. The monthly growth would translate to an upswing of 4.28%. Its volatility is down to 4.78%, with a 14-day RSI of 54.48. Overall, sentiments are bullish, as the community expects the 20% rally to happen later this year. The Fear & Greed Index has given 78 points to STX for Greed.

The 50-day SMA and 200-day SMA are $2.23 and $2.05, respectively. It has fetched a year-to-date return of almost 48.16% to its holders, landing in 34th place in terms of market cap, which is $3.47 billion. Stacks is expected to finish 2024 on a higher note, according to STX coin price prediction. The MACD – Moving Average Convergence Divergence – is showing a constant rise in a green histogram.

Simply put, while STX may be pacing slower than expected, it is bound to rally by 20% eventually for higher growth.

Alternatively, there is speculation that STX could decline instead of rising. That depends on how well it tests the $2.3 resistance. Slipping to $2 would mean that it ends 2024 at a lower-than-expected point.

Movements in STX come at a time when ETH and BTC are gearing up for a surge. Bitcoin’s rise is more natural, whereas ETH is reflecting sentiments about the approval of the Spot Ether ETF. The SEC has approved 19b-4 forms, and the community is expecting a green light for S-1 registrations shortly.

Also, ETH is expected to outpace BTC in terms of fetching returns from its holders. That is expected, for Bitcoin is closer to its ATH. Hence, any further upswing it comes across could be at a slower pace.

STX may benefit from this trend. SOL, for one, is already doing that. With the exception of SOL, it ranks among the most anticipated cryptocurrencies for future ETF investments. Stacks ($STX) is likely to mark an uptick of 20%, but the timeline is hard to draw at the moment.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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