• The price of Stacks (STX) has been volatile in the past few weeks due to the hype surrounding Ordinals.
• STX is currently trading near $0.78 and has a key supply zone near the psychological $1.00 level.
• The surge in Bitcoin ordinals, potential uptick in BTC price, and activity on layer 2s could all be catalysts for upside momentum for STX.
Overview of Stacks Price
The price of Stacks (STX) has been volatile in the past few weeks due to the hype surrounding Ordinals. STX currently trades near $0.78 and has a key supply zone near the psychological $1.00 level. The price of STX rose sharply in February and March as the Ordinals hype hit the market, but is now down 4% in the past 24 hours and -15% this past 30 days.
Will Stacks Go Back Up?
The question remains whether or not Stacks will go back up after retreating from year-to-date highs above $1.32? On-chain data shows that interest in Bitcoin inscriptions (crypto assets similar to NFTs) is still high with over 3.5 million recorded this week on Ordinals Protocol alone. Additionally, increased activity on layer 2s on Bitcoin blockchain as well as potential uptick in BTC prices could also serve as catalysts for upside momentum for STX..
Short-Term Outlook for STX
As seen on the weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February 2021 . The coin is up 5% this week but is still negative on monthly chart after today’s declines helped erase gains made earlier this year . Incidentally, STX rose 122% in one week in February and another 51% over seven days mid-March so there’s potential for further growth if these trends repeat themselves..
What Could Fuel Growth?
The surge in Bitcoin ordinals, which on-chain data shows reached over 3.5 million this week suggests that interest is still high and can continue to fuel growth going forward . Additionally, increased activity on layer 2s such as Lightning Network or Liquid Network could potentially lead to upside momentum as well because it would make using BTC even more convenient than ever before.. Furthermore , an increase of BTC prices would likely result an increase of altcoin prices like Stacks (STX).
Conclusion
Overall , it appears that there are several factors that could drive positive sentiment towards Stacks (STX) such as strong interest from investors , increasing activity on layer 2 protocols , and a potential increase of BTC prices . All these factors combined suggest that there’s potential for further growth going forward ..
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