Stacks has been a leading gainer in the past 24 hours. Stacks has managed to edge closer to its all-time high of $2.92 following these gains. These gains follow an increased bullish sentiment across the market, given that bitcoin has managed to make a solid stand at above $55,000.
Stacks is trading at $2.07 at the time of writing after a 42.4% gain in 24 hours.
Stacks Price Analysis
STX is currently on a major uptrend, which has been attributed to increased buyer support over the past 24 hours. Market support is currently not strong, but the consolidation has prevented STX from undergoing any price corrections.
If this uptrend continues, we could see STX testing the higher resistance of $2.10. This is a critical resistance that the coin broke past in the past 24 hours. The 24-hour high of STX lies at $2.20, and we could see these levels being tested again if support from the market and buyers steps in again.
On the downside, STX could fail to maintain these gains made in the past 24 hours. The bullish sentiment in the broader market is not very strong, and if buyers do not continue to show support for the coin, we could see it heading towards the lower support levels of $2. It could also drop towards the lows of $1.98, as it has touched these lows during the past 24 hours.
One of the reasons attributed to Stacks’ recent gains is the boom of non-fungible tokens (NFTs) on the network. NFTs have become highly popular in the crypto space, and networks that have chosen to adopt them usually witness gains in their native tokens. Stacks has been playing a central role in promoting NFTs on its platform.
The Stacks’ smart contract was also chosen by MiamiCoin, to enable the Miami city have its own crypto that has seen successful growth since launch. These advancements in the Stacks network have given it a competitive advantage.
Where to Buy STX
If you want to buy STX during the current bullish rally, you can open an account on the following exchange platforms:
eToro is a reputable exchange platform that offers access to a wide range of features that make the platform easy to use. besides, eToro charges low trading fees and commissions, which gives traders a better trading experience.
You can also buy STX from KuCoin. KuCoin is a leading exchange that allows copy trading to make trading easier for beginners. KuCoin supports a wide range of cryptocurrencies, making it convenient for all traders.
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