Stacks is one of the popular cryptocurrencies in the market. The token has done remarkably well in the past year, with an over 600% gain. STX has also managed to make gains in the past week before a slight decline was reported.
STX is trading at $1.01 at the time of writing after a 1.1% decline in the past 24 hours.
Stacks Price Analysis
The price of STX has gone past the critical resistance level of $1. This level is critical for the token because if prices go up from here, we might see another rally towards $1.20 and beyond. Here, bulls will be strong, and STX will enjoy a massive upswing from short-term traders.
On the other hand, STX bears might prove to be more robust; hence STX might retreat to below $1. Holding $1 is critical for STX because a further decline will reignite a downtrend from traders who want to sell and avoid further losses. In this case, we might see the $0.80 resistance being retested again.
A move towards an uptrend or a downtrend depends on market support. If there is market support, the token might make significant gains. The recent slump in prices could have been contributed by the recent decline in bitcoin’s prices to $33K.
On July 7, Stacks issued an update on the second-quarter performance, in which they also detailed their new goals as a blockchain firm. Some of these goals will include boosting openness and transparency.
Stacks network was built as a way of linking the bitcoin blockchain with smart contracts. This uniqueness is what placed Stacks and the STX token in the roadmap, hence the price appreciation at the beginning of the year like the rest of the crypto market.
Where to Buy STX
Those who want to buy STX tokens can do so from the following exchanges:
eToro is one of the most reputable crypto exchanges. It offers competitive trading fees and a wide range of features that will help new traders learn from market experts. eToro also supports a variety of cryptocurrencies and crypto trading pairs.
The other exchange that supports STX is Binance. Binance is the largest cryptocurrency exchange, and this gives it a high level of liquidity, making traders faster. Binance’s trading fees are also competitive.
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