- Stacks (STX) rises 7.36%, entering a key accumulation zone with strong market potential.
- Chart analysis shows STX consolidating between $1.25 and $1.60, signaling accumulation.
- STX could lead a broader Bitcoin-related rally, with a potential breakout near $2.00.
Stacks (STX) is a cryptocurrency associated with the Bitcoin system whose price has risen by 7.36% within the last 24 hours. The digital asset is priced at $1.86 and has a market capitalization of over $2.7 billion at the time of writing. This rise has put STX among the top 31 cryptocurrencies in the market according to market capitalization. However, the price rise was accompanied by a 3.49% reduction in the 24-hour trading volume to $144 million.
$STX looks really strong overall and this looks like a clear accumulation zone. BTC projects could have a strong rally and if STX leads, expect all of the beta to follow. Haven't checked this chart in a bit but it looks like a good one to accumulate in this range pic.twitter.com/5Ad36WacgQ
— Altcoin Sherpa (@AltcoinSherpa) October 3, 2024
According to the analyst, Altcoin Sherpa has given an encouraging signal for STX. The chart shows a consolidation pattern with a clear indication of an accumulation zone between $1.25 and $1.60. The price action currently implies that the asset is going through an accumulation phase. This usually happens when many buyers accumulate many positions waiting for a directional breakout. Such an accumulation range noted here may provide a floor for future rallies.
Volume data on the chart highlights a moderate but consistent level of trading activity during this phase. However, the overall volume has decreased slightly, which may reflect a waiting period before stronger moves occur in the market. The Volume Profile Visible Range (VRVP) shows significant buying interest at the $1.25-$1.60 price level, further confirming the potential accumulation phase.
PYTH & STX Poised for Potential Breakouts: Levels To WatchThe analyst states that if STX is able to lead a potential rally, then Bitcoin associated projects will most likely do the same. The chart also shows a looming target at the $2.00 level that may prompt even more bullish action for STX.
Considering these factors, the cryptocurrency community pays much attention to STX. Since the asset reveals signs of strength and a potential for a breakout, it could attract more traders. The chart analysis aligns with the current market situation; it may be the right time to buy, accumulate, or invest.
The market is still highly volatile, and Bitcoin’s growth might also significantly influence the further development of STX. But with modern technical indicators, the cryptocurrency seems ready to move even higher.
