According to Daan Crypto Trades, a full-time crypto trader and investor, Stacks (STX) is experiencing a significant breakout. The currency shows positive signs of soon testing the $0.88 mark, contingent on Bitcoin’s stability above $38K. This optimism continues the trader’s previous analysis suggesting that Stacks could come alive again with Bitcoin’s strong performance.
Stacks have been on investors’ radar as it broke out of a consolidating pattern that persisted for approximately five weeks. This breakout is a high timeframe confirmation above the diagonal resistance, suggesting a potential test of $0.88 in the near term. Such optimism is reinforced by the coin’s ability to maintain its upward trajectory despite the market’s notorious volatility.
Currently, Stacks is trading above its previous resistance level, positioning itself above the support benchmark of $0.600526. However, it faces its next resistance at $0.697199. The delicate balance between support and resistance levels means any significant changes in market dynamics could lead to volatility. Additionally, Stacks has experienced lower-than-average volume in recent trades, hinting at a cautious approach from the trading community.
The market cap for Stacks, currently priced at $0.759899, stands impressively at over $1 billion, with a circulating supply of 1.4 billion STX. The 24-hour trading volume of around $114 million, coupled with a 20.81% price increase in the last day and a 26.39% hike over the past week, signals a robust market interest.
Stacks (STX) has carved out a promising niche as the crypto market continues to ebb and flow. With Bitcoin maintaining its position above $38K, Stacks is set to extend its gains and reach new heights. Investors and traders are keeping a close watch, ready to navigate this surge’s opportunities.