Stacks (STX) is making a resounding comeback as investors flock to the promising Bitcoin dApps and Non-Fungible Tokens (NFTs) ecosystem. STX’s native token has surged to 0.9571, marking its highest level in the recent past.
According to Coinmarketcap data, the coin has skyrocketed by a staggering 32.77% in the last 7 days, signaling the robust growth of the STX market. The impressive recovery comes as investors grow increasingly bullish about the prospects of Bitcoin-powered dApps and NFTs, bolstering the demand for STX tokens.
Bitcoin Ordinals: The Driving Force Behind Recent Developments
The soaring STX crypto price owes much of its recent surge to the launch of Bitcoin Ordinals, a development that has caused ripples in the market. Yuga Labs, the creator of the highly successful Bored Ape Yacht Club (BAYC), recently announced plans to introduce its own collection of Ordinals NFTs, named TwelveFold.
The collection will feature 300 limited NFTs, and investors are optimistic about its success, given Yuga Labs’ pedigree in the industry. With a valuation of over $4 billion and a selling volume of billions of dollars worth of NFTs, Yuga Labs is undoubtedly the most successful player in the sector. Furthermore, its cryptocurrency, ApeCoin, has a market cap of over $1.84 billion, underscoring the company’s influence in the market.
Stacks has emerged as a top blockchain project with immense potential, especially if Bitcoin’s utility expands. The Stacks blockchain protocol allows developers to build apps that are seamlessly linked to Bitcoin, making it possible to create an entire ecosystem of Bitcoin-powered applications.
The recent Stacks 2.1 hard fork, set to go live on March 20th, is expected to further enhance the platform’s capabilities, with a focus on improving connectivity with Bitcoin and stacking improvements.
One of the key benefits of Stacks is that it enables developers to create applications across all industries that support Bitcoin. For instance, Arkadiko Finance has leveraged Stacks to create USDA, a stablecoin for Bitcoin’s ecosystem. With such innovative projects gaining traction, it is likely that we will see a surge in Bitcoin activity, further fueling the potential of Stacks in the blockchain space.
Stacks (STX) in recent times
In recent weeks, the STX price has been on an impressive uptrend, as indicated by the daily chart. The coin has successfully broken through the crucial resistance level at $0.5237, reaching its highest point since August 8.
This trend is further reinforced by the fact that Stacks has surged above all moving averages, highlighting the continued dominance of buyers in the market. However, the MACD and signal lines have shown signs of slowing down, even as the RSI moves into the overbought territory.
One critical development to watch is the rising wedge pattern on the Stacks price chart, which suggests a potential bearish breakout in the coming days. If this happens, the coin may experience a sharp retreat to its support level at $0.5237, representing a significant drop of about 46% from its current value.
As such, investors will be keeping a close eye on the coin’s performance in the days ahead to see whether it will maintain its upward momentum or experience a significant correction.
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