STX Technical Analysis: Making BTC Smarter, a Good Buy for Returns
These DApps are open and modular, meaning developers can build on top of each other's apps to produce features that are simply not possible in a regular app. Since Stacks uses Bitcoin as a base layer, everything that happens on the network is settled on the most widely used arguably the most secure blockchain in operation — Bitcoin.
The platform is powered by the Stacks token (STX), which is used for fueling the execution of smart contracts, processing transactions, and registering new digital assets on the Stacks 2.0 blockchain.
Let us see the technical analysis of STX.
Past Performance of STX
STX gained 12 percent on November 30, 2021 and is holding gains above the $ 2.2 level. The price is still down by 3 percent in a week. The price opened at $2.160 and touched a high of $2.328.
STX Technical Analysis
STX value recently rose after a 12-year old sold a Bitcoin bird NFT for about $8,000 within hours of creation. Stacks is now competing with market giants like Ethereum, which dominates the NFT industry. However, STX’s recent success in the field is showing promise to investors.
The On-balance Volume is at 1 billion, working on a flat interest from investors. Do not expect high jumps in price though price changes have occurred irrespective of it.
RSI has gone up to 56 percent which shows it is picking up pace in volume and interest and we can expect prices to move if real positive news comes in.
The MA trend and signal lines both are running parallel in a downwards trend converging at a point. Thus showing directionless.
Stacks is bringing the full smart contracts capabilities to Bitcoin to unlock Bitcoin applications - as per the founder, Muneeb Ali.It is a programming layer for Bitcoin. The tax is designed to be a separate layer. Thousands of transactions on the Stack side and they settle on Bitcoin in a very energy efficient way.
Proving this - Alex, a decentralized finance (DeFi) protocol built on the Bitcoin-linked Stacks blockchain, has raised $5.8 million in financing led by White Star Capital.
Price Trends for the Day-ahead and Tomorrow
The STX price is receiving high BUY signals as per oscillators and indicators. The sentiment on its use-capabilities is high. The prices are crossing the moving averages and one can expect new resistances to be created and tested beyond $2.958 and $3.585.