Stacks (STX) is leading the gains in the crypto market as traders wait to see what the new week has in store for them. The Stacks price is up 58% in the past 24 hours to trade at $0.61, topping the list of biggest crypto gainers on Monday, according to data from CoinMarketCap.
The other top gainers are Conflux (CFX) which is up 40% on the day to $0.2168 and Neo (NEO) which has risen 18.88% in the last 24 hours to the current price of $11.57. Closing the top five gainers are Solana (SOL) and Zcash (ZEC) which have risen 12% and 8.66% respectively.
Top Crypto Gainers Today
As expected, STX’s trading volume is up a whopping 466% over the last 24 hours to hit $845 million. This points to increasing investor interest in the Stacks project, a smart contracts layer that enables DeFi, NFTs and other dApps to be built on the Bitcoin network.
This recent interest could be attributed to the ongoing “Building on Bitcoin” Hackathon, a Smart Contract Challenge that lets users experiment and get familiar with Clarity’s developer environment on the Bitcoin blockchain.
— stacks.btc (@Stacks) February 18, 2023
Clarity is a programming language used to write smart contracts on the Stacks 2.0 blockchain. According to Stacks:
[Clarity] supports programmatic control over digital assets. It provides native functions that make it easy for developers to create complex smart contracts while protecting users at every step. Clarity provides precise tools for enabling on-chain logic while reducing unintentional errors.
With more than 35,000 smart contracts already deployed by Stacks developers, more developers are invited to participate in hackathons to build the Bitcoin economy. The team firmly believes that crypto use cases will eventually migrate to Bitcoin.
All crypto use cases are proven to eventually gravitate to #Bitcoin.
Bitcoin layers are one step ahead of the game.
— stacks.btc (@Stacks) February 19, 2023
This has led to increased social chatter around Stacks and its native token STX. According to data from Lunar Crush, an AI-powered crypto analytics platform, social engagements around Stacks had increased by more than 390% in the last 24 hours, making it the trending coin on February 20.
With social engagements up 390% to 7.68M today, #Stacks is Coin of the Day on LunarCrush!
🪐Galaxy Score™ 47/100
Price $0.3968 +15.842%
— LunarCrush (@LunarCrush) February 19, 2023
It is expected that these positive fundamentals would scale STX’s price higher.
Stacks Price Uptrend Intact As Bulls Eye $1.0
The Stacks price bounced off the 200-day Simple Moving Average (SMA) to stage a 173% rally to Monday’s intraday high above $0.85, levels last seen in May last year. The long upper wick on today’s candlestick suggests that the sellers are aggressively defending the resistance from the $0.90 psychological level.
The Moving Average Convergence Divergence (MACD) indicator was moving upwards in the positive region, an indication that the Stack’s uptrend was strong. The position of the Relative Strength Index (RSI) at 80 suggested that there were more buyers than sellers in the market and were fully controlling STX.
These buyers will now attempt to lift the STX price from the current levels to overcome immediate resistance from the $0.63 level. If they succeed, the Stacks price may climb to retest the local high at $0.85 before confronting resistance from the $0.90 psychological level.
Shattering this barrier would open the path for a climb to $1.0. Such a move would represent a 65% uptick from the current price, confirming the ability of the buyers to sustain higher levels.
STX/USD Daily Chart
Stacks’ positive outlook was also supported by the robust support the token enjoyed on the downside. Even though the RSI is facing down and points to a trend change due to overbought conditions, the price could find solace from the $0.50 support wall and the $0.4 psychological level.
Additional lines of defense are provided by the 200-day SMA currently sitting at $0.30, the 50-day SMA at $0.289, and the 100-day SMA at $0.265. These areas could provide safe breathing zones for buyers giving them an opportunity to regroup, and buy more STX at discounted prices before staging another recovery.
The Stacks price is primed for new highs once the bulls breach the $0.9 resistance level. STX can only bring additional gains if more buyers enter the market to increase the buying pressure. Meanwhile, there is a Fight Out (FGHT) token presale going on at the moment, and close to $4.5 million has been raised during the presale, investors are expected to invest in the new coin before the expiration of the presale.
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