Stacks (STX) is a blockchain network that enables developers to create and use Bitcoin-based decentralized applications and smart contracts. Its Proof-of-Transfer consensus protocol allows miners to receive its native token, STX, by locking up Bitcoin. The recent surge of enthusiasm for the project was accompanied by an increase in the user base.

The coin's current market cap is $1.25 billion, putting it in the 45th place among its cryptocurrency peers. The volume of STX is moving in downward direction and has fallen by 18% in the intraday session, which indicates a consolidating momentum in price. Furthermore, the volume-to-market-cap ratio of STX suggests limited support for the asset.

The weekly technical chart of STX doesn’t look very promising, as the asset’s price has been in a consolidating mode over a long period of time. It is currently hovering around $0.91 and has an overall supply of 483.73 million STX, with over 75.28% of it in circulation. However, the coin may face strong resistance at the $1 mark.

The Relative Strength Index (RSI) of STX is also indicating a bearish trend, being fixed at 49 with a downwards slope. In addition to this, the overall sentiment surrounding the coin also appears to be bearish.

Despite all of this, Stacks is backed by a strong and growing user base. Noteworthy, its co-founder urged the crypto community to financially support the opponents of US Senator Elizabeth Warren who has recently taken an anti-crypto stance.

Therefore, investors should keep an eye on STX as it currently consolidating and may reach heavy highs in the future. The major support for STX is estimated at $0.75, while the resistance is at $1. However, all investments come with risks, so investors should exercise caution before deciding to put money in any coin.



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