- The MACD indicator shows the green trend line.
- STX’s meteoric growth is mainly attributable to its fundamentals.
The Stacks protocol just introduced Bitcoin NFTs, boosting the digital asset’s value. The main concern of Bitcoin criticism is the difficulty of adapting the old blockchain technology to new use cases. A lot has changed since then. Since its inception in 2013, Blockstacks has successfully implemented smart contracts and decentralized applications (Dapps) on the Bitcoin network.
This comes after a seven-day lagging stretch of over 54.81 percent the previous week. STX has gained 23.84 percent versus Bitcoin and 22.55 percent against Ethereum in the last 48 hours. This demonstrates the protocol’s increasing value and usage.
Though small compared to the preceding 72 hours. STX soared to $2.45, up 20% from $2.04, before hitting price resistance. STX is anticipated to rise in the next few days as more investors become aware of the Bitcoin network’s blockchain technology.
STX’s technical indicators help us understand its remarkable week-to-date rise. The digital currency surges over the 20-day MA support price of $1.483 as bulls take market dominance. At $1.385, STX is trading above the 200-day MA, providing investors additional reasons to purchase.
Bitcoin Birds NFTs Sold Out
The MACD indicator shows the green trend line flying over the orange trend line. Investors rush to purchase STX as a clear buy signal. The proof-of-transfer algorithm’s bullish potential is reinforced by an RSI of 76.43.
STX’s meteoric growth is mainly attributable to its fundamentals. Last Monday, the Stacks blockchain issued its first batch of Bitcoin non-fungible tokens. The Stacks team said that their Bitcoin Birds NFTs sold out in an hour and that Stacks Pops, Punks, and Monks all sold out quickly.
According to CoinMarketCap, the Stacks price today is $2.15 USD with a 24-hour trading volume of $195,834,813 USD.
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