Stacks [STX] gains newfound attention from investors, but will its uptrend last

As a new week begins, assets that were deprived of attention in the last seven days have been getting noticed by investors. Stacks STX, the Bitcoin BTC layer for smart contracts, was one such token, as revealed by LunarCrush.

Timeline of Stacks

Stacks [STX], the layer 1 solution for Bitcoin, has been on the receiving end of positive developments with Ordinals and Inscriptions in the fore. It's trite now to say- with the introduction of these new products, the Stacks ecosystem has benefited immensely.

Stacks' [STX] was among the best performing cryptocurrencies since the second week of March. However, bullish momentum faded in the last few days and was already giving way to the bears.

Stacks (STX), the cryptocurrency that powers the smart-contract enabled Bitcoin layer-2 scaling blockchain called Stacks, saw the 13th highest trading volume of all cryptocurrencies over the last 24 hours, as per data presented by CoinGecko on Tuesday. Price predictions subsequently remain bullish.  

Amid a recovery sentiment in the crypto market, the Stacks coin price initiated a V-shaped recovery from the $0.55 support. The bullish reversal backed by rising volume indicates sustained recovery and managed to recover the entire losses from the Mid-February-to-early-March correction.

Stacks is currently going through one of its most important weeks so far this year. This is courtesy of its mainnet upgrade but the hype around that upgrade is evident by STX's robust price action.

Stacks (STX), one of 2023's most profitable cryptocurrencies, appears to be experiencing some market troubles. According to data from CoinMarketCap, the altcoin has lost 14.3% of its value in the last 24 hours, making it one of the biggest daily losers in the top 50 cryptocurrencies.

Stacks (STX) is among the coins that registered impressive gains this year, with over 168% monthly gains. It was among the cryptos that maintained their gains on various days of extreme bearish trends.

Stacks (STX) is now painted in red following weeks of impressive performance, outranking other cryptocurrencies in the top 100 list of crypto market trackers CoinMarketCap and Coingecko. At the time of writing, STX was trading at $0.6589, down nearly 36% in the last seven days.

Despite an aggressive downfall in the crypto market last week, the Stacks coin price managed to sustain at higher chart levels, indicating the buying pressure is intense. Defying the correction phase, market leaders bitcoin and Ethereum, the STX price showed a slow yet steady rally.

Stacks (STX) continues to outperform other cryptocurrencies in the top 100 list of CoinMarketCap and Coingecko, as the Bitcoin Layer 2 project advances to profit from the Ordinals buzz. Since rebounding from the 20-day EMA on February 17, the cryptocurrency continues its strong ascent through the weekend.