Stacks (STX) Rallies By 29% In The Past 7 Days – Here's Why

The cryptocurrency Stacks (STX) has recently experienced a remarkable turnaround, with its price bouncing back after reaching a multi-month low of $0.4412. Investors have seized the opportunity to “buy the dip,” resulting in a continuous upward trend for STX over the past few days.

Timeline of Stacks

The crypto market is currently experiencing a general price recorrection, following a strong bullish phase that saw many assets soar to new highs. Stacks (STX), one of the notable performers in recent days, is not left out of the current ebb and flow of the market, with its value experiencing a significant decline in the last few hours.

The past few days saw excitement among market participants as many cryptocurrencies soared to new highs amid improving sentiments. Stacks (STX) was among the tokens that stood out even when the market appeared gloomy and once again, the bulls achieved an incredible feat in the last 24 hours, pushing the price to a new 60-day high.

While the broader crypto market experiences turbulent times and volatility, Stacks (STX) stands out with an impressive performance. Stacks is a network created in 2017 as an extension of the Bitcoin blockchain, allowing developers to create and deploy smart contracts.

Stacks, the layer-1 protocol that enables smart contracts on Bitcoin, have demonstrated incredible resilience amid bearish market trends. Stacks' STX token price has increased by over 6% over the past week and joined top-gaining coins today with a nearly 0.53% price gain, while the broader crypto market plunged by 1.63% in the last day.

In a surprising turn of events, Stacks token (STX) has soared by over 24% in the past two days, defying the market-wide slump. While other cryptocurrencies experienced double-digit declines, STX has emerged as one of the most profitable tokens, even among the largest by market capitalization.

Stacks Price Analysis: The ongoing correction phase in stacks coin price is strictly responding to two technical levels which are a downsloping resistance trendline and a horizontal support level of $0.67. The coin price bounced back twice from both aforementioned levels accentuating the traders' respect for these levels and therefore it will also have a

The stacks coin price has been in a correction phase for over six weeks, where the altcoin dropped from a top of $1.31 to a low of $0.6702, registering a 48% fall. A downsloping trendline gave a specific direction to this downfall and assisted sellers to prolong this correction phase.

Stacks [STX] witnessed a rebound after hitting the channel's lower boundary. However, given the possible market volatility after the US CPI data, its long-term prospect is worth evaluation.

Stacks, the blockchain platform that promises to bring smart contracts to Bitcoin, has outperformed most altcoins in the top 50 roster in the market today. While other cryptocurrencies struggled to make significant gains yesterday, the tables have turned today as Stacks' native token rises to new heights.

21Shares AG, which claims to be the world's largest issuer of cryptocurrency exchange traded products (ETPs) and a subsidiary of 21.co, unveiled the 21Shares Stacks Staking ETP (ASTX) – the “world's first” ETP offering exposure to Stacks.