STX rebounds from lower range level – Will recovery be sustainable?

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.

Timeline of Stacks

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.

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.

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.