This Cryptocurrency up 24% in 48 Hours, and There Are Exactly 2 Reasons for It

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.

Timeline of Stacks

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.

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.