Stacks

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<p>Amidst the ongoing hostile crypto market, <a href="https://www.thecoinrepublic.com/price-prediction/stacks/">Stacks </a>(STX) price took support around the $1 mark. It made a double-bottom formation there.&nbsp;</p> 
<p>Traded inside a declining channel, the Stacks crypto price steeply declined and dropped over 65% in the last three months. The ongoing price action projects the consistent selling pressure from the supply zone and redirects a short-term downtrend.</p> 
<h2 class="wp-block-heading" id="h-how-is-stacks-stx-doing"><strong>How is Stacks (STX) Doing?</strong></h2> 
<p>At press time, the STX was trading at $1.38 with an intraday surge of 8.36%. It reflected a strong pullback on the chart.</p> 
<p>The pair of STX/BTC is at 0.0000244 BTC, and the market cap is $2.04 Billion. Analysts are neutral and suggest that <strong>STX </strong>may recoup the gains and can trigger a reversal ahead.</p> 
<h2 class="wp-block-heading" id="h-stacks-investors-look-in-dilemma-can-stx-revive-from-here"><strong>Stacks Investors Look in Dilemma: Can STX Revive From Here?</strong></h2> 
<p>The daily chart setup of the Stacks token projected a sustained downtrend. Moreover, the token tumbled to its bottom mark of $1.20.</p> 
<p>Notably, the trend has been bearish, and any bounce was quickly sold out. This led the token to hover below the key moving averages.</p> <iframe loading="lazy" title="Santiment Chart: Price (STX), Volume (STX)" width="800" height="425" src="https://embed.santiment.net/chart?ps=render&amp;pt=RENDER&amp;df=2024-02-07T18%3A29%3A59.219Z&amp;dt=2024-08-07T18%3A29%3A59.219Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bblockstack%3BSTX%5D%3B%5B1%3Bvolume_usd%3Bblockstack%3BSTX%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%3B" scrolling="no"></iframe> 
<p>The RSI curve bounced from the oversold region, had a reading of 34, and noted bearish projections.&nbsp;</p> 
<p>Likewise, the MACD indicator indicated that the token gained traction and witnessed a bounce. However, the oscillators still guided the negative outlook.</p> 
<p>@WorldOfCharts1, in his tweet, mentioned that STX looks good here and can see a sharp bullish reversal ahead.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24Stx&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Stx</a><a href="https://twitter.com/hashtag/Stx?src=hash&amp;ref_src=twsrc%5Etfw">#Stx</a> Looks Good Here Consolidating With Range Breakout Can Lead Massive Bullish Rally <a href="https://t.co/OvWvdcZYi5">pic.twitter.com/OvWvdcZYi5</a></p>— World Of Charts (@WorldOfCharts1) <a href="https://twitter.com/WorldOfCharts1/status/1821130178560442781?ref_src=twsrc%5Etfw">August 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Despite the market volatility, the token has gained traction and is ready to revisit the $2 mark ahead.</p> 
<h2 class="wp-block-heading" id="h-total-value-locked-tvl-overview"><strong>Total Value Locked (TVL) Overview</strong></h2> 
<p>Amidst the price decline, the Total Value Locked (TVL) of Stacks crypto saw a notable drop. It witnessed a decrease in investors’ confidence.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="285" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-1024x285.png" alt="TVL Data | Source: DefiLlama" class="wp-image-653117" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-1024x285.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-300x84.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-768x214.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-1536x428.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-150x42.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-696x194.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71-1068x298.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-71.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  TVL Data | Source: DefiLlama
 </figcaption>
</figure> 
<p>When writing, the TVL was valued at $78.99 Million with a 24-hour trading volume of $93.78 Million. The token’s liquidity data witnessed a minor drop due to the market’s bearish setup.</p> 
<h2 class="wp-block-heading" id="h-futures-open-interest-saw-short-covering-data"><strong>Futures Open Interest Saw Short Covering Data</strong></h2> 
<p>Fueled by the market recovery, the bears have done their work. They have begun to cover their positions in the early hours of the intraday session, resulting in a price uptick.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="234" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-1024x234.png" alt="Open Interest Data | Source: Coinglass" class="wp-image-653112" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-1024x234.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-300x69.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-768x176.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-150x34.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-696x159.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70-1068x245.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-70.png 1415w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Open Interest Data | Source: Coinglass
 </figcaption>
</figure> 
<p>The Futures Open Interest (OI) data noted a drop of over 1.57% to $36.45 Million. This revealed short covering activity in the past 24 hours.</p> 
<p>The market situation still favored the bears because the STX price was below the key moving averages. Yet the Bulls have grabbed a tight defense around the $1 mark.</p> 
<p>This is good for the smart investors who bought STX just around the demand zone of $1. The Bulls have made a double-bottom pattern and are on the verge of shooting up.</p> 
<p>However, there is still a chance that bulls will break the immediate resistance level of $1.50 to extend the bullish reversal. Undoubtedly, the token was still hovering in a short-term correction phase and continued to form the lower low swings.</p> 
<p>Thus, if the bulls maintain the bullish momentum, the token may reach $1.50, followed by the $1.70 mark. On the contrary, if the token fails to sustain gains around the $1.20 mark, it may breach the $1 mark. It can dive toward the low of $0.950 ahead.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/07/stacks-stx-rebounds-over-10-could-it-revisit-the-2-mark/">Stacks (STX) Rebounds Over 10%: Could It Revisit The $2 Mark</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Stacks (STX) Rebounds Over 10%: Could It Revisit The $2 Mark

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