STX Price Action in 2023
Stacks (STX) is bucking the trend today, registering a gain of over 12% in the last 24 hours. Despite the overall volatility in the crypto market, STX is making positive moves on the price chart.
Throughout 2023, STX has experienced steady growth, despite some price pullbacks due to market volatility. Starting at $0.213 on January 1, 2023, it reached the $0.3 price range on February 3. By February 19, it had risen to $0.6439, and by February 27, it reached $0.9 for the first time in 2023.
On March 17, STX hit a high of $1.1762 after some price fluctuations. However, bears remained active in the market, pushing the price back down to the $0.7 range in April and early May. Despite this, STX’s overall price action remains positive.
Stacks (STX) Price Analysis
STX is in the green today, forming a higher high on the price chart as bulls attempt to regain earlier gains. The $0.6786 support level acted as a price pivot, with STX approaching its nearest resistance level of $0.8238. Additionally, STX is trading above its 200-day Simple Moving Average (SMA), signaling bullish sentiment in the long term.
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However, since its decline on April 13, 2023, STX remains below its 50-day SMA. This short-term bearish sentiment indicates that bears are still exerting pressure on the market.
Moreover, the Moving Average Convergence/Divergence (MACD) is slightly above its signal line but displays a negative value, also indicating bearish sentiment. Nonetheless, the green histogram bars on the MACD suggest an upcoming positive trend reversal.
STX’s Relative Strength Index (RSI) sits at 51.59, within the neutral zone. Importantly, the indicator is trending upward, implying a potential uptrend.
While expecting a return to the $1 price level may be overly optimistic, it remains a long-term possibility. If the current rally continues, anticipate a break above the $0.8238 resistance level in the coming days.
Binance Supports STX Network Upgrade
Leading global cryptocurrency exchange Binance has announced its support for the STX network upgrade and hard fork. The upgrade and hard fork are scheduled to take place at the Bitcoin block height of 787,651. As a result, STX deposits and withdrawals will be suspended at the Bitcoin block height of 787,645.
Binance has stated that STX trading will not be impacted by the network upgrade and hard fork, nor will it result in the creation of new tokens. The exchange plans to reopen deposits and withdrawals once the network stabilizes, promising to notify users when this occurs.
This upgrade likely stems from a bug discovered on the network, with developers expected to incorporate additional security features into the Stacks Bitcoin layer.
