After that, between July and December 2021, Stacks’s price gradually moved in a bullish trajectory with several periods of retracement.
However, the rally was short-lived and the STX plunged to around $0.58 in June 2021. The positive momentum was driven by the STX listing on the Upbit KRW market in April 2021, a leading cryptocurrency exchange in South Korea. The first one was in April 2021, when the price hit $2.70.
Meanwhile, the STX historical price chart shows that the STX token price saw several strong spikes last year. The Moving Average Convergence Divergence ( MACD) and Awesome Oscillator remained neutral. The Average Directional Index ( ADX), Hull Moving Average ( HMA) and Volume-Weighted Moving Average (VWMA) were giving a ‘buy’ signal. The majority of daily and weekly Simple Moving Averages ( SMAs) and Exponential Moving Averages ( EMAs), along with the Relative Strength Index ( RSI), and Williams Percentage Range, were giving ‘sell’ signals. The short-term STX projection saw 21 indicators giving bearish signals and only 10 bullish signals, as of 5 April 2022. The cautious outlook is supported by the bearish short-term sentiment, compiled by CoinCodex based on multiple technical analysis indicators. Could the recent rebound continue? Despite the bullish trajectory within the recent weeks, STX is still trading far below its all-time high of $3.61, hit in November 2021. The Stacks token price has been gradually increasing during the past month. As of December 2021, Stacks is the fastest growing Web3 project on Bitcoin, and the tools Hiro has built have powered truly innovative use cases of smart contracts on the world's original blockchain, from Bitcoin DeFi, DAOs, and gaming to expressing Bitcoin culture through Bitcoin NFTs.” STX/USD price analysis: Will the uptrend last? According to Hiro, “the Stacks ecosystem has gone from 0 to 350+ million monthly API requests, 50,000 Hiro Wallet downloads, 2,500 Clarity smart contracts deployed, and dozens of companies launched”.ĭr Muneeb Ali, CEO of Hiro, said: “Stacks has seen incredible growth in the last year. On the first anniversary of Stacks in January 2022, Hiro, the developer tools company for Bitcoin, said that Stacks became the largest and fastest growing Web3 project on Bitcoin. Stacks apps can communicate with the Bitcoin ecosystem, allowing users to create applications that take bitcoin ( BTC) as payment. Then, apps and smart contracts are added to Stacks. Moreover, Bitcoin serves as the foundation of Stacks, providing a secure and trustworthy platform for all transaction settlements. Stacking is done when a user locks STX for a period of time to earn BTC. Stacking is a unique feature available to STX holders. Proof of Transfer is also used for stacking, allowing stacks holders to earn bitcoin ( BTC) rewards. Running Stacks takes negligible energy on its own the expenditure of Bitcoin’s scarce token extends Bitcoin’s energy use to secure both chains”. The company stated that Stacks “recycles” Bitcoin’s energy for additional safety: “The key difference between the two is that PoX does not require energy expenditure it instead “recycles” the energy required to produce a PoW chain’s tokens. Proof of Transfer improves Bitcoin’s Proof of Work (PoW) to achieve high levels of decentralisation and scalability without harming the environment. Stacks is linked to Bitcoin via its consensus mechanism, which establishes a connection between Bitcoin and Stacks via Proof of Transfer (PoX). Stacks is a layer-one blockchain that enables the creation of decentralised apps ( dApp) on its network using smart contracts. Together, this could help you form a plausible Stacks coin price prediction. With multiple price swings last year, will STX manage to retest its previous highs in 2022? Let’s conduct a deeper STX cryptocurrency price analysis and a round-up of recent news and developments. However, it has still been trading more than 60% below the all-time high of $3.61 hit on 16 November 2021. Stacks (STX), a decentralised application ( dApp) platform, declined to a 90-day low of $0.9875 on 24 February amid the meltdown of the global cryptocurrency market, according to CoinMarketCap.Īt the time of writing (5 April), STX token price rebounded to $1.45, up nearly 46% from the recent low.
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