The past few days saw excitement among market participants as many cryptocurrencies soared to new highs amid improving sentiments. Stacks (STX) was among the tokens that stood out even when the market appeared gloomy and once again, the bulls achieved an incredible feat in the last 24 hours, pushing the price to a new 60-day high.
Stacks (STX) demonstrated a significantly bullish momentum in seven days, going from $0.5501 to $0.8743, the highest price attained in the last 60 days. With this impressive price movement, a $1 milestone seems imminent.
Stacks Defends Its Price Momentum
According to CoinMarketCap data, STX has recorded a remarkable price increase of 72.66% in the last seven days, positioning it as the highest gainer on the weekly chart. The token maintains the bullish momentum at the time of writing, with a 24-hour price increase of 12.23%, leaving the current value at $0.8406.
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With this bullish price movement, Stacks’ market cap has increased significantly by 13.45% to $1.172 billion. Stacks also witnessed a massive boost in trading volume in the last seven days. The trading volume went from $32.19 million on June 18 to $450 million on June 21, a nearly 1300% increase.
The massive increase in trading volume demonstrates a surge in investor demand and buying pressure, reflecting the positive sentiment in Stacks markets. Though the volume seems to stall over the past 24 hours, the token still sustains its momentum, reaching over $351 million.
What’s Influencing Stacks’ Price Moves
Stacks is a Bitcoin blockchain layer that enables developers to deploy smart contracts, NFTs, DeFi, and dApps on the Bitcoin network. Simply put, Stacks brings DeFi to Bitcoin, unlocking billions in capital and setting the pace to activate a Bitcoin economy.
STX, being Stacks’ native token, has been soaring recently due to the increased demand for Ordinals NFTs on the Bitcoin blockchain. Dune analytics data shows that Ordinals’ daily inscription spending has increased from $29 million in May to $48 million in June.
This increased network activity is significantly pushing the STX token price higher. Moreover, Bitcoin’s increasing market sentiment following news of BlackRock’s spot BTC ETF application must have robbed off on STX.
Another factor behind STX’s price action is the increased investor sentiment due to the regulatory approval by the US SEC. Stacks recently became the first SEC-certified token offering in the United States. The legitimacy contributed to boosting STX’s price by attracting investors’ interest.
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The broader crypto market performance has also contributed to boosting STX price. The global crypto market cap has increased by 3.23%, with most coins adding massive gains in the last day.
STX Price Outlook
Notably, STX has bounced off all Moving Averages, a strong bullish indicator for more price uptick. STX’s primary support and resistance levels are $0.74054 and $0.8840, respectively. The token has already conquered the $0.8 resistance and turned it into a support level, indicating higher upticks as the bulls mount pressure to break the resistance level at $0.8840.
Featured image from Pixabay and chart from TradingView.com
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