Stacks started the year on a positive note, but since the market crash occurred, the token has not realised its highs again. The token has been trading on the green zone this week, and despite showing some promise at specific trading sessions during the week, the token is back to trading at the green zone.
At the time of writing, SNX is trading at $0.654 after a 0.8% loss in the past 24 hours.
Stacks Price Analysis
The current price of STX is experiencing a strong downward trend on the 24-hour chart. The bulls for the token do not show any signs of recovery, and instead, the prices are headed towards a bearish trend. The bears will become strong if STX pushes below $0.50 before seeing another recovery. If the price goes further below, it might create a suitable entry position.
On the upside, the nearest resistance for STX is $0.80, after which it may push to break out past $1. A move past $1 may signal that the bears have been reestablished, hence rallying up support for the token. However, for bears to be fully realised, the market needs to gain overwhelming support from the broader cryptocurrency market.
The STX token has always shown great promise to investors. Just this year, STX has gained by over 300%, and this means that early investors are still in the profitable zone. The token might also realise similar gains in the future.
The stacks network was created to solve the scalability issues that are most prominent on the bitcoin blockchain. Its main competitors include Bitcoin SV, which also works towards a similar objective. In addition, the network aims to speed up transactions on the blockchain to achieve full scalability and efficiency.
If such objectives are achieved, it will help raise the value of the token because it will boost the demand for its blockchain. Nevertheless, that depends on the adoption of the network for different protocols.
Where to Buy STX
If you want to buy Stacks tokens, you can do so at either of the below exchanges:
eToro is a cryptocurrency exchange that ranks among the best in the globe. The exchange’s trading fees are highly competitive. In addition, it allows new traders to learn through copy trading and access to a demo trading account.
The other reputable exchange that supports STX is KuCoin. KuCoin also offers a copy-trading feature and access to a wide range of cryptocurrencies. KuCoin users also enjoy low trading fees.
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