Stacks (STX) Rockets 26% Higher In A Single Week: The Factors At Play
The price of Stacks (STX) experienced a sustained rebound, driven by a prevailing sentiment of positivity within the cryptocurrency sector. STX had a significant increase, reaching a peak of $0.680, which represents the highest value observed since July 14th. Stacks is a layer-1 blockchain solution aiming to enable smart contracts and decentralized applications on the Bitcoin network without altering its core features, like security and stability. It operates through the Stacks token (STX), which powers smart contract execution, transaction processing, and asset registration on the Stacks 2.0 blockchain. This enhances Bitcoin’s capabilities without requiring a fork or changes to its original blockchain. Stacks (STX) Racks Up 26% Gain At the time of writing, STX was trading at $0.640, up 1.5% in the last 24 hours, and registering a solid 26% increase in the last seven days, data from crypto market tracker Coingecko shows. STX price action today. Source: Coingecko The surge in STX is attributed to the prevailing optimism among investors on the potential acceptance of a spot Bitcoin ETF by the US Securities and Exchange Commission. In a recent statement, Gary Gensler affirmed that the agency is currently engaged in an ongoing examination of the various proposals for exchange-traded funds (ETFs). It is widely anticipated by analysts that the commission is likely to provide approval to proposals put up by established ETF companies such as Blackrock, Invesco, Infidelity and Franklin Templeton. STXUSD trading at $0.636 on the weekend chart on TradingView.com This expectation is influenced by their considerable knowledge and experience in the exchange-traded fund (ETF) sector. Given its previous setbacks in lawsuits against Grayscale and Ripple Labs, the SEC also hopes to head off any prospective legal challenges. Meanwhile, Peter Schiff tweeted this week that the price of bitcoin might rise ahead of the ETF approval, only to fall afterward. Buying rumors and then selling them as news is a common practice. How many times can #Bitcoin rally on the same ETF rumor? Once a U.S. Bitcoin EFT is approved, or $GBTC is able to convert into an ETF, there will be no more “good” news for Bitcoin to rally on. After years of buying the rumor, everyone will finally be able to sell the news. — Peter Schiff (@PeterSchiff) October 16, 2023 Analysts’ Outlook For STX A significant number of cryptocurrency traders utilizing platform X exhibit a favorable perspective towards STX. DaanCrypto expresses a positive outlook regarding the possibility of a substantial increase in the STX price, contingent upon its ability to surpass the resistance level of $0.52. $STX Not looking bad on the higher timeframe. Had this huge run up early in the year and has since come down to test the high timeframe support area. Needs to break above $0.52 to break out of this consolidation. Below $0.44 is the danger zone. pic.twitter.com/tGI6AeZZWN — Daan Crypto Trades (@DaanCrypto) October 14, 2023 Nevertheless, the author cautions that a negative trajectory might potentially emerge in the event that the price descends below the threshold of $0.42. Crypto Tony holds a positive outlook for the cryptocurrency, but his approach differs from the previous trader. He emphasizes a bullish ascending triangle pattern for the altcoin instead of placing the same emphasis on horizontal long-term levels. $STX / $USD – Update Break above 0.53c would be a trigger for a long position legends. Love the structure we are forming so far pic.twitter.com/Gd4xBYptGi — Crypto Tony (@CryptoTony__) October 8, 2023 This indicates his expectation for potential upward price movement, as ascending triangles are typically seen as bullish patterns with the potential for a breakout to higher price levels. This analysis showcases the diversity of trading strategies and technical indicators in the cryptocurrency market. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Cute Wallpapers Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.