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STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

Published 01/10/2024, 02:46 AM
Updated 01/10/2024, 03:15 AM
STX Hits 52-Week High! Ascending Channel Points to Bullish Trajectory

  • Stacks (STX) soars 8.74% in 24 hours, hitting a 52-week high at $2.06, riding the crypto wave.

  • STX’s rise is attributed to Bitcoin optimism and its role as a layer 2 solution.

  • Technical analysis points to a bullish trend, aiming for $2.6, but watch out for potential corrections at $1.6.

Stacks (STX) has continued its upward trajectory, with its price recently reaching a 52-week high of $2.06, marking an 8.74% increase in just 24 hours. This surge is part of a broader trend that has seen the cryptocurrency gain 749% over the past year. Market analysts attribute this impressive performance partly to the growing optimism surrounding the potential approval of a spot Bitcoin ETF, which could further galvanize the cryptocurrency sector.

STX/USD 24-hour price chart (source: CoinStats)

During the bull rally, STX’s market capitalization and 24-hour trading volume surged 9.45% and 24.95%, to $2,852,664,529 and $715,025,179, respectively.

Stacks as a Bitcoin Layer 2 Solution

Stacks, renowned for its role as a Bitcoin layer for smart contracts, has benefited from the current market trends. This pl…

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