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BTC price is currently at $29,575 and the $30,000 level has not been permanently surpassed yet. Investors have been losing money after unsuccessful resistance tests for months, which has led them to stay on the sidelines, especially in altcoins. However, there are some exceptions. STX Coin is one of them.
Why Did Stacks (STX) Increase?
On the technical front, the price surpassed the declining resistance line and the $0.68 peak came into focus. What triggered this increase was the sBTC developer version of Stacks. We previously mentioned that Stacks is the most critical project in the Bitcoin ecosystem. If the ETF approval comes, the popularity of Stacks (STX) may increase along with BTC.
CooperHQ announced today that it has integrated Stacks. Securing sBTC and Stacks assets has become a seamless process with the provision of Copper’s corporate services. Stacks is the crypto king’s layer2 solution. For example, just as Arbitrum is a scaling solution for Ethereum and works as a layer2, confirming transactions on the main network, the same applies to Stacks and Bitcoin.
The Developer Version of sBTC, which turned Bitcoin into a fully programmable asset, was a significant step and the trigger for today’s price increase. Developers will be able to safely move Bitcoin between Bitcoin L2 and Stacks L2.
There is the launch of the Nakamoto testnet on the horizon, and this news could lead to new price highs.
Should You Buy STX Coin?
There is a team that is potentially trying to strongly align itself with Bitcoin. If Bitcoin is associated with its security and Stacks’ smart contract capabilities, this could lead to a stable increase in the price of STX Coin in the long term.
Today, expert analysts discussed price predictions because STX Coin is on the agenda. DaanCrypto says that the STX price will experience a significant increase when it breaks out of the $0.52 horizontal resistance area. However, closes below $0.42 can reverse the trend.
Crypto Tony also has a very similar bullish view. Additionally, he drew the outlines of an ascending triangle formation instead of horizontal long-term levels for the altcoin.
The targets for those expecting an increase are $0.82 and $1.2 resistance levels.
