Stacks price has increased by 40% since reaching an eight-month low of $1.10 on August 5. With an 8% gain in the last 24 hours, the altcoin seems poised to attempt a rise towards $2. Currently, STX is trading at $1.54, supported by an 8% price increase in the last 24 hours. This rise is backed by a 31% increase in trading volume, reaching $97 million during the same period.
What’s Happening with Stacks?
An increase in trading volume supporting a price rise indicates strong interest and confidence from market participants. This means there is high buying pressure and bullish market sentiment.
STX’s positive weighted sentiment confirms the current bullish trend of the altcoin. This data tracks the market’s mood regarding an asset. When the value is positive, most mentions, news articles, and other online discussions about the asset are bullish. As of the time of writing, STX’s weighted sentiment was recorded at 0.585.
Additionally, STX’s price increase has led to a rise in activity in the futures market. According to Coinglass data, the token’s trading volume in the futures and options market increased by 60% in the last 24 hours, reaching $196.19 million. Similarly, open interest increased by 29% during the same period.
The open interest of an asset’s futures represents the total number of outstanding futures contracts that have not yet been settled. When it rises, it means more investors are entering new positions.
STX Chart Analysis
STX’s price increase has paved the way for its bulls to regain market dominance, as evidenced by the Directional Movement Index (DMI). Evaluated on a 12-hour chart, this indicator shows that the token’s positive directional indicator (+DMI) recently crossed above the negative directional indicator (-DMI).
An asset’s DMI data measures the strength and direction of a trend. When +DI is above -DI, it indicates a strong bullish trend. This signifies that buying pressure is becoming dominant and that the asset is likely to continue its upward trend under bull market conditions.
Additionally, the altcoin has currently formed an ascending channel. This channel forms when an asset’s price creates a series of higher highs and higher lows. This is a bullish signal and a visual representation of the upward trend. If STX remains within this channel, its price could exceed $1.70 and rise towards $2.10. However, if the current trend reverses, the altcoin price could fall below the channel’s support and drop to $1.05.
