Stacks (STX) Surges 50% Weekly with 17% Increase in 24 Hours
Bitcoin layer-2 protocol Stacks (STX) has gained 50% in value over the past week, trading at approximately $0.88, with a 17% rise in the last 24 hours.
Key points include:
- Market capitalization increased by around $45 million to $1.35 billion.
- BitGo announced integration of sBTC, a synthetic Bitcoin derivative pegged 1:1 to BTC, allowing clients to earn yields while maintaining security and decentralization.
- sBTC withdrawal functionality launches on April 30, facilitating easy transitions between BTC and sBTC.
- Liquidity in the Stacks DeFi ecosystem is rising, with over 3,000 sBTC minted, aiming for the largest Bitcoin layer-2 by BTC held.
- Stablecoin supply surged over 400% in Q1 to over $12 million, marking significant growth in the ecosystem.
- Total value locked (TVL) in liquid stacking reached an all-time high.
- Stacks co-founder Muneeb Ali hinted at further developments through recent posts on X.
The current daily RSI stands at 72.64, indicating potential overbought conditions, yet sustained levels above 70 suggest market strength. Bollinger Bands are expanding, signaling a bullish breakout. A pullback may occur towards the mid band at $0.65, while maintaining above the upper band keeps the bullish trend intact. A break above the $1 level could lead to a price target of $1.15.
The MACD indicator supports bullish sentiment, with upward momentum indicated by expanding histogram bars.