• Stacks (STX) price has declined 4% in the past 24 hours and is -15% this past 30 days.
• STX rose 122% in one week in February and another 51% over seven days in mid-March.
• The surge in Bitcoin ordinals, which on-chain data shows reached over 3.5 million this week, suggests interest in the inscriptions is still high.
The Price of Stacks
Stacks (STX) price has declined 4% in the past 24 hours and is -15% this past 30 days. It currently trades near $0.78, with a key supply zone near the psychological $1.00 level. STX rose sharply in February and March as the Ordinals hype hit the market.
The price of Stacks made another higher low move on Wednesday, trading to highs of $0.82 after surging double digits alongside Bitcoin (BTC). The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike, but as the FOMC tide cools, STX is down 4% in the past 24 hours, cutting weekly gains to just 5%.
Will it Go Up Again?
As seen on its weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February. The coin is up 5% this week but is in the red on its monthly chart after today’s declines helped erase gains made earlier in April. Will Stacks go back up after retreating from year-to-date highs above $1.32?
The surge in Bitcoin ordinals and other layer 2 platforms on the Bitcoin blockchain could be major catalysts of upside momentum for Stacks price; on-chain data shows that Bitcoin ordinals have reached over 3.5 million this week alone – suggesting that there is still strong interest for them among investors and traders alike!
It remains to be seen whether or not Stacks will go back up again after retreating from year-to-date highs above $1 .32; however, given that there are several potential catalysts for increased activity surrounding Ordinals platforms on Bitcoin’s blockchain – it appears likely that we could see more positive returns for STX soon!