• The price of Stacks (STX) has been fluctuating in the past few weeks due to strong interest in Ordinals and whales loading up on STX.
• STX/USD is trading near $0.78, with a key supply zone near the psychological $1.00 level and resistance at $1.33.
• Interest in Bitcoin ordinals, potential uptick in BTC price, and activity on layer 2s may be catalysts for upside momentum for the altcoin.
Stacks Price Overview
The price of Stacks (STX) rose sharply in February and March as the Ordinals hype hit the market and whales loaded up on native STX tokens. Currently, STX trades near $0.78 with a key supply zone around the psychological $1.00 level and resistance at $1.33 since 20 February. However, STX is down 4% in the past 24 hours, cutting weekly gains to just 5%, erasing gains from key price bursts earlier this year.
Will Stacks Price Go Up?
As seen on the weekly chart below, there are indications that interest in Bitcoin ordinals is still high which may lead to an uptick in Stacks‘ price as well as Bitcoin’s (BTC). Activity on layer 2s on the Bitcoin blockchain may also act as a catalyst for upside momentum for Stacks (STX).
Catalysts For Upside Momentum
The surge in Bitcoin ordinals suggests interest remains high despite today’s declines that helped erase gains made earlier this year – notably 122% over one week in February and 51% over seven days mid-March 2021 when whales loaded up on the altcoin. The potential uptick in BTC price and activity on layer 2s such as Ordinals Protocol could be major catalysts of upside momentum for Stacks (STX).
Technical Outlook
From a technical perspective, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February 2021 when it surged double digits alongside BTC after US Federal Reserve’s interest rate hike announcement boosted crypto markets worldwide..
Conclusion
Overall, there are indications that suggest interest remains high when it comes to Bitcoin ordinal inscriptions which could lead to an increase of Stacks‘ (STX) price over time due its strong correlation with Bitcoin prices movements as well as activities occurring on layer 2s such as Ordinals Protocol; all these factors might act like catalysts leading to an uptrend of STX’s value against USDT pairs among others cryptocurrency pairs available across different exchanges where you can trade digital assets such us Binance or Coinbase Pro .