The cryptocurrency market has been under a consolidation phase for the past several days. The total crypto market capitalization stands at $1.08 trillion. However, it is in the green by 1.38% in the last 24 hours.
Amidst a less volatile market, the #41 ranked cryptocurrency Stacks (STX), Layer-1 Blockchain, surged incredibly and influenced buyers due to news flow of strong fundamentals. Stack extends the capabilities of Bitcoin by introducing smart contracts and decentralized applications (dApps) to the original Bitcoin network.
The blockchain’s native token STX added to its latest consecutive yearly high after reversing from a 37-week low. So far, the STX coin has registered a rally of around 368% since the beginning of 2023. Notably, in February alone, buyers made 221% gains. This happens because of the incredible promotion of Bitcoin NFTs (Ordinals) and the latest upgrades.
STX Price Reaches to Crucial Region
The bulls drive the Stacks’ price toward the conceptual round level of $1. Market sellers are active in the $1.0 area, as this range breakout could lead to further gains in STX price.
At press time, STX coin is trading at $0.9906 against USDT. Meanwhile, the market cap rose by 14.7% to $1.8 billion overnight. Notably, STX stands as the weekly top gainer with 32% gains so far, according to CoinMarketCap.
The trading volume reflects extreme volatility in the market over a long period of time. Meanwhile, buyers are showing aggression toward the bullish trend. The overnight trading volume stood at $479.7 million.
After 11 months of downtrend under the 200-day exponential moving average, the bullish breakout maintains a bullish rally. Currently, all essential EMAs remain below the current price of STX.
In addition, the daily RSI indicator once hit the overbought range. And again, the RSI peak headed towards the highest territory.
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