The price of Stacks (STX) has seen immense growth over the past few days, surging by over 85% to approach the $2.7 level as the wider cryptocurrency market rebounds.
Currently trading at $2.70, STX has jumped by nearly 20% in the last 24 hours alone. This parabolic move has allowed Stacks to break out of a rounding bottom pattern and set fresh 52-week highs. The buying pressure continues to intensify, with trading volumes spiking in tandem with the price.
According to technical indicators, this uptrend still has room to run. The strong positive trend on the MACD and crossing above the upper Bollinger Band point to high momentum that can push prices higher.
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So far, STX has faced almost no resistance from Fibonacci levels on its way up. With demand increasing rapidly, analysts remain confident the rally can reach the $3 mark and set a new milestone for 2024.
Can Stacks hit $3?
Price predictions suggest Stacks STX could climb as high as $3.37 in the near term, which would represent a 25% surge from current levels. The trend-based Fibonacci indicates the scope for the ongoing bull run to extend through the week.
The remarkable performance of STX significantly outstrips broader gains in the total crypto market value over the past month. The altcoin led the top 100 cryptocurrencies by market capitalization during this period.
The renewed optimism stems from positive sentiment around blockchain adoption and use cases as the bear market shows signs of easing. Stacks’ focus on bringing smart contracts and decentralized applications to Bitcoin reflects its promising utility.
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With tailwinds from both technical and fundamental factors, analysts project an upbeat outlook for STX through 2024.
The key $3 level serves as the next target, although accelerating growth means Stacks reaching $3 remains a possibility if prevailing market conditions hold up.
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