The Bitcoin layer one (L1) settlement project upgraded its network to a new version. The king coin seems to have played a significant role in the STX performance, as it tapped an overbought level. Stacks [STX], known as the Bitcoin [BTC] layer for smart contracts, announced its activation of the 2.1 version on 19 March. […]
, STX shot up by 6.21% following the announcement. This brings the crypto’s performance in the last 30 days to 270% cumulatively.
It is also to be noted that three weeks ago, the token recorded a 165% value hike, and BTC may have played a part in the same. But it would be necessary to evaluate if the king coin can still influence STX for another upside.Based on the technical outlook, STX had been relying on increasing support since 17 March. Although there have been times when the resistance pushed the price downwards, most ended in recovery.
But indications from the Bollinger Bands revealed that the STX had left the contracting area toward extreme volatility. Furthermore, the STX price was touching the upper band at press time, implying that the cryptocurrency was likely overbought.Additionally, the Directional Movement Index reinforced the STX buyers’ supremacy over the sellers. This was ascertained from the -DMI sliding below the +DMI .
However, the Average Directional Index was 19.78. As such, a continuous movement in the upward direction might experience some scuffles unless the ADX certifies it at a value of 25.Subscribe to get it daily in your inbox.
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