Stacks (STX) Price Analysis: Can Bulls Break the Correction Phase in August?

Stacks (STX) price has experienced more modest gains as compared to other altcoins rising nearly 45% from the August lows. In one week, STX made a strong comeback

Cryptocurrency price movements in the last 24 hours have shown varied trends, with some coins experiencing significant gains while others faced declines. Among the top gainers, Stacks (STX) price rose nearly 45% from its August lows, showing a strong comeback in a week.

Furthermore, Open interest grew 30%, from $30 Million to $41 Million, indicating high demand. The transaction volume has surged by 46% to $99 Million a day.

Despite short-term strength above the 20-day EMA, Stacks remains in a long-term bearish trend below the 200-day EMA, lagging by 17%. At press time, the price was in a declining parallel channel. For a bullish reversal, it needs to cross the 50 and 200-day EMAs.

The broader cryptocurrency market experienced a downturn in August, with several coins posting double-digit losses. However, some altcoins, such as Stacks (STX), managed to show resilience and even register gains amidst the market sell-off.

As of writing, STX price showed a gain of 1.5% in the last 24 hours, and a rise of nearly 45% from its August lows. The coin was priced at $1.54, and ranked 32nd in the cryptoverse by market capitalization.

Stacks price experienced a strong comeback from its lows, indicating that better days may be around the corner for the crypto. However, it is crucial to note that the long term trend still favors the bearish side. As observed on the daily chart, the crypto has been in a correction phase since the beginning of April.

The price dropped over 60% since then, forming an interesting pattern on the chart. As per the data obtained from an on-chain analytics website app.santiment.net, the open interest data displayed a 30% growth. The total OI contracts have jumped from $30 Million to 41 Million in just two sessions, indicating a 30% growth.

Moreover, the transaction volume grew nearly 46% to $99.2 Million withing a day. The rise in the transaction volume indicates heightened demand. Also, the volume to market cap ratio was 4.4%, reflecting low volatility.

Stacks has a live market capitalization of $2.28 Billion and ranks 32nd in the cryptoverse. Out of a total supply of 1.81 Billion STX tokens, nearly 1.48 Billion tokens are currently in circulation.

The above is the detailed content of Stacks (STX) Price Analysis: Can Bulls Break the Correction Phase in August?. For more information, please follow other related articles on the PHP Chinese website!