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Stacks (STX) regained and consolidated its momentum over the course of two weeks after a bloody start to September. Since then, the token has received well-deserved attention as developments on the platform increase. according to Queen GekkoSTX stock is up more than 18% since last week, representing a strong pullback in investor sentiment.
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Stacks continues to make noise as more partnerships are revealed this week; Many of which may open up a new reality on Stacks. With the huge potential of the so-called Bitcoin economy under Stacks, investors and traders may see a lot of green in the coming days.
New developments are fueling STX’s growth
In an X post by the official Stacks account, the platform Announce Which Hermetica.fia stablecoin provider in the Stack ecosystem, has deployed USDh. The stablecoin has been described as the first “bitcoin-backed, yield-yielding” synthetic dollar available on the retail market. Hermetica’s marketing of the new stablecoin is aggressive, with a time-limited APR of 25%.
Stacks’ leading Bitcoin L2 ecosystem continues to grow 🧡
Congratulations to @HermeticaFi To officially launch their stablecoin USDh on Stacks.
To celebrate, Hermetica is offering a prize package to the first applicants. More information is available below. 1/2 pic.twitter.com/3EYmefYEPI
– stacks.btc (@Stacks) September 25, 2024
Institutional investors may also be around the corner, as Anchorage Digital, an institutional wallet provider, has done Announce Their support for Stacks, opening the door to the platform’s exposure to corporate entities, and potentially improving future Stacks development. The introduction of institutional investors will push the platform to develop at a faster pace.
With the last step in activation Nakamoto upgrade, many SX users own it Released Posts related to the benefits of network upgrade. Overall, the conclusion is the same: Nakamoto’s upgrade will significantly improve the user experience while simultaneously allowing developers to access $1 trillion worth of liquidity under Bitcoin, with sBTC, a Bitcoin-backed asset in Stacks, integrated with Solana and Aptos for distribution and adoption. Faster.
Investors should watch for piles at these levels
STX is holding some of its momentum, shattering any possibility of a short-term reversal as it breaks through the $2.02 level in the short-term. This price action is bringing the bulls some serious gains, but this victory may only be temporary as the bulls lose momentum to maintain a steady path.
The token’s Relative Strength Index (RSI) indicates that the bulls may face a wall around $2.2 in the short term, which could allow the bears to gain strength to offset the current uptrend. A move like this will keep the token’s price stable, which could give bulls enough time and space to maneuver upward in the medium term.
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If STX remains at the current support level of $2.02, we could see a bullish rally in the coming days; This is if the decline the market is currently witnessing turns into an upward trend. However, if the bulls fail to hold this position for a medium-term move, the bears may pull the token towards $1,885 or lower if they build enough momentum.
Featured image from Stacks, chart from TradingView