Stacks Price 10% Surge Could Ignite Interest In Altcoins Ahead Of US Inflation Data

Stacks price, a Bitcoin Layer for smart contracts, has experienced a strong surge in the past 24 hours. The altcoin hovers above $1.60, indicating robust market activity and investor interest. The token hovered at $1.639, marking a solid surge of 13%, 

According to data from CoinMarketCap. The current market capitalization stands impressively at over $2. billion, making it the 32nd largest cryptocurrency by market cap. 

Notably, trading volumes have spiked significantly, with a 148% increase, reaching upwards of $162 million within the same period. This heightened trading activity underscores a growing interest in Stacks, possibly driven by favorable market trends.

Stacks Price Forecast: Can STX Break Past the $2 Mark Soon?

Over the past week, Stacks has shown signs of recovery, climbing 13% to a current price. This uptrend comes after a period of decline, where the cryptocurrency experienced a 21% decrease over the past month. 

Previously, in early June, STX had attempted a bullish breakout, reaching $2.48, but failed to sustain those levels. Despite these fluctuations, STX remains significantly below its all-time high of $3.84, recorded on April 1, 2024.

What to Expect After Inflation Report?

Stacks price has experienced a notable increase as market participants eagerly anticipate the release of US inflation figures later today. These data will provide deeper insights into potential Federal Reserve rate adjustments. 

Predictions suggest the forthcoming report will indicate a decrease in June inflation attributed to reduced food and fuel costs. This slowdown could signal the Fed’s consideration of lowering interest rates in September, a move currently anticipated by financial markets.

The bullish trend in Stacks price may soon challenge the $1.7 resistance level. If overcome, the asset could escalate to $2. Sustained bullish dynamics might push it toward $3 in the forthcoming market cycle. If the upward trend intensifies, a rise to $5 is conceivable.

Conversely, a bearish shift could send its value to a $1.5 support level. It has further backing at $1.4 and a critical foundation at $1.2, signaling potential bearish trends ahead.

Technical Indicators Point to Potential Gains for STX

The 4-hour technical indicators for the STX pair suggest a bullish sentiment in market momentum. The Relative Strength Index (RSI) is currently positioned at 74.79, indicating that the asset is potentially overbought.  Meanwhile, the Moving Average Convergence Divergence (MACD) displays a bullish signal. 

The MACD line (blue) crosses above the signal line (orange), suggesting that buying momentum has increased. The recent upward trajectory in price, after a period of consolidation, aligns with the MACD’s bullish indication

The Chaikin Money Flow (CMF) has risen sharply into positive territory, indicating increased buying pressure. Similarly, the Awesome Oscillator (AO) has transitioned from a pattern of red bars, which signify selling momentum, to green bars, hinting at a building buying momentum.

Related Articles

• Uniswap Price Rebounds as Whale Invests $2M in UNI, What’s Next?
• Reasons Why Ethereum Name Service Price Lags Despite Network Growth
• Bitcoin Price Forecast: Why Bitcoin Struggles to Break $60K: Key Factors Explained