Stacks Price Rally Eyes $2.5 As TVL Growth Fuels Recovery Momentum
Highlights
- The Stacks price recovery backed by increasing volume action reflects sustainable growth.
- The rising price may face supply pressure at $2.47, followed by $2.8.
- The intraday trading volume in the STX is $306.6 Million, indicating a 39% gain.
Stacks Price: As the cryptocurrency market was reveling in the Bitcoin price surge to $50,000, the latest US CPI data release triggered an abrupt sell-off on Tuesday. According to the Bureau of Labor Statistics’ latest release, the Consumer Price Index (CPI)—a gauge for the average price shift in goods and services purchased by households—advanced by 0.3% in January.
High inflation may prompt central banks to raise interest rates, which can dampen investor sentiment toward risk assets, including cryptocurrencies, and run to safer assets.
Also Read: Bitcoin Price Pre-Halving Rally: Can Spot ETFs Weather The Storm As CPI Report Shakes BTC
Will Stacks Price Prolong Recovery Trend?
By the press time, the leading cryptocurrency Bitcoin trades at $48990 with an intraday loss of 1.7%. As per crypto analytics firm Coinglass, a total of 51,699 traders faced liquidation, culminating in liquidations amounting to $154.85 million over the last 24 hours.
While this downtick triggered a sudden selling pressure in the altcoin market, the Stacks coin continued to prolong its bullish trajectory, with a 7.8% uptick.
In line with broader market recovery, the Stacks price picked up bullish momentum in February’s second week when the price rebounded from $1.45 support. The positive turnaround triggered a 9-day winning streak and recorded nearly 50% growth to $2.157.
Recent insights from DefiLlama, an on-chain analytics aggregator, indicate that Stacks has seen its total value locked (TVL) soar to $70.21 million. This represents a substantial growth of over 50% in the last three weeks. This development represented capital commitment within Stacks’ DeFi ecosystem, reflecting the overall engagement and trust of investors in its financial protocols.
Amid the current recovery, the STX price gave a decisive breakout from the last swing high resistance of $2.06. The post-breakout rally may surge the altcoin to $2.475, followed by $2.82.
Also Read: Michael J. Saylor : How Much Money Did Michael Saylor Make From Bitcoin?
Technical Indicator
- Bollinger Band: The rising upper boundary of the Bollinger Band indicator hints the buyers currently dominate this asset.
- Average Directional Index: The ADX slope at 21% indicates the current recovery is far from exhaustion.
Related Article: Bitcoin’s Meteoric Rise: Can the Crypto Market Maintain Momentum?
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