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In a week that has pushed many BRC-20 tokens up, the price of STX, the native token of Stacks, the Bitcoin layer for smart contracts, has increased by 22% before a slight retrace.
Will this token keep up its momentum? Or is there another drop coming soon?
Stacks (STX) Price Pumping
Stacks has risen by 21.5% since last week. At the time of writing, it is trading just above the $1.5 mark, and its market cap is around $2.3 billion.
One reason behind this surge is Bitcoin’s rebound. The BTC price has increased by almost 3% since last week and is now trading above the $56k mark.
Stacks Price History
The development of Stacks started in 2017 and was completed in 2020. For almost a year since its launch, the STX price ranged between $0.08 and $0.22.
The first pump happened in 2021 due to its Binance listing, and the price rose by 4,125%.
An expected drop followed, correcting the token’s value by 82%. Then, the token pumped once again by 550%, reaching $3.75, which was its all-time high around that time.
The arrival of crypto in the winter of 2022 caused the market to take a bearish turn, and STX lost 93% of its value.
In March 2024, Bitcoin rose to a new all-time high just before the halving, pushing STX to its new ATH of $3.91.
However, regulatory issues pushed Bitcoin towards correction, and STX followed, dropping by 64% from its all-time high.
And since last week, the token has climbed by almost 22%.
Stacks Price Analysis
Stacks has closely followed Bitcoin’s price action since the launch, which means that due to the volatility of the crypto market, this token has experienced many crests and troughs.
At press time, the token’s resistance level is $2.044 (0.786 fibs), and the support is $1.553.
A jump of 31% is needed to test the nearest resistance level. If Stacks follows the same trends as the last small pump, it can possibly do so within the next four days.
However, the latest candle is red, which means there is a possibility that the token’s value may drop again.
Furthermore, to reclaim its all-time high, the STX price has to increase by almost 150%.
Is it possible? The answer is not clear, as Clinix Crypto stated in his video six months ago that Stacks is historically a manipulated crypto.
Diving deep into analysis, the YouTuber highlighted, “Stacks markets, like Upbit, UEE, and other exchanges historically showed that if the bulk of the coins are coming from there, they are heavily manipulated.”
Returning to our analysis, the token’s RSI is 47, which shows that the token is within an accumulation range.
Also, the MACD is negative while the histogram is green, indicating an attempt by investors to push the STX price up.
What is Stacks?
Stacks is the Bitcoin layer for smart contracts. Among its many use cases is the ability to power atomic swaps and assets owned by BTC addresses. It uses the Clarity programming language, and it can potentially be used to develop unique use cases for Bitcoin.
Furthermore, it also facilitates fast transactions that settle on the Bitcoin blockchain.
While Stacks has much potential as a long-term token, the claims of its price being heavily manipulated are concerning.
Therefore, those still wanting to invest in the BRC-20 tokens should consider other options with more upsides and transparency.
99Bitcoins – the Better BRC-20 Token
One of the best BRC-20 alternatives to Stacks is 99Bitcoins. A Learn 2 Earn project developed by the renowned crypto educational team, this project already has a large community support.
With over 705k YouTube subscribers and over 2.8 million email subscribers, 99Bitcoins already has over 79 hours of crypto courses.
With the new initiative, 99Bitcoins is adopting a decentralized learning approach that is more interactive and rewarding.
Basically, learning about crypto and engaging with the community will reward users with tokens.
It also features crypto signals that can be used to generate profit from a volatile market.
Furthermore, passive income seekers will also find staking perks available, offering up to 703% APY to presale investors.
Due to these upsides, YouTubers like ClayBro are bullish about it. Prolific crypto analysts like Matthew Perry have also predicted that this token is going to be massive.
Additionally, Jacob Crypto Bury, a leading crypto educator with more than 40k subscribers, has also given the rationale behind his belief that this token has 10x potential.
Due to so many upsides, 99Bitcoins has already raised more than $2.3 million to date.
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Crypto enthusiasts continually engage with this community, and the presale is in full swing. Therefore, those interested should invest now and buy 99BTC at a discount price of $0.00113 before the next stage arrives and the price increases.
Read our full review of the new BRC-20 crypto here.
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*Cryptonomist did not write the article or test the platform.