Stacks (STX) Surges Over 6% Over Last Week, Will It Test $0.7?

Stax, the layer-1 protocol that enables smart contracts on bitcoin, has demonstrated incredible resilience amid bearish market trends. Stax’s STX token price has increased by more than 6% in the past week and joins top-grossing coins With a price gain of around 0.53% today, while the broader crypto market declined 1.63% in the last day.

STX’s price action has investors wondering if it will soon surpass the $0.7 level, as its seven-day price range ranges between $0.532995 and $0.669564.

Stacks (STX) trending bearish amid rising regulatory uncertainty

according to coingeco statisticsSTX rebounded from two days of price losses yesterday after a 1.6% increase in total crypto market cap. The coin saw a massive 11% drop on Tuesday, June 6, before gaining momentum with an 8.9% price increase on June 7.

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As a DeFi-enabled protocol, Stax (STX) is among the tokens that are booming in the heat. SEC lawsuit Against Binance and Coinbase. The DeFi protocol saw an increase in trading volume after the US regulator declared several digital tokens including SOL, ADA, BNB, MATIC and ATOM as securities.

The same goes for STX, and according to CoinMarketCap statisticsSTX saw an increase of 0.65% in its market cap in the last 24-hours. The crypto market cap turned red after news of two lawsuits broke out in the crypto ecosystem. Although STX went with the flow, falling 0.3% and 11% on June 5 and 6, it soon picked up momentum.

The coin’s timely recovery could be why it maintained most of its 7-day and 14-day gains. The data shows that the 14-day price of STX is up by 11.9%, while Bitcoin Only 0.5% growth was registered in the last two weeks.

STX Price Outlook

Volatility is high across various assets in the crypto market, while sentiment is down as fear and uncertainty are gripping investors due to increased enforcement actions. fear and greed index has been neutral for the past month, but technical analysis suggests a bullish outlook for STX.

At press time, STX price has traded above the 10, 20 and 30-day exponential and simple moving averages, suggesting a strong buy signal. However, the momentum is slightly bearish as the coin needs to conquer the 50 and 100-day simple moving averages to break above the $0.7 mark.

The Bull bear power is currently Neutral at $0.0655. Therefore, the bulls should prevail over the bears before STX price rallies with the bullish momentum in the coming days. Meanwhile, STX is trading at $0.65, preparing to touch $0.7. This could be possible if the bulls get a win over the bears in the days to come.

Featured image from Pixabay and Chart from TradingView.com