Stacks Price Prediction 2021 – Will STX Hit $3 Soon?

Stacks Price Prediction 2021 - Will STX Hit $3 Soon?
  • Bullish STX price prediction ranges from $1.60 to $2.80.
  • The STX price might also reach $3.
  • STX bearish market price prediction for 2021 is $1.05.

In STX price prediction 2021, we use statistics, price patterns, ADX, and much other information about STX to analyze the future movement of the cryptocurrency. 

Stacks 2.0 is a redesigned and upgraded version of Blockstack that addresses the Bitcoin network’s utility and scalability issues. It is a layer-1 blockchain that facilitates the use of smart contracts and dApps on the Bitcoin network indirectly.

On the Stacks 2.0 blockchain, stacks are used as fuel for smart contract execution, transaction processing, and digital asset registrations. The team has developed a new and distinct consensus mechanism known as Proof of Transfer (PoX) that connects the Bitcoin and Stacks blockchains.

Current Market Status of Stacks (STX)

According to Coingecko, the price of Stacks is $1.22 with a 24-hour trading volume of $73,804,287 at the time of writing. However, STX dropped to 10.87% in the last 24 hours.

Moreover, STX has a circulating supply of 1,182,171,307 STX coins. Currently, STX trades in cryptocurrency exchanges such as Binance, OKEx, FTX, Upbit and Gate.io.

Stacks (STX) Price Prediction 2021

Stacks (STX) holds the 70th position on CoinGecko right now. STX price prediction 2021 explained below with a daily time frame.

STX/USDT Falling Wedge Pattern (Source: TradingView)

The falling wedge pattern is a continuation pattern formed when price bounces between two downward sloping, converging trendlines. It is a bullish chart formation, but it can also indicate reversal or continuation patterns depending on where it appears in the trend.

Currently, STX is waving at $1.29. After this, STX would continue to follow the pattern where the price chart would show uptrend. If the trend reverses, then the price of STX may fall to $0.65.

Stacks (STX) Support and Resistance Level

The below chart shows the support and resistance level of Stacks (STX).

STX/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of STX.

  • Resistance Level 1 – $1.60
  • Resistance Level 2 – $2.80
  • Support Level 1 – $1.05
  • Support Level 2 – $0.70
  • Support Level 3 – $0.45

The chart depicts the bearish performance of STX over the previous month. However, STX will follow a bullish pattern and will rise. On the contrary, if the trend reversed then STX might fall to $0.65 presenting a bearish signal.

Stacks (STX) Average Directional Index (ADX)

Let us now look at STX’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

STX/USDT ADX (Source: TradingView)

The above chart represents the ADX of STX lies in the range at 29.83, so it indicates a strong trend.

Conclusion

The STX is one of the cryptos which is great for long-term investment. In addition, STX price prediction is bullish for a short-term. It has a good chance of reaching $2.80 within the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the STX ecosystem, the performance of STX would rise reaching $2.80 very soon. But, it might also reach $3 if the investors believe that STX is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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