Navigating the Crypto Storm: Bitcoin Sidechains Hold Strong Amidst Bearish Market

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jun 01 2024

STX-2.615%

MAPO-0.38%

BTC+1.957%

Should l Buy STX?

Sidechain Dominance: Merlin Layer 2 leads with $1.20B TVL, indicating a growing interest in scalability solutions.
Project Resilience: Despite market downturns, MAP Protocol maintains investor interest with $122M TVL.
Cryptocurrency Price Movements: Individual cryptos like Stacks and Core experience varied price movements amidst market fluctuations.
Bitcoin Accumulation Opportunity: Investors are accumulating Bitcoin at lower prices during the bear market, eyeing a potential price target of $100,000 to $150,000 per coin.
Sidechain Ecosystem: Various projects like Bitlayer Labs, Stacks, and Rootstock Infrastructure Framework diversify the sidechain ecosystem with unique value propositions for investors and developers.

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Technical Analysis for STX

Technical Sentiment Analysis for Stacks (STX) As of , Stacks (STX) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for STX stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, STX is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Stacks (STX) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.115	0.168	0.22	0.273	0.325	0.378	0.431
Fibonacci	0.168	0.208	0.233	0.273	0.313	0.338	0.378

About STX

Stacks is a Bitcoin Layer for smart contracts; it enables smart contracts and decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.Bitcoin is the largest, most valuable, and most durable decentralized asset. The Stacks layer unlocks $500B in BTC capital using the Bitcoin L1 as settlement for decentralized applications.Stacks has knowledge of the full Bitcoin state, thanks to its Proof of Transfer consensus and Clarity language, enabling it to read from Bitcoin at any time.All transactions on the Stacks layer are automatically hashed and settled on the Bitcoin L1. Stacks blocks are secured by 100% Bitcoin hashpower. In order to re-order Stacks blocks/transactions, an attacker would have to reorg Bitcoin.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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