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Stocks (STX) recovered and built momentum two weeks after a bloody start to September. Since then, the token has received much deserved attention as the development of the platform has increased. In accordance with CoinGeckoSTX has grown more than 18% since last week, representing a strong shift in investor sentiment.
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The stacks continue to make noise as more collaborations are introduced this week; many of which may open up a new reality in Stacks. With the superpower called the Bitcoin economy under the stacks, investors and traders are likely to see a lot of green in the coming days.
New Growth Fuel STX
In X’s post on Stacks official account, the forum has announced that Hermetica.fistablecoin provider in the Stack ecosystem, used USDh. The stablecoin has been described as the first “Bitcoin-backed, yield” dollar available on the retail market. Hermetica’s marketing of the new stablecoin is aggressive, with a limited-time APR of 25%.
The leading Bitcoin L2 stack continues to grow 🧡
Congratulations @HermeticaFi to officially launch their USDh stablecoin on Stacks.
To celebrate, Hermetica is offering a prize pool for early adopters. More information is available below. 1/2 pic.twitter.com/3EYmefYEPI
– stacks.btc (@Stacks) September 25, 2024
Institutional investors may also be in the corner as Anchorage Digital, an institutional fund provider, announced their support for Stacks, which opens the door for the platform to be exposed to institutional companies, possibly to improve the future development of Stacks. Introducing institutional investors will push the platform to develop at a faster pace.
For the last step it works Nakamoto development, few SX users have it released post about the benefits of network development. Overall, the conclusion is the same: Nakamoto’s development will greatly improve the user experience while at the same time allowing developers to reach $1 trillion in liquidity under Bitcoin, through sBTC, a 1-to-1 Bitcoin-backed asset on Stacks, integrated with Solana and Aptos for fast distribution and acceptance.
Investors Should Watch Stacks at These Levels
STX is maintaining some of its momentum, breaking any short-term upside potential as it breaks through $2.02 in the short term. This price action benefits the big bulls, but this victory may be short-lived as the bulls lose momentum to maintain a stable trajectory.
The relative strength index (RSI) of the token suggests that the bulls may meet the wall around $2.2 in the short term, possibly allowing the bears to gain strength equal to the current intensity. A move like this will keep the token’s value stable, possibly giving the bulls enough time and space to continue their upside in the medium term.
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If STX stays at its current support level of $2.02, we may see an upward move in the coming days; that is if the market pullback is currently facing a bullish trend. However, if the bulls fail to hold this short-term moving average position, the bears may pull the mark to $1.885 or below if they build enough momentum.
Featured image from Stacks, chart from TradingView