• Stacks (STX) price has declined 4% in the past 24 hours and is -15% this past 30 days.
• The surge in Bitcoin ordinals suggests interest in the inscriptions is still high.
• Will Stacks go back up after retreating from year-to-date highs above $1.32?
Stacks Price Overview
Stacks (STX) price has declined 4% in the past 24 hours and is -15% this past 30 days. STX currently trades near $0.78, and has a key supply zone near the psychological $1.00 level. The price of STX rose sharply in February and March as the Ordinals hype hit the market.
Key Drivers of Price Movement
The main driver of Stacks price in February was the strong interest in Ordinals, a platform for Bitcoin inscriptions (crypto assets similar to NFTs). Stacks, which brings the power of smart contracts to Bitcoin, also surged in March as whales loaded up on the native STX. As seen on the weekly chart below, STX/USD has been constrained between robust support at $0.64 and new resistance near $1.33 since 20 February.
Fed’s Interest Rate Hike Impact
The upside followed the crypto market’s upward reaction to the US Federal Reserve’s interest rate hike but as FOMC tide cools, STX is down 4% in past 24 hours, cutting weekly gains to just 5%. This helped erase gains made earlier in April and wiped out gains from key price bursts earlier this year i.e., 122% surge over one week in February & 51% over seven days mid-March; leaving it down 15% over past 30 days at present trading level around $0.78 .
Short Term Outlook for STX Price
Will Stacks go back up after retreating from year-to-date highs above $1.32? The surge in Bitcoin ordinals reaching 3.5 million this week suggest interest inscriptions is still high with potential uptick BTC prices likely major catalysts upside momentum altcoin; bringing more buy pressure into play for Stax which could push it higher than current levels again soon enough if conditions remain favorable for bulls .
Conclusion:
In conclusion, there are indications that point towards a possible uptrend for Stack’s price going forward given its recent performance despite setbacks caused by volatility forces outside its control such as those triggered by US Federal Reserve’s interest rate hikes or other external factors like whale buying activity adding further impetus to its value climb thus far . However investors should always exercise caution when investing cryptocurrencies due their volatile nature & take into consideration all risk factors before doing so .