Stacks (STX) Surges 6% as TVL Hits Record $132 Million, Signaling Bullish Market Potential

The recent surge in Stacks (STX) price by 6% to $2.42, coupled with a record Total Value Locked (TVL) of $132 million in its ecosystem, signals strong investor confidence and heightened activity. This growth in TVL reflects increased usage and trust in Stacks’ platform, enhancing its fundamental value.

sounds weird saying this in this market but $stx looks great

i’d think if this does well $btc has to do well also (and vice versa) pic.twitter.com/fErkC4grZV

— cloudwalker (@cloudwalkerxbt) June 11, 2024

Additionally, market forecasts projecting STX to reach $2.5 further fuel positive sentiment among investors. As the altcoin season progresses, these indicators collectively contribute to a bullish outlook for STXUSD, driven by its expanding utility in decentralized finance and robust market dynamics. Consequently, investors are likely to perceive STX as a valuable asset, propelling further price increases.

Key Stacks Levels To Watch – June 11

The indication of the SMA (Simple Moving Average) shows that the market has flipped bullish. The market was in a bearish trend until the recent CHOCH (Change of Character) to the upside.
 
Following the CHoCH, the price retracted as expected due to the indication of the Stochastic Oscillator. A resumption of the uptrend is however likely to occur from the bullish order block in the discount zone.

STKUSD Critical Levels

Resistance Levels: $2.570, $0, $3.290, $3.850 
Support Levels: $1.810, $1.330, $0.400

Stacks METRICS

Total Market Capitalization: $2.41T
Stacks Market Capitalization: $3.11B
Stacks Volume: $165.52M
Market Rank: #30

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