Can $11 Million Inflow Trigger A Breakout in Stacks (STX)?

14 авг.

Can $11 Million Inflow Trigger A Breakout in Stacks (STX)?
Meta Description: Stacks has experienced more modest gains as compared to other altcoins rising nearly 45% from August lows

The OI data has surged from $30 Million to $41 Million indicating in the last couple of sessions indicating a growth.
The daily chart highlights a correction phase with the price stuck in a declining channel.

Stacks has experienced more modest gains as compared to other altcoins rising nearly 45% from the August lows. In a span of one week, Stack's price made a strong comeback from the lows indicating better days round the corner.

Furthermore, The on-chain data reveals a significant development in the Open Interest data indicating the increased confidence of the investors. At the time of writing, Stacks was exchanging hands close to $1.54 level indicating a 1.5% growth a day.

Despite all this, the long term trend favors the bearish side. As observed on the daily chart, the crypto has been in a correction phase since the very beginning of April. The price has dropped over 60% since then and was observed forming an interesting pattern over the charts.
Stacks Price Open Interest Data Analysis
As per the data obtained from an on-chain analytics website app.santiment.net, the open interest data observed an impressive 30% growth in the recent sessions. The total OI contracts have jumped from $30 million to 41 Million in the couple of sessions indicating a 30% growth.

<iframe title="Santiment Chart: Total Open Interest in USD (STX), Price (STX)" width="800" height="425" src="embed.santiment.net/chart?ps=blockstack&pt=STX&df=2024-07-13T18:30:01.706Z&dt=2024-08-14T18:29:59.706Z&emcg=1&emhwm=1&wm=total_open_interest;price_usd&wax=0;1&wc=#FF5B5B;#26C953&ws={"node":"area"};" scrolling="no"></iframe>

Source: app.santiment.net

Moreover, the transaction volume has observed a nearly 46% growth a day and has reached $99.2 Million. The rise in the transaction volume indicates a heightened demand. Also, the volume to market cap ratio was 4.4% indicating low volatility in the crypto.

Stacks has a live market capitalization of $2.28 Billion and ranks 32nd in the cryptoverse. Out of a total supply of 1.81 Billion STX tokens, nearly 1.48 Billion tokens are currently in circulation.
Can Stacks Break Out Of A Correction Phase In August?
Despite the efforts in the recent sessions, Stacks price still hovers in a long term bearish trend. The daily chart highlights the formation of a declining parallel channel pattern with the price sliding between the lower and upper boundaries of the channel.

Moreover, the STX price has surpassed the 20 day EMA suggesting a strength in the short term. However, the long term trend still remains bearish below the 200 day EMA. As of now, the price lags nearly 17% in comparison to the 200 day EMA.

On the higher side, STX needs to surpass the 50 and 200 day EMAs in order to claim a bullish reversal on the charts. However, until the price hovers below the 200 day EMA, it may remain in a bearish zone and might head downwards if the selling pressure exceeds.

On the higher side, the $1.9 level may act as a crucial resistance for the price. whereas on the lower side, the $1.2 level may emerge as a crucial support for Fantom.


Stacks price has risen nearly 45% from August lows, showing a strong comeback in a week. Moreover, Open interest grew 30%, from $30 million to $41 million indicating high demand. The transaction volume has surged by 46% to $99 Million a day.

Despite short-term strength above the 20-day EMA, Stacks remains in a long-term bearish trend below the 200-day EMA, lagging by 17%. The price was currently within a declining parallel channel. For a bullish reversal, it needs to surpass the 50 and 200-day EMAs.