"Wow, can the price of STX continue to rise?"
Stacks (STX) recently showed a significant consolidation as its price broke through $2 despite the entire cryptocurrency market collapsing during the New York trading session last Sunday.
This is because altcoins related to Bitcoin (BTC) such as Bitcoin Cash (BCH), Bitcoin SV (BSV) and others may receive many follow-up requests from the spot BTC ETF which is expected to be approved in the near future.
As a result, investors who want to trade when spot BTC ETFs are approved may short altcoins including Ethereum (ETH) to protect their trading value of BTC which is rising as it may cause short-term declines in other cryptos.
Please note that STX which has been on an upward trend since December 12, 2023 has doubled in less than two weeks to reach $1.74, therefore its price which is currently trading above $1.90 may target $2.12, $2.25 and $2.46.
There is no denying that STX's bullish momentum is very strong, but keep in mind that its price is also highly dependent on news about the BTC ETF, so investors may sell their holdings if the ETF's approval is delayed.
In such a case, if STX drops back to $1.56 then the price could see a lower plunge to its support zone at $1.37 which is a drop of about 12%.
As of this writing, STX price has surged by 26.87% at $2 in the last 24 hours with a market capitalization of $2 billion then recorded a 18.79% climb over the last week.
