STX Immanent Breakout?
Stacks is at resistance and looking for a big breakout!
Explaining Stacks (STX): Stacks (STX) is a cryptocurrency that utilizes a new blockchain protocol called Stacks 2.0.
The protocol is designed to build smart contracts and decentralized applications (dApps) on top of Bitcoin's security infrastructure.
This is achieved by allowing developers to write smart contracts in Clarity, a new programming language designed for blockchain development.
STX's Bull Run and Bear Market
In the last bull run, STX gained popularity and saw significant price appreciation, rising over 4,000% from March 2020 to December 2021. However, the bear market of 2022 hit STX hard, with the cryptocurrency losing 94% of its value.
This was a significant setback for STX, but it's starting to recover recently and is currently trading around the $0.33 resistance level.
The Potential for Profit
If STX manages to break above this resistance, it may head toward the $0.50 and $1.00 resistances. Despite the significant bear market, STX has a long way to recover to its all-time high, which means there is still significant potential for profit.
STX could recover all the way, resulting in a potential profit of around 1000%.
Do your own research: It's important to note that investing in any cryptocurrency involves significant risks, including the possibility of losing all your investments (if there is a total collapse, like with FTT and LUNA). Therefore, it's crucial to do your own research and never invest more than what you can afford to lose in any 1 coin.
