Stacks’ social metrics increased, leading to a price hike. Buyers and sellers are in a heated bit for control.
As a new week begins, investors have taken note of assets that have not received attention in the past seven days. Stacks [STX], the Bitcoin [BTC] layer for smart contracts, was one such token, as noted by LunarCrush.
According to the social intelligence provider for the crypto industry, social interactions, mentions, and dominance of Stacks increased by more than 100% in the last 24 hours. This walk meant that community interaction, discussion, and traction were at significantly high levels from a social viewpoint.
It should be remembered that STX is the native cryptocurrency used to power the Stacks Blockchain, and it is currently the 67th largest cryptocurrency by market capitalization. STX tokens are used to pay transaction fees and the STX cryptocurrency is also frequently traded by members of the Stacks community.
Combat between the Nos and the Yes
Although the rise had dimmed somewhat, the sentiment around the token was trending upwards. An in-depth evaluation of LunarCrush showed that bullish sentiment had increased by 95%, between April 2 and today.
However, the average bearish sentiment also had a similar trend. The metric specifically looked at posts suggesting cynicism over time. Thus, STX was still subject to a negative image, despite its 316% price increase in 90 days.
STX rode with the expectations of the bulls, rising 3.82% in the last 24 hours. According to the daily chart, the 20 EMA, which had crossed the 50 EMA on January 23, held the same position today. This stance implied that traders were bullish on STX and that the cryptocurrency had the potential to establish a new uptrend.
Additionally, the moving average convergence divergence (MACD) showed a different trend than the EMAs. The MACD condition, so far, showed the orange dynamic lines rising above the blue ones. Another notable part of the MACD trend was how it crossed the signal line to the downward path. Therefore, this could serve as a confirmation of the corresponding downtrend.
TVL Riding the Downtrend
In addition to its price action, there has been a significant change in the Total Value Locked (TVL) of Stacks. The TVL measures the number of unique smart contract deposits in a protocol. As of March 25, Stacks’ TVL was on a rapid increase. Content publisher Emperor Osmo tweeted the following:
“Despite losing 22% for the week, $STX TVL is still smashing all-time highs. The Nakamoto upgrade should take @Stacks to the next level.”
However, since March 26, the value has dropped significantly, reaching a low of $25.5 million. This decrease implies that Stacks was beginning to lack usability among investors. Furthermore, these participants were no longer willing to lock up assets in the contracts linked to the project.
Apparently, however, STX was still a top choice for traders, mainly in part due to its 230% volume increase in 24 hours. Such a high rate meant that a lot of buying and selling was going on with the token at the time this news broke.
By Audy Castaneda
