The Stacks price has been in a strong bullish trend in the past few weeks. The STX token is trading $2.27, which is about 367% above the lowest level in July. It is about 22% below its all-time high. It has a market capitalization of about $2.3 billion, making it the 76th biggest coin in the world.
Stacks is a blockchain project that enables developers to build decentralized projects. The platform is relatively similar to Ethereum, with the main twist being that its transactions are processed in Bitcoin. It also provides a way for STX stakers to earn BTC coins. They earn about 8% APR. It has about $980 million in total value locked.
Many developers have shifted to the Stacks ecosystem. Some of the top DeFi and NFT platforms in the network are STX NFT, Sigem Boom, Sigle, City Coins, and Moon, among others. So, what next for the Stacks coin price?
Stacks price forecast
On the daily chart, we see that the Stacks price has been in a strong bullish trend in the past few months. It rose by more than 2,075% between October 2020 and April 6 2021. It has risen by more than 365% from the lowest level in June this year. Along the way, the coin has moved above the 25-day and 50-day moving averages.
Stacks has formed a bullish channel that is shown in red. It is also between this channel. Therefore, the coin will likely keep rising as bulls target the all-time high at $2.90. On the flip side, a drop below $1.75 will invalidate this view.