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FxWirePro- STXUSD (Chart of the day)

Tue, 27 Feb 2024, 11:42 am UTC

Stacks is a Bitcoin layer for smart contracts. The Stacks layer enables DeFi, NFTs, and other decentralized apps built on Bitcoin.

Consensus mechanism- Proof of Transfer

STXUSD performed well in the past two days

Any daily close above $3.02 confirms further bullishness.

STXUSD gained more than 30% in the past four days as BTC hit a 25 month high. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $3.18 and is currently trading around $3.15.

The bullish invalidation can happen if the pair closes below $1.25. On the lower side, the near-term support is $2.77. Any break below targets $2.35/$1.97/$1.69.

The immediate resistance stands at around $3.20. Any breach above confirms bullish continuation. A jump to $3.50/$4 is possible. A surge past $4 will take it to $5/$5.80.

It is good to buy on dips around $2.75-77 with SL around $2.35 for TP of $4.

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