FxWirePro- STXUSD (Chart of the day)

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 $2.50 confirms further bullishness.

STXUSD gained more than 50% in the past five days as BTC showed a nice pullback. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $2.509 and is currently trading around $2.308.

The bullish invalidation can happen if the pair closes below $1.25. On the lower side, the near-term support is $1.65. Any break below targets $1.50/$1.25.

The immediate resistance stands at around $2.50. Any breach above confirms bullish continuation. A jump to $3.20/$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 with SL around $1.25 for TP of $4.

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