Stacks Price Prediction as STX Token Slips Below $2

Last updated: May 1, 2024 at 8:03 p.m. EDT | 2 minutes of reading

Stacks Price Predictions as STX Token Slips Below $2 – How High Will STX Go?

As Bitcoin (BTC) corrects to its lowest levels in over two months below $60,000, its largest Layer 2 scaling blockchain Stacks (STX) is also in decline, the price of Stacks hitting its lowest levels since mid-February below $2.0.

Stacks price has since rebounded to around $2.14, with STX now stable on the day.

But it might not be long before STX breaks with more force to the downside $2.06 and the $2.0 level.

This is because Stacks is largely inspired by what Bitcoin done, as well as how altcoins are efficient.

And, right now, almost the entire crypto space is in a bearish state.

Spot Bitcoin ETF Flows have been negative for five days now, according to data presented by The Block.

According to The Block, US ETFs have seen outflows for five consecutive days.

This is not surprising given recent macro-level headwinds. While today’s Fed policy announcement did not hold any surprises, it reinforced the message that rate cuts are still a long way off.

The Fed has become more hawkish recently due to inflation that remains uncomfortably high since the start of 2024.

It is therefore not surprising that the Bitcoin price, as well as altcoin the markets have undergone a correction.

Here’s where the Stacks price will head next

The risks therefore seem to be oriented downwards for Batteries (STX). The next major support level, assuming the January high at $2.06 is reached, is the 200DMA.

The 200DMA currently sits just above $1.80. A break below this level would send a significant bearish signal.

The next major support area that traders would target would be around $1.25.

If Stacks were to fall 40% to this level, its market cap would fall to less than $2 billion.

This could be a great time to stock up on STX, which remains a major leader in the space Bitcoin Layer 2 Scaling.

Stacks price could fall to $1.25 support. Source: TradingView

Amid the bearish outlook for altcoins like Stacks, traders are looking for alternatives that could generate near-term upside.

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Warning: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose your entire capital.

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