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

The main feature-

Transactions per second -7

Smart contract language - Clarity

STXUSD performed well in the past two days.

Any daily close above $2.10 confirms further bullishness.

STXUSD gained more than 17% in the past two days. The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $1.71 and is currently trading around $0.2157.

The bullish invalidation can happen if the pair closes below $1. On the lower si de, the near-term support is $1.57. Any break below targets $1.40/$1.20. significant downtrend if it breaks $0.50.

The immediate resistance stands at around $2.10. Any breach above confirms bullish continuation. A jump to $2.50/$3  is possible. A surge past $3 will take it to $3.50/$4.

It is good to buy on dips around $1.50 with SL around $1.20 for TP of $2.50.