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 four weeks.

Any daily close above $3.02 confirms further bullishness.

STXUSD gained more than 135% in the past four weeks.  The pair holds well above the short-term (21 and 55 EMA) and long-term moving average. It hit a high of $2.806 and is currently trading around $2.68.

The bullish invalidation can happen if the pair closes below $1.65. On the lower side, the near-term support is $2.40. Any break below targets $2/$1.65.

The immediate resistance stands at around $3.02. 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 $2.40-42 with SL around $1.88 for TP of $4.