STX up 11%, market volatile.

Despite turbulence and volatility in the broader cryptocurrency market, Stacks (STX) has been performing impressively. Stacks is a network created in 2017 as an extension of the Bitcoin blockchain, allowing developers to create and deploy smart contracts. Recently, its native token, STX, has exhibited positive price movement following the popularity of Bitcoin Ordinals.

STX’s price has significantly increased by 21.57% in the last 7-day trading session. At the time of writing, STX maintains its bullish momentum, showing a notable increase of 11.33%, representing its current value of $0.6300.

The 24-hour trading volume of STX is experiencing a massive pump of 387.11%, standing at $147 million, according to data from CoinMarketCap. This increase suggests strong investor demand and positive sentiment surrounding the asset, potentially indicating a bullish trend.

The launch of Ordinals, Bitcoin-based NFTs, has led to nearly 12,906,466 Bitcoin inscriptions on the network, driving the price of Stacks (STX) significantly. With increasing scrutiny and regulatory measures impacting various cryptocurrencies, STX became the first token approved by the SEC, which may have contributed to boosting its price by attracting investors. This regulatory approval sets STX apart from other tokens, reassuring investors regarding its legitimacy and regulatory compliance.

The Stacks token, STX, currently trades between its significant support and resistance levels of $0.4679 and $0.6762, respectively. Based on the chart, the asset is moving straight to its primary resistance level of $0.6762. The move suggests that the buyer’s pressure has outweighed that of the sellers. If the bulls break this level successfully, the next significant resistance point is $0.8294.

The global crypto market cap has reached $1.07 trillion, marking a 0.44% increase in the last day. In the past 24 hours, the total crypto market volume has also surged to $29.04 billion, a significant 44.09% rise. These metrics suggest that the crypto market is regaining its positive move today and might also rub off on STX.