The Stacks price jumped by more than 12% as investors move to the coin. The STX price has jumped by more than 30% in the past seven days. It has a market capitalization of more than $1.73 billion making it the 55th biggest coin in the world.
Stacks is a fast-growing blockchain project that helps developers build decentralized applications and smart contracts built on Bitcoin. Some of the applications built on the network are This is number one, BTC.US, Paycoin, Blocksurvey, and PlanBetter among others.
STX is the native token for the Stacks network. It can be used as a fuel to execute Clarity smart contracts. It is also used for other purposes like paying for transaction fees and to publish contracts on the blockchain.
The Stacks price is rising after the developers announced new asset drops and an STX trading competition in a bid to grow the network. Just last week, the developers announced the listing of STX on the Blockchain.com Exchange. As part of growing the network, the developers are giving rewards to users who purchase $100 of STX. They will then be entered for a chance to win pooled staking rewards.
The 4H chart shows that the STX price has been in a strong bullish trend after it declined to a low of $0.7670 in July. It has already risen by more than 90% from its lowest level in July. Along the way, the coin has moved slightly above the important resistance at $1.4455. It has also moved above the 25-day and 50-day moving averages. Also, it has crossed the key resistance at $1.400.
Therefore, there is a possibility that the coin will keep rising as bulls target the key resistance at $2 in August. This view will be invalidated if the price declines below the support at $1.2023.