DreamAnalysis | STXUSDT layer-2 blockchain for Bitcoin
2024-10-28

👋 Welcome back to DreamAnalysis! Today, we're diving into STX (Stacks), a unique layer-2 blockchain for Bitcoin, and analyzing its potential.

🔗 What is Stacks (STX)? Stacks (STX) is a layer-2 blockchain designed specifically to add smart contracts and decentralized applications (DApps) to the Bitcoin network. Smart contracts on Stacks run without altering Bitcoin's core structure, leveraging Bitcoin's security. The STX token is used for transactions and rewarding miners on the Stacks network.

📆  Weekly Analysis of STXUSDT:  
In the weekly timeframe, STX shows a more bullish trend compared to many altcoins, which are sitting near their main support levels, while STX remains above these crucial levels.

A rising trendline on the weekly chart indicates that breaking and closing below 1.305 could lead to a decline toward 0.742. If that support breaks, consider temporarily exiting this coin in spot trades.

For re-entry, triggers at 1.987 and 2.444 offer good buying points to hold this Bitcoin layer-2 solution in a bull run. Increasing volume would strengthen this setup. Weekly STX Chart

📉  Daily Analysis of STXUSDT:
 In the daily timeframe, STX is consolidating within the 1.65 to 1.987 range, and specific triggers are in place for the next move.

The weekly trendline also remains relevant here, and breaking below 1.65 could result in a drop toward the lower support level within a larger box range.

📊 4-Hour Analysis of STXUSDT: Market sentiment has shifted recently due to geopolitical events, including the Israel-Iran conflict, which has impacted many altcoins, causing widespread selling.

📈  Long Position: 
wait for the trendline break and trigger confirmation at 1.82, considering higher timeframe bullishness.

📉  Short Position: 
rejection from the trendline and breaking the significant 4-hour support at 1.649 could provide a favorable setup to enter short and follow the downtrend. 4-Hour STX Chart


💬 This wraps up today’s analysis. If you found this helpful, feel free to share it with friends, and drop a comment with any other pairs or coins you’d like us to analyze!

📌 Disclaimer: These analyses are based on chart patterns, not strict rules. Technical analysis is an art, and these insights are not financial advice.