Stacks Price Prediction as STX Becomes Best Performing Coin in the Market – Time to Buy?

cryptonews.com:

The price of Stacks (STX) has risen by 16.5% in the past 24 hours, with the coin's move to $0.526349 making it the best-performing major cryptocurrency today.

STX is also up by 12% in the past week, while remaining down by 12% in the last 30 days.

The altcoin's move today comes in the wake of the news that Grayscale has won an appeal against the Securities and Exchange Commission, which will now have to re-review the asset manager's application for a spot Bitcoin ETF.

And given that Stacks is a layer-two platform for Bitcoin, the approval of BTC ETFs would ultimately be highly beneficial for STX, which is likely to enjoy further gains in the coming weeks and months.

Stacks' chart is a good example of what should happen to any fundamentally sound asset when its indicators hit a bottom, with the coin's relative strength index (purple) now shooting up to 50 after more than a week at around 30 or under. 

This move is likely to translate into a rising 30-day moving average (yellow), which has a long way to go before it catches and climbs over the coin's 200-day average (blue).

In other words, STX has plenty of lost ground left to recover, which could mean that it continues to rally for a little while longer yet.

STX has been heavily oversold in recent weeks, something which partly accounts for why it has risen faster than even BTC in response to yesterday's Grayscale news. 

And while the prospect of a Bitcoin ETF doesn't necessarily impact Stacks in a direct way, the growth of BTC as an asset will have positive ramifications for Stacks, which operates as a smart contract layer for Bitcoin.

The bigger BTC becomes, the more usage and adoption Stacks is likely to witness, which accounts for why STX has surged in response to the Grayscale