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Blockstack (STX): Bullish Expectations Ahead of the Mainnet Launch

Traders who develop their strategies not only on the basis of price action but also on the fundamental showings of a coin should check out the one called Blockstack (STX) that appears to be gearing up for some major upside moves in the second quarter of 2020.

The fundamental value of Blockstack

Blockstack belongs to the class of cryptocurrencies that has a profound computer science at its core. Perhaps STX has the largest similarity with Cardano (ADA) in that regard, as the team prioritizes the intellectual value of their product to drive the price of STX, instead of resorting to the hype born out of marketing tricks. The team that built Blockstack from the ground up strives to create a decentralized computing network for the third generation of the Internet, as well as the proprietary ecosystem for building dApps. By virtue of decentralized applications developed on that platform, Blockstack aspires to give users full control of their online data and digital identity.

Blockstack has an extensive list of tasks that its team will try to fulfill in 2020, with the most important of them being the launch of Stacks 2.0 mainnet that will feature the Proof-of-Transfer (PoX) mining algorithm. The event due to occur in June or July, the exact date hasn’t been set yet. It is customary for the mainnet launch to be an enormous driver for the price of the corresponding cryptocurrency - that is why we expect STX to be one of the most prominent gainers of this summer. In addition to that event, Blockstack is said to be conducting the second round of token offering through which the company plans to raise around $28 million to fund further ecosystem improvements. Therefore, STX is sure worth having on the shortlist of potential profit-makers.

In preparation for an uptrend ahead of the mainnet launch

STX is a relatively young cryptocurrency that was listed on the exchange platforms in October 2019, although its debut was a flop as the price of the coin had capitulated almost immediately from the all-time high at $0.33 all the way below $0.1.

Historical price chart of STX

The March crash took STX to the all-time low at $0.045 from which the price has bottomed out and initiated a slow but steady hike to the upside, over the course of which the price traveled back above the crucial moving averages, passed the first critical resistance level at $0.116, and now has an open battle with the bears at $0.152, a strong resistance line that converges with the 0.681 Fibonacci retracement level.

1-day STX/USDT chart

Apparently, Blockstack couldn’t take out that resistance in one go and began forming a bullish flag that is likely to signify the continuation of the existing trend. The high probability of trend continuation is also supported by the position of key moving averages and the volume profile, which shows that the buying volume has been prevalent over the past few weeks. The 14-period RSI is gliding at the edge of the overbought area without crossing it, which leaves enough room for another 15% to 30% move to the upside, right towards the local high at 0.199. MACD is also bullish and offers even more space for the buying action in the coming month before the mainnet launch.

Author: Alex Paulson for


Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 250.62 -2.84% -0.77% $1 154 674 094 562 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $4 042.30 -2.55% 5.39% $477 150 448 535 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 60 $482.49 0.74% 2.70% $80 480 315 639 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 12 $2.16 -0.54% -2.20% $71 185 024 084 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000245 0.03% 0.09% $69 591 162 791 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 55 $204.24 0.80% 29.17% $61 440 079 262 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 51 $1.096102 -0.97% -3.88% $51 457 996 304 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60% 79 $44.55 -0.99% 2.11% $43 999 075 422 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 56 $0.246907 0.64% 4.09% $32 542 542 435 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000313 0.06% 0.09% $32 442 834 043 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 65 $43.44 5.78% 17.86% $17 443 010 900 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.79 -2.88% -0.74% $15 775 566 720 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 65 $66.57 4.10% 17.36% $14 663 644 845 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 265.73 -2.87% -0.84% $13 545 425 709 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $29.07 -0.32% 7.40% $13 401 075 815 LINK 7 days price change

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