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.
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.
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.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||85.2%||16||$41 800.30||6.07%||12.97%||$817 650 631 149|
|2||ETH||Ethereum predictions||85.6%||27||$2 254.14||4.72%||11.49%||$271 021 537 915|
|3||USDT||Tether predictions||92.4%||1||$1.000265||0%||-0.01%||$89 671 342 751|
|4||BNB||Binance Coin predictions||82.4%||26||$231.16||1.80%||1.90%||$35 066 472 230|
|5||XRP||XRP predictions||84%||30||$0.623299||-0.16%||3.17%||$33 588 707 166|
|6||SOL||Solana predictions||65.6%||67||$61.88||-1.23%||12.69%||$26 257 579 897|
|7||USDC||USD Coin predictions||94.4%||1||$1.000124||0.04%||-0.01%||$24 497 048 556|
|8||ADA||Cardano predictions||82%||28||$0.406130||3.91%||6.67%||$14 340 520 491|
|9||DOGE||Dogecoin predictions||78.4%||39||$0.088204||4.68%||11.59%||$12 533 317 054|
|10||STETH||Lido stETH predictions||94%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||TRX||TRON predictions||83.6%||19||$0.103896||0.88%||-0.38%||$9 196 297 643|
|12||WTRX||Wrapped TRON predictions||84.4%||21||$0.103677||0.55%||-0.65%||$9 176 826 999|
|13||LINK||Chainlink predictions||74.8%||43||$15.94||0.45%||11.66%||$8 875 045 850|
|14||TON||Toncoin predictions||84%||22||$2.39||-0.69%||-0.72%||$8 206 328 944|
|15||AVAX||Avalanche predictions||56.8%||87||$21.84||0%||5.94%||$7 977 619 351|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.