Stacks Price: US Inflation Data Triggers Sell-Off
The cryptocurrency market experienced a sell-off after the release of the latest US Consumer Price Index (CPI) data. The CPI, which measures the average price change in goods and services purchased by households, increased by 0.3% in January according to the Bureau of Labor Statistics. This high inflation may lead to central banks raising interest rates, which could dampen investor sentiment towards risk assets like cryptocurrencies.
Will Stacks Price Continue its Recovery?
While Bitcoin faced a 1.7% intraday loss, the Stacks coin continued to show bullish momentum with a 7.8% uptick. In February, the Stacks price rebounded from $1.45 support and recorded nearly 50% growth to $2.157. The total value locked (TVL) in Stacks’ DeFi ecosystem has also seen significant growth, reaching $70.21 million.
The STX price recently broke out from its last swing high resistance of $2.06, and it may surge to $2.475 and $2.82 as part of its post-breakout rally.
Technical Indicators
- Bollinger Band: The rising upper boundary of the Bollinger Band indicator suggests that buyers currently dominate this asset.
- Average Directional Index: The ADX slope at 21% indicates that the current recovery is far from exhaustion.
Source: Coingape
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