Stacks (STX) and Internet Computer (ICP) prediction as BTC breakout nears

March 03, 2024 04:02 PM PST | By Invezz

Bitcoin price to lead the charge

Stacks and Internet Computer are two cryptocurrencies that have a close relationship with Bitcoin, the biggest cryptocurrency in the world.

Internet Computer launched ckBTC in 2023 to help developers in its ecosystem build using Bitcoin. ckBTC is a Bitcoin twin, which is slowly gaining popularity. Data by DeFi Llama shows that the asset has gained over $15 million in assets. Its TVL has jumped by more than 15% in the past 30 days.

Stacks, on the other hand, is the biggest layer-2 network in Bitcoin. Its goal is to help developers take advantage of Bitcoin’s security and reputation to build dApps. Data shows that the Stacks ecosystem is growing as its Total Value Locked (TVL) soared to a record high of $294 million. The biggest dApps in Stacks are ALEX, StackingDAO, Bitflow, and Arkadiko.

A recent report by Messari showed that the network’s revenue surged by more than 3,386% in the last quarter. The next key catalyst for Stacks will be the upcoming Nakamoto upgrade, which is set for April. This upgrade will lead to faster transactions, reduce MEV, eliminate forking on the Stacks layer, and give transactions 100% Bitcoin finality.

Stacks and Internet Computer will also do well as Bitcoin is set to stage a strong bull run now that it is nearing its last week’s high. Such a move will likely see it surge to over $69,000 this week and raise the possibility of it soaring to $80,000.

Internet Computer (ICP) price forecast

The daily chart shows that the ICP price has been a bit volatile in the past few days. It has remained above the 50-day and 25-day Exponential Moving Averages (EMA), which is a positive sign. The coin is also hovering at the 23.6% Fibonacci Retracement level.

It has also moved above the ascending trendline shown in black. Most notably, the coin sits above the Ichimoku cloud indicator. Therefore, the outlook for ICP is bullish, with the next price to watch being at $14.9, the highest point on February 19th. A move above that price will see it retest the YTD high of $16.30.

Stacks price prediction

Stacks has been in a strong upward trend in the past few months. It has moved from last year’s low of $0.20 to over $3 today. The coin has remained above all moving averages while the Relative Strength Index (RSI) has moved to the overbought point of 70.

Further, the Average Directional Index (ADX) has moved above 50, signaling that the trend is strong. Therefore, the outlook for the token is extremely bullish as the possibility of it reaching $4 rise. The stop-loss of this trade is at $2.50.

STX chart by TradingView

The post Stacks (STX) and Internet Computer (ICP) prediction as BTC breakout nears appeared first on Invezz

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