The STPT price jumped to the highest level since July 8 of this year. It rose to a high of $0.084, which was about 217% above the lowest level in June of this year. According to CoinGecko, the coin has a market cap of over $102 million, making it the 263rd biggest coin in the world.
What is STPT and why is it rising?
STP stands for Standard Tokenization Protocol. It is a protocol that enables developers to build quality decentralized autonomous organizations (DAO). Its key product is Verse Network, which provides a full suite of native tools and infrastructure products that facilitate efficient decentralized decision-making for users and organizations.
Verse Network can handle over 5,000 transactions per second with extremely low gas fees. It also has Ethereum Virtual Machine (EVM) compatibility features. STPT is the native token for the coin. It is a governance token that is also the medium of exchange for the network.
According to its developers, applications created in STP Network are valued at over $5 billion. They include apps in industries like DeFi, NFTs, and decentralized storage networks.
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It is unclear why the STPT price has done well in the past few days. A possible reason is that some investors believe that the network will attract more users after Ethereum’s merge later this week. This merge will transition Ethereum from a proof-of-work (PoW) into a proof-of-stake (PoS) platform. It will then set the stage for future upgrades that will see it become much faster.
STPT price prediction
The daily chart shows that the STPT price went parabolic on Monday as demand for the coin rose. The coin rose to a high of $0.0842, which was the highest level since July 8. As it rose, it moved above the 25-day and 50-day moving averages. At the same time, the MACD moved slightly above the neutral point.
As shown, this rebound is not supported by volume. Therefore, there is a likelihood that the coin will resume the bearish trend as sellers target the next key support level at $0.060. A move above the resistance at $0.085 will invalidate the bearish view.