💥💥💥 #Stacks : New Developments Push $STX Price 18% Higher – Details
Stacks (STX) continues its impressive upward momentum, gaining 18% over the past week, according to CoinGecko.
Despite a slight dip yesterday, the token has attracted more investors, demonstrating resilience in a volatile market.
On-Chain Developments Boost STX Confidence
- As STX rises, investors and traders are closely monitoring recent on-chain developments. These improvements, which enhance both security and user experience, could propel STX even higher in the coming weeks.
- #ZestProtocol has taken a significant step in improving smart contract security on Stacks by launching the Clarity Alliance. This auditing group aims to protect the network from potential threats by leveraging top-tier white hat hackers with a track record of auditing prominent projects like Bitflow, a market aggregator on Stacks. Zest also partnered with Hypernative Labs to proactively track and mitigate potential attacks.
STX Holds Strong in $1.5-$1.6 Trading Range
- As of the latest update, STX is trading within the $1.5 to $1.6 range, with bulls successfully countering the bearish momentum from earlier this week. These positive on-chain developments have helped STX remain profitable despite market fluctuations.
- STX's current position opens up new possibilities, supported by its relative strength index (RSI), which suggests a bullish outlook. If the token can maintain its momentum, it could reach $2 and beyond. However, STX's close correlation with Bitcoin remains a potential risk.
- Any significant movement in Bitcoin's price could have an amplified impact on STX, given its smaller market size. If #bitcoin☀️ experiences a downturn, STX could drop below its current trading range, potentially reaching $1.2 or even $1.
For now, investors and traders should keep a close eye on broader market trends before making any significant moves.
Source - newsbtc.com
