Stacks: New Developments Push STX Price 18% Higher – Details
August 22 2024 - 9:00PM
NEWSBTC
The market swung in favor of Stacks (STX) as the token continued
its upward momentum. As of writing, CoinGecko notes a solid 18%
gain in the past week as it captured the bullish momentum of the
market despite the slight dip yesterday. Since then, STX has
attracted more investors as it has shown strength despite the
volatility. Related Reading: XRP Smashes Through Resistance, Could
Soar 15%, Analyst Says As STX goes up, investors and traders weigh
in on the on-chain developments that occurred this week. With new
add-ons that improve both the security and user experience on the
platform, we might see STX move up even more in the coming
weeks. Security Improves UX On Stacks Zest Protocol announced
its new system to improve smart contract security on Stacks. Named
Clarity Alliance, the auditing group will provide the network with
better protection against malicious actors that may exploit certain
weaknesses of Stacks itself. 1/ We’re excited to share a big
ecosystem improvement to smart contract security on the @Stacks
blockchain After working with multiple auditors for Clarity smart
contract on Stacks, we saw a big need for a higher quality auditing
group. Introducing: Clarity Alliance 👇 pic.twitter.com/ZmDedxa9bV —
Zest Protocol 🍊 (@ZestProtocol) August 21, 2024 “When Zest Protocol
launched, we experienced first hand the shortcomings of the
security ecosystem around Clarity, Stacks’ smart contract
language,” Zest said in their thread regarding the
announcement. According to the thread, the Clarity Alliance
is comprised of “the highest ranking white hat hackers in crypto”
with credentials including the auditing of Bitflow, a market
aggregator on Stacks. Zest also partnered with Hypernative
Labs to track incidents as well as pinpointing possible attacks
before it even happens. $1.5-$1.6 Trading Range Holds Strong
For STX As of press time, the token entered the $1.5 to $1.6 price
range with the bulls successfully slowing the bearish momentum that
built up over the last couple of days. This, along with the overall
bullish developments on-chain, helped STX remain profitable despite
the market dips that happened this week. STX’s current position
opens up possibilities not seen prior to the rally the token
experienced earlier this month. With this in mind, the relative
strength index of STX reveals an overall bullish narrative.
Related Reading: Tron Rises 24% Amid New Developments – Will The
Uptrend Continue? This leaves STX the opportunity to hold this
trading range before resuming its upward trajectory. If the token
regains momentum at a shorter period, we might see a return to $2
and more if the momentum continues. However, its significant
correlation with Bitcoin might be a double-edged sword for STX. Any
market movement made by BTC, in the long run, will be amplified and
felt by STX’s small market compared to the top crypto. If Bitcoin
suddenly flips, returning to sub-$60k levels, STX will fall
potentially beneath its current trading range towards $1.2 or $1
respectively. For now, investors and traders should monitor the
general swings of the market before making any big decision.
Featured image from Xverse, chart from TradingView
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Oct 2024 to Nov 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Nov 2023 to Nov 2024