Investors Flock To Stacks (STX) As It Gains 10% Against The Bears – Here’s Why

Christian Encila

1 year ago

3 mins read

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Although the market is experiencing an enormous pullback from its month-long rally, a few outliers continue on their upward march. Stacks (STX) is one of the few altcoins that stemmed the bearish tide and even went against the grain of the market. According to Coingecko, the token is up nearly 21% in the weekly timeframe.

However, STX is starting to feel the pressure. As of writing, the token is already down 3% in the past hour. This brings the question of whether STX bulls can continue the rally or will falter along with the others.

A New Project Enters The Fray

In an exciting turn of events, the Stacks Status X account posted an update about network congestion that happened yesterday.

“An exciting new project bringing Ordinals and Stacks closer together launched this weekend. We’re thrilled to see it, but flagging that as a result, the network is seeing increased fees and likely congestion,” said the X account on their recent thread.

This event is taken as a sign that Stacks is entering a painful growing phase that may or may not signal a brighter future for the network. However, running alongside this congestion is the most recent blog post of the dev team.

An exciting new project bringing Ordinals and Stacks closer together launched this weekend. We’re thrilled to see it, but flagging that as a result, the network is seeing increased fees and likely congestion. More👇

— Stacks Status (@stacksstatus) December 17, 2023

According to muneeb.btc, the code for the Nakamoto Testnet (now branded as Neon) is not complete and will be launched by the end of the month.

Nakamoto will be the update that will define the network.

STXUSD trading at $1.095 on the daily chart: TradingView.com

The Stacks’s Notion site announced:

“The Nakamoto release brings many new capabilities and improvements to the Stacks blockchain by focusing on a set of core advancements: improving transaction speed, enhancing finality guarantees for transactions, mitigating Bitcoin miner MEV (miner extractable value) opportunities that affect PoX, and boosting robustness against chain reorganizations.”

If this testnet launch betters the usability of the network and the experience of its users, it will bring a certain bullish yearend for STX.

Stacks Stuck In Between Two Rocks

At the time of writing, STX bulls are trying to break out of the $1.1185 price ceiling which has been held by the bears since the start of the month. If the bulls manage to take this price level, STX will continue to reach higher highs.

However, the current market conditions might prohibit such price movements. Even with a bullish case for the yearend, the token might stabilize between $0.9594 and $1.1185 in the coming days.

Featured image from Pixabay

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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