Stacks: New Developments Push STX Price 18% Higher – Details

Christian Encila

10 months ago

3 mins read

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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.

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.

STX is currently trading at $1.63. Chart: TradingView

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.

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

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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