Although the market is experiencing an infinite pullback from its month-long rally, just a few outliers proceed on their upward march. Stacks (STX) is likely one of the few altcoins that stemmed the bearish tide and even went towards the grain of the market. According to Coingecko, the token is up practically 21% within the weekly timeframe.
However, STX is beginning to really feel the strain. As of writing, the token is already down 3% prior to now hour. This brings the query of whether or not STX bulls can proceed the rally or will falter together with the others.
A New Project Enters The Fray
In an thrilling flip of occasions, the Stacks Status X account posted an replace about community congestion that occurred 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,” stated the X account on their latest thread.
This occasion is taken as an indication that Stacks is getting into a painful rising section that will or might not sign a brighter future for the community. However, working alongside this congestion is probably the most latest weblog put up of the dev crew.
An thrilling new challenge bringing Ordinals and Stacks nearer collectively launched this weekend. We’re thrilled to see it, however flagging that consequently, the community is seeing elevated charges and certain congestion. More👇
— Stacks Status (@stacksstatus) December 17, 2023
According to muneeb.btc, the code for the Nakamoto Testnet (now branded as Neon) isn’t full and shall be launched by the top of the month.
Nakamoto would be the replace that can outline the community.
STXUSD buying and selling at $1.095 on the day by day chart: TradingView.com
The Stacks’s Notion web site introduced:
“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 community and the expertise of its customers, it should deliver a sure bullish yearend for STX.
Related Reading: Internet Computer Loses Grip On $10, But Still Inks 82% Rally – Details
Stacks Stuck In Between Two Rocks
At the time of writing, STX bulls try to get away of the $1.1185 value ceiling which has been held by the bears because the begin of the month. If the bulls handle to take this value degree, STX will proceed to attain greater highs.
However, the present market situations may prohibit such value actions. Even with a bullish case for the yearend, the token may stabilize between $0.9594 and $1.1185 within the coming days.
Featured picture from Pixabay
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