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The market has swung in favor of Stacks (STX) as the token continues its bullish momentum. At the time of writing, CoinGecko noted Strong 18% gain Over the past week, it has captured the market’s bullish momentum despite a slight dip yesterday. Since then, STX has attracted more investors as it has shown strength despite the volatility.
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As STX’s value soars, investors and traders are paying attention to the developments that have taken place on the chain this week. With new additions that improve security and user experience on the platform, we could see STX’s value rise even further in the coming weeks.
Security improves user experience on stacks.
Zest Protocol Advertise Clarity Alliance has launched a new system to improve the security of smart contracts on Stacks. The audit group, called Clarity Alliance, will provide the network with better protection against malicious actors who might exploit certain vulnerabilities in Stacks itself.
1/ We are excited to share a major improvement in the smart contract security ecosystem on @Stacks Blockchain
After working with several validators for the Clarity smart contract on Stacks, we saw a great need for a higher quality validation suite.
Presented by: Clarity Alliance 👇 pic.twitter.com/ZmDedxa9bV
— Zest Protocol 🍊 (@ZestProtocol) August 21, 2024
“When the Zest protocol launched, we witnessed firsthand the shortcomings of the security ecosystem around Clarity, Stacks’ smart contract language,” Zest said in its thread regarding the announcement.
According to the thread, the Clarity alliance consists of “the highest-ranked white hat hackers in the crypto space” with credentials that include auditing Bitflow, a marketplace aggregator on Stacks.
enthusiasm too a partner with Hibernative Laboratories To track incidents as well as identify potential attacks before they happen.
$1.5-1.6 Trading Range Remains Strong for STX Stock
As of press time, the token is in the $1.5-$1.6 price range as bulls have managed to slow down the bearish momentum that has built up over the past two days. This, coupled with the overall bullish developments on the chain, has helped STX remain profitable despite the market declines that have occurred this week.
STX’s current position opens up possibilities that we had not seen before the coin’s rally earlier this month. With this in mind, STX’s RSI reveals a generally bullish narrative.
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This leaves STX with the opportunity to hold this trading range before resuming its upward trajectory. If the token regains momentum in a shorter period, we could see a return to $2 and beyond if the momentum continues. However, its high correlation to Bitcoin could be a double-edged sword for STX.
Any market movement Bitcoin makes, in the long run, will be amplified and felt by the small STX market compared to the leading cryptocurrencies. If Bitcoin suddenly flips and returns to levels below $60,000, STX will drop below its current trading range towards $1.2 or $1, respectively.
At this time, investors and traders should monitor the general market volatility before making any major decision.
Featured image by Xverse, chart by TradingView
