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Stacks (STX) Soars After Network Upgrade Announcement

Stacks (STX) Soars After Network Upgrade Announcement

Posted Tuesday, December 7, 2021 by
Aiswarya Gopan • 2 min read

Despite Bitcoin and most cryptos trading in the red over the past few sessions, Stacks (STX) is making its way higher and registering double-digit daily gains in early trading on Tuesday, bucking the trend and showing much promise as a crypto worth watching in the market. At the time of writing, STX/USD is trading at around $2.39.

Offering the ability to deploy smart contracts and dApps on Bitcoin, Stacks is one of the most innovative developments providing higher levels of versatility to the world’s largest and most popular cryptocurrency. It provides a way for developers and users to leverage the most traded crypto beyond a store of value, offering NFTs, DeFi and more capabilities on its infrastructure.

Its native token STX touched a new ATH in mid November and although it has eased lower since then, there are several fundamentals that can keep it supported and drive an uptrend once the market sentiment towards cryptocurrencies reverses. Earlier this week, Stacks underwent a network upgrade titled SIP-012, increasing the block runtime and improving the overall performance of the network.

Buying interest in STX could be the result of this latest network upgrade, which will also implement a new set of default cost functions. The proposal would increase the block limits for MARF reads and writes, a significant change, that could double the current limits on blocks. The upgrade, which received unanimous support from the community, has the potential to improve the Stacks’ network capacity by 10 times, a move which could increase on-chain activity and drive up the value of the STX token in the coming sessions.

In the coming days, we could see heightened interest and activity on the Stacks ecosystem with the upcoming release of the CrashPunks NFT collection on December 12. The collection will feature 10,000 digital collectibles inspired by the book Snow Crash, offering a new range of NFTs on Bitcoin.

STX/USD Technical Analysis

On the H4 price chart of STX/USD, moving averages and the MACD are flashing buying signals. Although, the momentum indicator suggests the presence of sellers in the market as well.

Stacks’ price holds just above the pivot point at $2.36 and it can be a smooth ride higher for buyers until the immediate resistance at $2.98. However, we need to watch the price action around the pivot point as a breakdown of this level could see a test of the immediate support at $1.46 instead.

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