With a broader slowdown in the broader market, some altcoins continue to advance with minimal resistance; STX is one of those, with the token above almost 30% in the weekly period.
O Marketplace, at the moment, is up less than one percent. This movement is minimal compared to the huge swings seen in recent months. However, Stacks’ internal growth goes against the trend of market slowdown.
April’s prospects grow every day
Next month is expected to be the biggest month for STX as internal developments spread across the entire ecosystem. The official Stacks X account recently posted about the ecosystem’s recent victories. The most notable of these is the resource made by digital asset investment firm Frank Templeton in the upcoming Nakamoto Upgrade of Stacks.
Another big week for the Stacks ecosystem 🟧
Congratulations to @VelarBTC @ArkadikoFinance & @StackingDao for the latest victories 🧡
Check out all the victories of the Stacks ecosystem in the new edition of the Stacks Snacks newsletter 🧵👇 pic.twitter.com/vr6hPdTWUM
-stacks.btc (@Stacks) March 23, 2024
On Velar’s Dharma Automated Market Maker (AMM), the stSTX/aeUSDC pair was added, giving investors more betting options on the Velar platform. This development may have affected the growth of StackingDAO, which recently violated the US$100 million mark. This means that investor confidence in Stacks is gradually growing, drawing the attention of people who are hesitant about DeFi on the Bitcoin blockchain.
Another driver of investor confidence is the announced partnership of Xlink, Bifrost and ALEX Labs to connect Stacks with other blockchains outside the Bitcoin DeFi domain.
“Our collaboration with XLink and ALEX represents a significant step towards achieving true interoperability between blockchain networks, including Stacks and Bifrost. We are proud to contribute our capabilities to this partnership, opening up new possibilities for BTC enthusiasts,” said Dohyun Park, founder of the Bifrost Foundation, in a statement on the official Bifrost blog. publish about the partnership.
These events alone helped STX gain ground against the bears in the short to medium term. But with April just around the corner, can the token remain on solid ground?
Bitcoin is now trading at $67.140. Chart: TradingView
Bears may gain ground in the coming days
STX’s recent price movements have attracted investors fearful of missing out on past gains. In the short to medium term, we could see STX slow to a halt, following the broader market trend.
At the moment, the new breach of $3.28 may be able to maintain any downtrend once bulls solidify their current position above this price level. If they fail to do this, however, we could see a drop to $2.91 before the start of April.
Featured image from Pexels, chart from TradingView
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