STX Brushes Off Sluggish Crypto Market As It Shoots Up By 30%

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.

He market, so far, is up less than one percent. This movement is minimal compared to the huge swings seen in recent months. However, Stacks' internal growth bucks the slowing market trend.

April prospects grow day by day

Next month is expected to be the biggest month for STX as internal developments spread throughout the ecosystem. The official Stacks X account recently aware about recent ecosystem victories. The most notable of them is the characteristic made by digital asset investment firm Frank Templeton about Stacks' upcoming Nakamoto upgrade.

On the Velar Dharma Automated Market Maker (AMM), the stSTX/aeUSDC pair has been aggregate, giving investors more participation options on the Velar platform. This development could have had an effect on the growth of StackingDAO, which recently broken the $100 million mark. This means that investor confidence in Stacks is gradually growing, attracting the attention of people who are hesitant about DeFi on the Bitcoin blockchain.

Another confidence booster for investors is the Announced Xlink, Bifrost, and ALEX Labs partner to join Stacks with other blockchains outside of the Bitcoin DeFi realm.

“Our collaboration with XLink and ALEX represents an important 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,” Dohyun Park, founder of the Bifrost Foundation, said in a statement on the official Bifrost blog. mail about the association.

These events alone helped STX gain ground against the bears in the short and medium term. But with April just around the corner, can the token hold its ground?

Bitcoin is now trading at $67.140. Chart: TradingView

The bears could gain ground in the coming days

STX's recent price movements have attracted investors out of fear of missing out on previous gains. In the short to medium term, we may see STX slow to a stop, following the broader market trend.

For now, the fresh break of $3.28 could sustain any downtrend once the bulls solidify their current position above this price level. However, if they don't, we could see a drop towards $2.91 before early April.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.

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