Stacks (STX) pared a considerable portion of the gains it made on March 10 as the euphoria surrounding its $165 million pledge to support Bitcoin (BTC) projects showed signs of fading.STX’s price dropped by over 30% to reach a level as low as $1.33 on Friday when measured from its week-to-date high of $1.94. The selloff, in part, appeared technical as the $1.94-top fell in the same range that served as solid support between October 2021 and January 2022, only to flip later to become a resistance area.STX/USD daily price chart. Source: TradingViewIt also appears that traders spotted selling opportunities due to STX’s long wick candlestick on March 10. Stacks rallied by as much as 73% into the day while forming a disproportionally long bullish wick on the daily chart that hinted at upside exhaustion.What pushed STX higher?The rally in the STX market on March 10 coincided with the launch of “Bitcoin Odyssey,” a $165 million fund to develop Web3, decentralized finance (DeFi), and nonfungible token (NFT) projects on the Bitcoin blockchain by harnessing Stacks’ open-source network for Bitcoin-based smart contracts.Couldn’t be happier to announce that we’ve partnered with @Okcoin and @StacksOrg to launch a $165M ecosystem fund to invest in Web3, Defi, and NFTs on Bitcoin!https://t.co/VUDyEIHn8P via @cointelegraph— trevor.btc (@TO) March 10, 2022Notably, STX serves as a utility token inside the Stacks ecosystem to pay for network activity and contract execution. STX owners can also stake their holdings on the Stacks network via “Stacking” to support its blockchain’s consensus mechanism. In return, they earn BTC rewards.It appears traders flocked to purchase STX en masse, anticipating a rise in its demand after the Bitcoin Odessey’s launch. For instance, cryptocurrency exchange OKcoin, the main backer behind the $160-million-fund, promoted the Stacks token for its bullish outlook, saying it is “not a bad time to get in on” Stacks.All-time high ahead?Interestingly, STX’s ongoing price rally appeared at a confluence of two key support levels, with at least one suggesting that the Stacks token is heading to a new all-time high next.This confluence comprises an upward sloping trendline that has acted as an accumulation point for traders since early 2020 and the 0.5 Fib line (near $1.50) of the Fibonacci retracement graph made from $0.04-swing low to $2.82-swing high. STX/USD weekly price chart. Source: TradingViewSTX now looks to close above its two interim exponential moving averages (EMA) — the 20-week (green) and the 50-week (red) EMAs — following its rebound from the dual-support area. A successful breakout may have the Stacks token retest another upward sloping trendline that has served as a resistance level since 2020.Related: Bitcoin spikes above $40K as Russia sees ‘positive shifts’ in Ukraine war dialogueConversely, a pullback from the 20-50 EMA resistances could have STX break below its ascending trendline support toward 0.786 Fib line near $0.63.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.Čítaj viac
Cryptocurrency exchange Okcoin has announced Randi Zuckerberg — the sister of Meta CEO Mark Zuckerberg — will be joining the platform’s brand advisory council in its aim to bring more women into crypto.In a Thursday announcement, Okcoin said that in addition to hiring Zuckerberg, the exchange would be committing $1 million in an attempt to reach a 50% female user base by 2025. Zuckerberg was the former director of market development and a spokesperson for Facebook until she resigned in 2011, moving on to start her own social media firm in addition to founding the Zuckerberg Institute — a program aimed at educating business leaders, entrepreneurs and students. “Crypto and this new era of wealth creation should be open to everyone,” said Zuckerberg in a video promoting her move to the crypto exchange. “I’ve joined Okcoin’s advisory council to support that mission and bring more women into the world of crypto.”Had so much fun filming this video (complete with a cameo from my toddler) and over the moon to be working with @Okcoin to get more women into the crypto space https://t.co/FtURPcFcSt— Randi Zuckerberg (@randizuckerberg) December 2, 2021With the hiring of Zuckerberg, Okcoin will have many women in key leadership positions at the exchange, including CEO Hong Fang as well as head of content and brand Mandy Campbell. Fang told Cointelegraph last year the crypto exchange had seen a significant influx of women in 2020, with 50% of female users to the platform in the first quarter being new. “Historically, women and other marginalized groups have been locked out of the traditional financial system,” said Fang on the $1 million commitment. “Cryptocurrency is turning this norm on its head through the wealth-creating opportunities created by decentralized finance, but we’re still seeing lower adoption among women.”Related: Women-led events may encourage long-term female participation in blockchainFounded in 2013, Okcoin is one of the world’s oldest crypto exchanges and has steadily expanded to serve customers in more than 190 countries. Though its headquarters are based in the United States, the exchange secured regulatory approval to operate in Malta and the Netherlands in July.Čítaj viac
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