Key Takeaways:
- Stacks Foundation teamed up with crypto exchange to launch $165 million grant program.
- Stacks native token STX responded with a nearly 84% jump.
NEW DELHI (CoinChapter.com) — Stacks Foundation has partnered with crypto exchange Okcoin to launch a $165 million grant program. Dubbed ‘Bitcoin Odyssey,’ the venture capital-backed project aims to accelerate the adoption of Bitcoin (BTC) as a dApps friendly blockchain.
In detail, the project is a year-long pledge to bring various Web3 elements, such as Play to Earn games, DeFi, NFTs, etc., on the Bitcoin blockchain. Moreover, Bitcoin developers want to topple Ethereum from its go-to dApps platform by building Bitcoin-backed dApps on the Stacks’ platform.
Along with Okcoin and Stacks Foundation, Digital Currency Group, GSR, A41 Ventures, Alumni Venture Group, and White Star Capital are also members of the Odyssey collective. The participating firms would allocate resources to projects being developed on Stacks.
Additionally, the selected Odyssey projects would receive hands-on assistance from the participating organizations.
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Okcoin Head of Listings Alex Chizhik and Stacks Accelerator Partner Kyle Ellicott will co-chair the project.
Bitcoin Odyssey is going to empower the next wave of founders and projects building decentralized applications on Bitcoin with the needed growth capital and increased liquidity required to on-ramp the next billion consumers to the new digital-first world
said Kyle Ellicott, Partner at the Stacks Accelerator
Stacks is an open-source platform that deploys smart contracts and NFTs on the Bitcoin blockchain. The project runs parallel to Bitcoin and enables the use of BTC in different smart contract applications. The platform’s native token, STX, fuels transactions on the network.
Stacks Price Charts
Responding to the bullish news, Stacks native token STX jumped nearly 84%, from Mar 10’s low of $1.058 to an intraday high of $1.94. However, bears soon moved in to book profits so that STX closed the day with 33.1% gains.
But, the Stacks token failed to avoid a bearish technical pattern on its charts. STX’s 100-day Moving Average (yellow wave) moved below its 200-day MA (red wave) to form a death cross. Traders consider the pattern a signal of negative market sentiment for assets.
Bears were in control on Friday, with the Stacks token falling 15% between high ($1.58) to low ($1.33) levels. However, the long wick at the bottom suggests bulls are fighting back. If STX starts an upside rally, it will flip immediate resistance at $1.539 before moving upwards to challenge resistance at $1.743.
Also Read: Stacks posts 22% intraday gains as STX almost reclaims previous ATH; what’s next?
Moreover, a move above the $1.539 resistance would take STX above its 100-day and 200-day MA lines, making the token bullish across all time horizons. As such, the Stacks token would likely reach $1.89 before market corrections pull back prices.
Conversely, if prices continue to fall, STX would likely fall to support near $1.373. If traders give in to death cross FUD, the increased selling pressure could push prices down to $1.29. Finally, a sustained sell-off could bring the support of $1.165 into play.
Meanwhile, momentum oscillator MACD showed increased bullishness in STX’s price momentum. As a result, positive bars on the MACD histogram, which plots the difference between the MACD line (difference between 12-day and 26-day EMA) and the MACD signal line (9-day EMA of MACD), are expanding.
In detail, expanding bullish bars indicate the Stacks token’s MACD line is moving away from its signal line, which is taken as a bullish signal.
At the time of writing, STX was trading at $1.422, down 4.99% on the day.
