The downturn in Stacks continues, while recent ENS holders' actions have triggered a sharp rise in the crypto market. Let's explore these events in detail.
Current State of Stacks
Stacks, the primary asset for Bitcoin’s layer-2 network, has declined by 62% from its peak of $3.86 and now trades at $1.45. Despite brief recoveries, the ongoing bearish pattern in Stacks suggests further declines could be ahead. The head and shoulders formation indicates potential continued losses after breaking the neckline at $1.53.
ENS Influence on the Market
A significant deposit of 282,365 Ethereum Name Service (ENS) tokens valued at $9.15 million into Binance led to a sharp 1041% increase in inflows. This strategic move resulted in a $4.36 million gain for the investor.
Web3Bay Prospects
Web3Bay aims to transform the e-commerce industry. With an initial token price of $0.003 in Stage 1, it is expected to rise to $0.1959 by launch. The project offers transparency and flexibility for buyers while removing restrictions for sellers.
While the bearish pattern in Stacks creates uncertainty, the influence of major players like ENS holders highlights their ability to shift market trends. Meanwhile, Web3Bay seeks to create a fairer market environment.
