Ordinals, Inscriptions, and DEXs

2023년 12월 22일

Alex Labs has created a pretty compelling DEX on the Stacks blockchain. Stacks using proof of transfer to bridge it's technology to Bitcoin's state. Alex seems to be the strongest project on Stacks for now. They have raised several million in seed money to develop their tools over the last few years. I have found their software to work quite well with major upgrades over the past few months. Wouldn't surprise me if Stacks, and by extension Alex, are the darlings of this Bitcoin cycle. Smart contracts and NFTs on top of the most valuable internet-native asset? Sounds good to me!

From a technical perspective it looks like ALEX is entering a fifth wave to search for a new all time high locally before consolidating for a bit. Depends which way the next severals days (or perhaps weeks) move, but some down turn to plumb a bottom will come. I'd guess the selling is over from those that were staking, pooling, or farming and wanted to sell immediately after this wild month of gains. Now we see if FOMO kicks in and broadens out the market for STX and ALEX?

24 to 27 cents is almost certain as a retest. Lower if the trend reverses here for the next month or two. Not much history to base a lower level. 15 cents is perhaps a bottom barring any big problems coming up in the market or the Alex project.