2024-10-29 09:30 |
With the imminent Nakamoto upgrade, Stacks (STX) prepares for a potential breakthrough, sparking interest across the crypto community. Notable voices in the industry, including top crypto analysts, have shared insights on the anticipated developments.
According to post updates from @GPSC_STX and @ContrarianPapi on X, this upgrade is set to reduce block times to a swift five seconds. This is a move expected to enhance transaction efficiency. The upgrade will be implemented at Bitcoin block 867,867, marking a critical milestone for Stacks and its evolving role in the Bitcoin ecosystem.
Market Response and Trading Activity as Anticipation BuildsCrypto analyst @ContrarianPapi expressed optimism, highlighting key reasons behind his investment in STX. He notes that although there have been delays, the Nakamoto update is projected to increase interest in Stacks by improving scalability and transaction speed.
Buying Stacks $STX here with imminent Nakamoto upgrade coming live in the next 24 hours.
Key thesis below:
1. Its highly anticipated Nakamoto update (5 sec block time) will be launched over the next 24 hours after a few delays. The upgrade has been coded and will take place…
As Bitcoin’s dominance grows, reaching near $70K in valuation, the upgrade is positioned to attract both developers and users to the Stacks ecosystem. With Stacks valued at just 0.2% of Bitcoin’s market cap, the analyst sees potential for growth, especially as Stacks remains a leading smart contract platform leveraging Bitcoin.
Key STX Price LevelsTechnical analysis from @Moon_Whales emphasizes the current critical resistance level at $1.94 for STX, suggesting it is essential for confirming an upward breakout. STX has been trading within a downward-sloping channel, recently rebounding from the lower boundary and approaching a pivotal resistance point.
A breakout above $1.94 would likely signal a potential bullish reversal for STX, positioning the token for further gains. Should this breakout occur, the next resistance target is around $2.40, a previous high that could prompt additional upward momentum if reached.
$STX has approached a key resistance level near $1.94, testing a crucial breakout point after a steady climb from the lower channel boundary. A clear break and hold above this zone could pave the way toward the next major resistance at $2.40. Stay alert for a confirmed move.… pic.twitter.com/duvTHRni2A
— Moon Whales (@Moon_Whales_) October 29, 2024The lower boundary of STX’s trading channel, near $1.50, has acted as a substantial support level, as evidenced by multiple rebounds throughout the current trend. An intermediate support level is noted at $1.75, providing some stability during recent pullbacks.
The analyst observes that a break below these support levels would signify a continuation of the bearish trend. However, if STX maintains momentum above $1.94, this could strengthen bullish sentiment for the token in the medium term.
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Show more +Show less –Read also: Elite Analyst Predicts Major Rally for AAVE – Here’s the Outlook
Sentiment and Volume Indicators Suggest Strong MomentumA closer look at the trading volume and momentum indicators suggests growing bullish interest. The upward trajectory of STX’s price and the increased trading volume indicate robust interest from both retail and institutional investors.
With anticipation high and the Nakamoto upgrade set to transform transaction efficiency, industry observers are watching for a potential breakout. Whether STX can reach the $2.40 level will depend on its ability to hold above $1.94. Moreover, maintaining buying interest in the coming days will be crucial.
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The post Stacks Gears Up for Major Upgrade, STX Price Could Hit This Next Level appeared first on CaptainAltcoin.
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