Stacks

2024

Bitcoin

Enhance

<p>Bitcoin layer-2 network&nbsp;<strong><a href="https://www.thecoinrepublic.com/price-prediction/stacks/" rel="noopener noreferrer nofollow">Stacks (STX)</a></strong>&nbsp;kicked off its Nakamoto upgrade, which is expected to boost transaction speeds. STX price, however, still appears to be in bearish waters.</p>
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   <p lang="en" dir="ltr">Nakamoto Activation Window Begins <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Today marks the beginning of a sequence to safely bring the Nakamoto upgrade and its fast blocks and Bitcoin finality to the Stacks layer!<br><br>Celebrate with 21 days of events, big news, collaborations, giveaways, and more. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9e1.png" alt="🧡" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>More <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> 1/4 <a href="https://t.co/tTwJ9Glxv5" rel="noopener noreferrer nofollow">pic.twitter.com/tTwJ9Glxv5</a></p>— stacks.btc (@Stacks) <a href="https://twitter.com/Stacks/status/1828783348803846368?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 28, 2024</a>
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<h2 class="wp-block-heading" id="h-nakamoto-upgrade-to-enhance-txn-speed-on-stacks-network"><strong>Nakamoto Upgrade to Enhance Txn Speed on Stacks Network</strong></h2>
<p>The upgrade will decouple the block production of&nbsp;<strong>Stack’s network from BTC</strong>. This will enhance block production and speed up confirmation times from minutes to just 5 seconds.</p>
<p>The staking cycle lasts 2100 BTC blocks that formulates a rough 14-days time window to implement the Nakamoto upgrade. Thereafter, a final hard fork block will complete the process.</p>
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   <p lang="en" dir="ltr">Stacks Nakamoto binary comes out tomorrow!<br><br>Network operators will have one stacking cycle (cycle 92) to upgrade. After a successful signer handoff from cycle 92 to cycle 93, core devs will pick a block number for rules to go live!<br><br>Bitcoin L2 getting a massive upgrade <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— muneeb.btc (@muneeb) <a href="https://twitter.com/muneeb/status/1828472829454471560?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 27, 2024</a>
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<p>Using a proof-of-transfer (<strong>POX</strong>) consensus algorithm, the miners of Stacks will burn BTC rather than electricity. This update introduced this new way to mine newer Stack blocks and earn rewards in STX form.</p>
<p>For the curious, miners are rewarded in STX, it’s essentially the fuel for the network. The Stacks network has aimed to introduce greater utility of various defi functions using BTC as its base layer. To this end, fostering&nbsp;<strong>sBTC</strong>&nbsp;adoption is a priority, which would be a bridging asset that would enable users to bridge their BTC to the&nbsp;<strong>Stacks network</strong>.</p>
<h2 class="wp-block-heading" id="h-analyst-stx-to-go-bullish-in-the-long-term"><strong>Analyst: STX to go Bullish in the Long Term</strong></h2>
<p>Despite the positive upgrade in Stacks, the analyst&nbsp;<strong>@DKellerCMT (David Keller, CMT)</strong>&nbsp;anticipates lower highs in the short term. However, he didn’t specify the duration of the bearish stint.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24STX&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$STX</a> still look good from long-term trend perspective, but in the short-term I'm seeing a lower high and an RSI that did not push above the 60 level. Both signs of a downside trend reversal. <a href="https://t.co/m5RkKkGQp6" rel="noopener noreferrer nofollow">pic.twitter.com/m5RkKkGQp6</a></p>— David Keller, CMT (@DKellerCMT) <a href="https://twitter.com/DKellerCMT/status/1828847270642504089?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 28, 2024</a>
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<p>Keller noted that STX is strong in the long term. The token is likely to lay low until the upgrade is complete, later, the chart could display a steady uptrend.</p>
<h2 class="wp-block-heading" id="h-ema-bands-dampen-price-momentum"><strong>EMA Bands Dampen Price Momentum</strong></h2>
<p>On April 1st, 2024, STX got a 820% filip, however, the trend was reversed thereon, due to a major sell-off from $3.84. As the price entered a strict correction phase, it followed a downward wedge for nearly 150 days.</p>
<p>This week,&nbsp;<strong>STX price</strong>&nbsp;failed to make it past the upper border. The bearish momentum dragged STX under the 20, 50, and 200-day EMA bands; a resurgence is unlikely.</p>
<p>The RSI at 50.05 edged above the median line after breaching the 14-SMA. The median line shows that the price could deteriorate more on the break of the median line and could hit the lower border of the wedge if bearishness accelerates.</p> 
<p><a href="https://in.tradingview.com/chart/STXUSD/8EelTdqT-Stacks-Price-Action-Analysis-Over-Daily-Timeframe/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/u/Sam_TCR/" rel="noopener noreferrer nofollow"></a><a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow"></a></p> 
<p>Likewise, the MACD indicates that the bulls have lost momentum. Both lines are likely to form a bearish cross soon. If the bearish cross materializes, it would confirm that a longer bullish spell lay ahead.</p>
<p>So, as per price action, the movement depends on the investor’s and traders’ biases.&nbsp;<strong>STX</strong>&nbsp;was trading at $1.612 at press time, with an intraday dip of 0.17%. If the crypto experiences goes bullish, the upper targets would be $2.0 and $2.50. However, if&nbsp;<strong>STX</strong>&nbsp;fails to sustain above the $1.50 level, it could plummet to the key support at $1.0 or even lower.</p>
<p>The post <a href="https://www.thecoinrepublic.com/2024/08/29/analysts-bearish-despite-nakamoto-upgrade-stx-price-to-hit-1/" rel="noopener noreferrer nofollow">Analysts Bearish Despite Nakamoto Upgrade, STX Price To Hit $1?</a> appeared first on <a href="https://www.thecoinrepublic.com" rel="noopener noreferrer nofollow">The Coin Republic</a>.</p>

Analysts Bearish Despite Nakamoto Upgrade, STX Price To Hit $1?

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