Stacks Anticipates Nakamoto Upgrade for Speed and Security Boost

Stacks (STX) is preparing for the Nakamoto upgrade, set for October 29, 2024. This significant upgrade aims to enhance transaction speed and scalability by enabling Stacks to process transactions independently of Bitcoin’s block intervals. As a Bitcoin layer-2 network, this change allows for rapid confirmations while maintaining Bitcoin’s high security standards. The Nakamoto update addresses previous limitations, such as slower transaction times, making Stacks more competitive for decentralised applications (dApps).

Ever wondered why building decentralized apps on Bitcoin has been so challenging? ⚡ @Stacks has faced limitations like slow transaction speeds, scalability issues, and complex security hurdles.

But now there’s a bright side 🟧
The #Nakamoto Upgrade is here to change that… pic.twitter.com/fAdOiW4TgS

— ACΞ (@charlesace_) October 30, 2024

The enhancement is anticipated to increase STX’s value as it strengthens user experience and efficiency. Recent market momentum for Bitcoin also suggests a positive outlook, positioning Stacks as a promising asset in the crypto market. This evolution underscores Stacks’ role within the Bitcoin ecosystem, drawing attention from investors eyeing growth potential in Q4 2024. With Nakamoto’s activation approaching, STX’s profile as a valuable and efficient blockchain solution is expected to rise significantly.

Key Stacks Levels To Watch – October 30

The STXUSD pair exhibits a bullish trend, with the price currently trading above a recent support level at $1.470, indicating a strong base for potential upward movement. The Stochastic indicator is in the mid-range around 57, suggesting room for further upside before overbought conditions.
 
Price action shows a recent bounce from an order block (OB) near $1.470, with the next resistance level around $1.860. If bullish momentum continues, STXUSD could target the next major resistance zone near $2.080.

STKUSD Critical Levels

Resistance Levels: $2.080, $2.510, $3.290
Support Levels: $1.470, $1.060, $0.820

STK Metrics

Total Market Capitalization: $2.42T 
STK Market Capitalization: $2.68B
Stacks Volume: $120.94M
Market Rank: #32

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