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Stacks (STX) is expected to see strong growth after the recent successful Nakamoto Upgrade. This upgrade enhances transaction speeds and introduces sBTC, a Bitcoin-pegged token, which allows Bitcoin holders to participate in decentralized finance (DeFi) applications and smart contracts. These improvements expand Bitcoin’s usability within the Stacks ecosystem, especially in DeFi, NFTs, and gaming.
Green!! Oh yeah!!!$STX #stacks pic.twitter.com/0EaLpfJXgn
— baocoinstx (@baocoinstx) October 16, 2024
Additionally, the STK network has seen record-high smart contract deployments, alongside a notable increase in decentralized exchange (DEX) trading volumes and total value locked (TVL) within its ecosystem. These factors reflect rising user interest and investment, positioning Stacks for significant future growth. This bullish outlook is driven by its enhanced role in Bitcoin layer-2 solutions as more developers and users embrace the platform’s DeFi capabilities.
Key Stacks Levels To Watch – October 17
The price of STXUSD is currently forming a bullish trend, supported by the ascending trendline since early September. The market has broken past key resistance levels and is now eyeing the next target of around $2.510.
The MACD (Moving Average Convergence Divergence) indicator is showing bullish momentum, with the price trading above the 9-period moving average. If the uptrend continues, a further rally toward the $2.510 resistance level could be expected.
STKUSD Critical Levels
Resistance Levels: $2.510, $0, $3.290, $3.850
Support Levels: $1.470, $1.060, $0.810
Stacks Metrics
Total Market Capitalization: $2.28T
Stacks Market Capitalization: $2.80B
Stacks Volume: $107.63M
Market Rank: #35
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