What Does Stacks Nakamoto Hard Fork Block This Week Mean For STX Price?

Stacks Crypto (STX), a layer 2 that b rings smart contracts to Bitcoin , is turning heads with lively price swings, up 247.8% on the year, and trading at $1.82.

Stacks Price Trading volume in 24h Last 7d price movement is gearing up for the groundbreaking Nakamoto hard fork , a key upgrade that promises to revolutionize the network with advanced features and refined dynamics.

The overall market sentiment is bullish for STX despite broader market challenges. Here’s what’s next for Stacks.

Stacks Crypto: What is the Nakamoto Hard Fork?

The Nakamoto hard fork is a game-changer for the Stacks crypto project, promising quicker block times and solid Bitcoin finality. This is a key part of the Nakamoto Activation Sequence, a strategic push to boost network efficiency and security.

“All core contributors are committed to a safe, secure launch. As such, if anything surprising comes up, they reserve the right to select a new hard fork block.” – STX Team

$STX is going to be as big as $SOL is right now. That would be about a 40x. 🤝 https://t.co/dl04P6eHwm

— CallMeHunch (@CallMeHunch) October 6, 2024

Steps toward the Nakamoto hard fork are precise, with the crucial block selection setting the stage for new features. Rigorous test net checks are in place to ensure a flawless upgrade. While excitement builds, developers brace for potential test net snafus and bugs.

“Issues could include test net hard fork complications, bugs found in ongoing testing, unexpected or new Signer/miner needs,” the team wrote.

Participant Preparedness for Stacks Crypto

Stacks participants need to act in the coming days for a seamless transition. Node operators must update their systems swiftly, while signers and miners should ensure they’re running the latest software.

Exchanges and developers are urged to follow standard upgrade protocols to keep the network stable. Stackers and regular users can relax, as their funds are secure without any extra steps.

The Nakamoto hard fork stands out for its openness and the decentralized ethos of the Stacks community. Unlike other networks that make changes behind closed doors, Stacks invites its community to witness the process and get involved, fostering transparency and feedback.

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Where STX Price is Headed Next

At $1.80, Stacks crypto is forming a symmetrical triangle yet facing resistance at $1.85. Bollinger Bands suggests a lull in action while the RSI maintains neutrality, opening a window for bullish action.

If Stacks can break $1.85, it could unleash a rally.

Key Takeaways for Readers:

• Support Levels: $1.80 (short-term), $1.75 (major support)
• Resistance Levels: $1.85 (200-day SMA), $1.90 (psychological level)
• Bollinger Bands: Tight, indicating lower volatility but with potential for expansion.
• RSI: 44.58 – neutral but slightly bearish, could turn bullish on a breakout.
• Pattern: Symmetrical Triangle – potential for a breakout soon.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.