Today, sentiment around Stacks (STX) is relatively bullish due to several factors. The recent Nakamoto Upgrade, which was successfully implemented on October 9, has positioned Stacks to expand its role in Bitcoin-based decentralized finance (DeFi). This upgrade introduces a new Bitcoin-pegged token, sBTC, allowing Bitcoin holders to engage more actively with smart contracts and decentralized applications.
STX has seen an 18% price increase following the upgrade, reaching $2.07, though it faces some resistance around the $2.20 mark. Technical indicators, such as the RSI, suggest that bulls still have momentum but may encounter challenges from bears if they can't maintain this upward trajectory.
In short, while STX's near-term outlook appears bullish, traders should watch for resistance levels and potential corrections.
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