Stacks Narrative Rotation

Forrest

Forrest

— 1 min read
Stacks Narrative Rotation
Originally published Feb 11, 2023. After publishing this report, $STX ran from 0.28 to $1.30 (4x). STX ran again later on to $3.84.

Bitcoin NFTs are selling for absurd amounts of money. A Bitcoin CryptoPunk derivative recently sold for 9.5 BTC, or $214k.

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These NFT prices may or may not be sustainable, however, we’re seeing increased discussion surrounding NFTs and smart contracts on Bitcoin.

Stacks.co is a smart contract layer for Bitcoin that enables DeFi and NFT capabilities on Bitcoin.

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Stacks should see some speculation due to its use case of supporting NFTs in addition to the increased demand that is being placed on Bitcoin’s tx through-put..

STX price has recently put in a double bottom and daily RSI is coming down to test the 50 level.

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Disclosure: Sistine Research has taken a spot position in $STX around $0.28.

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