Brief Analysis——STX
The window for BTC ETF will arrive this week. Judging from the current review progress, we believe that the BTC ETF has a high probability of approval. With the influx of funds, the crypto market is likely to continue its bullish trend. The BTC ecosystem will also gain market attention again. So today we chose STX, Layer 2 of the BTC ecosystem. Compared with ORDI, which has more meme attributes, STX may be more favored by investors.
Stacks is a Bitcoin Layer for smart contracts. It enables smart contracts and decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain. Bitcoin is the largest, most valuable, and most durable decentralized asset. The Stacks layer unlocks 500B in BTC capital using the Bitcoin L1 as settlement for decentralized applications.
The rise of STX this year is basically in sync with the popularity of the BTC ecosystem. Although there is no increase as much as ORDI, STX's rise is more sustainable than other tokens. Currently, STX is in the process of high fluctuations. Judging from the ME indicator, STX undoubtedly maintains the bullish trend, and the purple wavy area is expanding. But on the WTA indicator, the rise of STX in early January was not supported by whales. Especially in the past two days, although the price has risen with fluctuation, the length of the columns on the WTA has shrunk. A correction may occur in the short term.
Switch to 4h level. As stated on the daily level, STX has had significantly fewer whales during its recent move than it did previously. And there is opposition among the whales. After the two red candles, the whale brought a long green candle and broke out of the previous high. Judging from the current situation, bulls are leading, and if new whales can be further attracted to arrive, then the second round of rise may come.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Stacks is a Bitcoin Layer for smart contracts. It enables smart contracts and decentralized applications to use Bitcoin as an asset and settle transactions on the Bitcoin blockchain. Bitcoin is the largest, most valuable, and most durable decentralized asset. The Stacks layer unlocks 500B in BTC capital using the Bitcoin L1 as settlement for decentralized applications.
The rise of STX this year is basically in sync with the popularity of the BTC ecosystem. Although there is no increase as much as ORDI, STX's rise is more sustainable than other tokens. Currently, STX is in the process of high fluctuations. Judging from the ME indicator, STX undoubtedly maintains the bullish trend, and the purple wavy area is expanding. But on the WTA indicator, the rise of STX in early January was not supported by whales. Especially in the past two days, although the price has risen with fluctuation, the length of the columns on the WTA has shrunk. A correction may occur in the short term.
Switch to 4h level. As stated on the daily level, STX has had significantly fewer whales during its recent move than it did previously. And there is opposition among the whales. After the two red candles, the whale brought a long green candle and broke out of the previous high. Judging from the current situation, bulls are leading, and if new whales can be further attracted to arrive, then the second round of rise may come.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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