No products in the cart.
- Latest
- Trending
ADVERTISEMENT
According to a closely followed trader, one of the most popular altcoins in the cryptocurrency market may have room to run.
Pseudonymous trader Cantering Clark said that Stax (STX), a project aimed at increasing the utility of Bitcoin (BTC), will have a number of coins based on how much open interest is accumulated in the coin. It said a short-term squeeze may be in the works.
trader To tell His 161,000 Twitter followers believe that STX, which is already up 217% in the last 30 days, is likely on the upside, but high open interest doesn’t always indicate an upside. Please be careful.
STX funding is currently at -.21 on Bybit.
The first thought may be since OI [open interest] Now it’s up aggressively because of the squeeze. The same logic happened with APT (Aptos), but ridiculous fundraising marked the highest.
Sellers ate all their buys, no squeeze came.
Worst case scenario, whoever sells loses the average price.
So breaking $1 is pretty bad.
At the time of writing, STX is trading at $0.92, up 24% over the last 24 hours.
Cantering Clark also looks at DYDX, the token that powers the popular decentralized crypto exchange (DEX) Dydx.
According to him, DYDX could be in the middle of a rapid consolidation phase before rallying to new local highs. He shares a chart that suggests DYDX is bouncing off his strong support near $2.80 and crossing the downtrend line.
If this level is just a pit stop before continuing, I would love to see DYDX really start pushing here.
So far it looks really good and is one of the strongest pairs today. “
At the time of writing, DYDX is trading at $2.96, up 6% on the day.
Don’t Miss a Beat Subscribe to get encrypted email alerts delivered straight to your inbox
Price action confirmation
Please follow us twitter, Facebook and telegram
Surf The Daily Hodl Mix
 
Featured Image: Shutterstock/Mia Stendal/Vladimir Sazonov/Andy Chipus
