Crypto Trading Spotlight — STG/USDT

22.01.2023

Today’s crypto trading spotlight deals with the token STG. The token Stargate Finance (STG) is a fully composable native asset bridge with unified liquidity and instant guaranteed finality built on top of LayerZero

The cryptocurrency STG went up more than 40% today, which makes it the biggest gainer on ByBit today. Compared to the weeks and months before, it has also seen a lot more volume. On the daily chart below you can see the massive green candle, and it is still holding near the top, so no big wick for now.

I can imagine a lot of people trying to find the top on this one. A big candle often gets the attention of crypto traders who are looking to Short it down (I am counting myself in). But this time it has consolidated very well and I see this one going higher on a squeeze. Maybe this will take some time, maybe it is happening right as I write this.

On the 5 minute chart below you can see the areas of interest. The upper red line shows the area where the crypto STG is getting sold. The lower red line shows the area where STG is getting bought.

I am looking to go Long this either on a breakout above the previous highs or establish a position when it makes higher lows. Either way I think this is not done ramping up for now. These kinds of charts attract Short sellers that Short for the sake of the token “being up to high”.

Be careful when trading this though and do not forget to put in a stop loss otherwise it will get you liquidated like I did on MAGIC, which you can read about in this article: https://niklasschomaker.com/2023/01/18/crypto-trading-review-magic-liquidation/.

Also feel free to take a look into my NFT Gallery on my website at: https://niklasschomaker.com/nft-portfolio-gallery/. It is not complete yet, but will be soon. I will also update it should I buy/sell NFTs.

Have a great Sunday!

Niklas

This is not financial advice, it is for educational purposes only!