STX Immanent Breakout? | And More in This Week’s Crypto Update
- STX Immanent Breakout?
- Is TON the Most Bullish Coin in this Market?
- Bitcoin is at Resistance, What Now?
- DYDX’s Different Pattern and What It Means
STX Immanent Breakout?
Stacks is at resistance and looking for a big breakout!
Explaining Stacks (STX): Stacks (STX) is a cryptocurrency that utilizes a new blockchain protocol called Stacks 2.0. The protocol is designed to build smart contracts and decentralized applications (dApps) on top of Bitcoin’s security infrastructure. This is achieved by allowing developers to write smart contracts in Clarity, a new programming language designed for blockchain development.
STX’s Bull Run and Bear Market
In the last bull run, STX gained popularity and saw significant price appreciation, rising over 4,000% from March 2020 to December 2021. However, the bear market of 2022 hit STX hard, with the cryptocurrency losing 94% of its value. This was a significant setback for STX, but it’s starting to recover recently and is currently trading around the $0.33 resistance level.
The Potential for Profit
If STX manages to break above this resistance, it may head toward the $0.50 and $1.00 resistances. Despite the significant bear market, STX has a long way to recover to its all-time high, which means there is still significant potential for profit. STX could recover all the way, resulting in a potential profit of around 1000%.
Do your own research: It’s important to note that investing in any cryptocurrency involves significant risks, including the possibility of losing all your investments (if there is a total collapse, like with FTT and LUNA). Therefore, it’s crucial to do your own research and never invest more than what you can afford to lose in any 1 coin.
Is TON the Most Bullish Coin in this Market?
TON is a one-of-a-kind cryptocurrency that has been in a bull run since July 2022.
The Details: Toncoin (TON) is a relatively new cryptocurrency that was launched in July 2021. It is a decentralized blockchain platform that provides a range of services, including smart contracts, digital asset storage, and secure communication. The platform is designed to be fast, secure, and scalable, making it an attractive choice for developers and businesses.
Strong Performance: Despite being a relatively new cryptocurrency, TON has gained significant popularity and has been one of the best-performing cryptocurrencies in the past 8 months. It is currently up almost 200% since July 2022 and has reached its all-time high of $2.90 in December 2022.
Understanding the Uptrend
This bull run can be visualized very well in the uptrending channel that we have drawn. Although TON broke briefly below or above the channel limits a few times, it quickly re-entered the channel. Therefore, the channel is an excellent indication of where we can see the price of TON reverse in the future. TON is currently closer to the downside of the channel, so we can expect a move to the upside in the near future.
Apart from the uptrending channel, we also have the 50 simple moving average (SMA), which acts as mobile support and resistance. The SMA can provide insights into the short-term trend of TON.
In terms of support levels, the $2.00 level is the closest support level, followed by the $1.30 level. While it is possible that we will reach the $2.00 in a correction, the $1.30 level seems very unlikely.
Bottom Line: Toncoin (TON) is one of the few cryptocurrencies that has been in a bull run since July 2022, and the bull run doesn’t look to be over any time soon.
Bitcoin is at Resistance, What Now?
Bitcoin is at the $25,000 resistance. If the price breaks above this level, it will open the coin to further gains.
The Details: Bitcoin recently hit the $25,000 resistance level, which was identified in our last analysis. This resistance level was last tested in August 2022 and has proven to be a tough hurdle for Bitcoin to overcome. Let’s review Bitcoin’s current state and what could happen next.
If Bitcoin manages to break above the $25,000 resistance level, the next minor obstacle is at $28,000. This level briefly stopped the bear run in 2022 and could pose a challenge for Bitcoin this time around.
However, if Bitcoin manages to overcome this minor resistance, it will then face a major resistance at the $34,000 level. This level has caused a bounce in January 2022 and also in the summer of 2021, and would be a significant challenge for Bitcoin to overcome.
Bull Run Support
This bull run is supported by a few factors. For instance, the 100 simple moving average (SMA) acts as a mobile support and resistance. Bitcoin recently broke above the 100 SMA, which could potentially indicate that the price will hold up in the case of a reversal.
Additionally, another essential price point to keep in mind is the previous support at $21,500. Bitcoin already bounced off this level a few days ago, which indicates that it could hold as a support level in the future.
Bottom Line: Bitcoin has reached a resistance level of $25,000; if it manages to break above it, it will face the $28,000 minor resistance and then the $34,000 major resistance. There are a few indicators that will help support this bull run, including the 100 SMA acting as mobile support and resistance and the previous support level at $21,500.
DYDX’s Different Pattern and What It Means
DYDX has a very different pattern than most cryptocurrencies; let’s see take a look at the pattern and how it affects the token!
The details: DYDX is a decentralized cryptocurrency that serves as the native token of dYdX, a decentralized exchange (DEX) platform that enables trading, borrowing, and lending of cryptocurrencies. The dYdX exchange runs on the Ethereum blockchain, allowing users to trade cryptocurrencies without any central authority or middleman.
The DYDX Pattern
The DYDX cryptocurrency had a strong bear run last year, losing 96% of its value from its all-time high. While this sounds bad, it’s a common trend for altcoins. Most altcoins lose anywhere between 85%-99% in bear runs. Some never recover to their all-time high; however, many others greatly surpass it.
In this bear run, DYDX had a different trend than many altcoins. The main difference is that it didn’t really respect any support and resistance level. The only levels the cryptocurrency seemed to have created are the $2.70 and the $1.00, which now both act as support.
The 100 Exponential Moving Average (EMA) is more reliable, though, and acts as a support and resistance level for DYDX. The cryptocurrency had significant trouble breaking through it over the past year.
Bottom Line: The DYDX cryptocurrency is the native token of the dYdX platform, a decentralized exchange that enables trading, borrowing, and lending of cryptocurrencies. The token had a significant bear run last year, but it is not uncommon for altcoins. The 100 EMA is a reliable support and resistance level. The dYdX platform is gaining traction, which is expected to positively impact the DYDX cryptocurrency in the long term. If the platform continues growing, we can expect the token to surpass its all-time high in the next bull run, which stands at 800% higher than the current level.
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