Published
4 months ago on
December 20, 2023
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With bitcoin leading the way, the vast majority of altcoins are making some excellent daily gains. Stacks (STX) and Injective Protocol (INJ) are among the top altcoin performers.
Wednesday is very much a green day in the crypto market. $BTC is up 1.4% so far on the day, and a lot of the altcoins are generally making gains in excess of this. $STX and $INJ are leading the charge here.
Plenty of $STX hype
Stacks (STX) is the layer 2 built on top of the bitcoin blockchain, and given the incredible amount of hype, and with the polemic between those backing ordinals on bitcoin, and those who say they are slowing everything down, this cryptocurrency project has a lot of eyes on it.
Source: Trading View
$STX next stop $1.52
Zooming out to a macro view of the $STX price, it can be seen that it is at a solid resistance level. Also, the fibonacci sequence tells us that the price has just broken the 0.362 level. The golden fibonacci at 0.618 is above at just over $2, and the all-time-high is at $3.25.
Source: Trading View
Zooming in on the same time frame the strength of Wednesday’s green candle can be clearly seen. The price is heading for the 1.618 fibonacci level, and at this rate could be there later today. Expect some potential profit taking.
$INJ in price discovery
Source: Trading View
Looking at the $INJ price from a macro perspective is a sight of wonder. $INJ appears to have gone parabolic now that it is in price discovery. Just having passed the 1.618 fibonacci level at around $40, the 2.618 is at $64, the 3.618 at $88, and the 4.618 at $113. Expect the price to retrace to confirm the 1.618 at $40 before climbing further.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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