"STX Coin Analysis: Short-term Drop, Long-term Correction"
💹 Let's analyze the
STXUSDT
cryptocurrency, update our previous analysis, and review the current market conditions together.
🎉 Channel Milestone 700 Followers:
Thank you all for helping this channel reach 700 followers! Our next goal is 1,000 followers. Let's keep growing together!
📅 New Analysis Section:
I've added a new section to our analyses, focusing on project events for cryptocurrencies and summarizing them for bull runs. For Forex, we review news and its impacts, which I believe is a valuable addition.
🚀 Long-term Investment Tip:
Especially for cryptocurrencies, I suggest not constantly monitoring price fluctuations for coins you hold positions in on futures. Set alarms and use your time wisely to review the project. Additionally, reinvest a portion of your futures profits into the same coin. Before you know it, you'll have a diversified portfolio of 50 coins!
🔗 Stacks (STX) Project:
Stacks (STX) is a blockchain platform designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network. Stacks uses a consensus model called Proof of Transfer (PoX) that leverages Bitcoin's security and capabilities. This allows developers to harness Bitcoin's power and security to create more complex applications.
🚀 Stacks 2.1 Launch:
The new version, Stacks 2.1, has been released with significant improvements, including enhanced Bitcoin interaction capabilities and security upgrades. This update allows decentralized applications on the Stacks platform to better utilize Bitcoin's security and features.
🏧 Increased Adoption and Use:
Stacks has successfully attracted the attention of many developers and users within the blockchain community. The growing number of dApps and smart contracts on this platform indicates its increased adoption and growth.
🤝 New Collaborations:
Stacks has established strategic collaborations with major companies and projects in the blockchain and technology sectors. These partnerships have helped increase the usability and reach of Stacks.
📜 Development of More Complex Smart Contracts:
With the improvements in the new version of Stacks, developers can now create more complex and efficient smart contracts that benefit from Bitcoin's security. These recent developments and improvements have made Stacks one of the significant and prominent projects in the blockchain ecosystem, experiencing considerable growth.
📊 Previous Analysis Recap:
In our previous analysis, we expected a long position, which seemed more logical given the highly bullish conditions. However, the 3.7122 trigger did not activate, and we couldn't open a long position with this coin. But it's okay; we don't always need to have a position.
STX Analysis
🕒 Weekly Time Frame:
In recent weeks, we have been strongly bullish, even forming a new ATH (All-Time High). After hitting it and forming resistance at 3.790, buyers lost steam, and sellers entered the market. This coin also experienced a correction due to altcoin corrections.
In altcoin corrections, usually, coins that are bullish tend to drop less compared to other altcoins that are bearish or ranging. Afterward, when the upward movement starts, they generally pump more due to their strength relative to Bitcoin (STXBTC)
✨ We had a parabolic curve line that we broke with price action, not time, which led to a downward move after breaking our parabolic line. However, the selling volume compared to the buying volume in this downward trend was not high, indicating that this drop was accompanied by a weak trend.
From the last point where we started the upward movement, if we draw a Fibonacci retracement, we are at level 0.382. If we rise from here, we can have an upward movement, and we will confirm this movement after breaking 3.790.
🕰Daily Time Frame:
After losing the supports at 3.083 and 2.455, we moved towards 1.584. Currently, we have been ranging here for a few days. If sma7 reaches the candles, we can continue our decline.
Drawing a Fibonacci retracement from the broken resistance at 0.734 to the last high, we are on the critical 0.5 Fibonacci support level. If we lose this level, we can move towards the next Fibonacci level and our support at 1.289.
💡 Four-hour Time Frame:
Like most altcoins, due to the increase in btc.d and the market and Bitcoin drop, altcoins have dropped more. Currently, we are ranging between 1.591 and 1.722.
📈 Long Position Strategy:
For a short position in line with the trend, we can open a short position after breaking the 1.591 support. If this support breaks on Saturday or Sunday with low volume, open the position with less risk due to the potential for a fake-out.
📉 Short Position Strategy:
There are better coins in the market, like MKR and ENS, but it's worth taking the first upward move with low risk after breaking 1.722
🔑 Key Support and Resistance Levels:
Supports Levels: 1.444 , 1.266
Resistances Levels: 1.727 , 2.136
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
STXUSDT
cryptocurrency, update our previous analysis, and review the current market conditions together. 🎉 Channel Milestone 700 Followers:
Thank you all for helping this channel reach 700 followers! Our next goal is 1,000 followers. Let's keep growing together!
📅 New Analysis Section:
I've added a new section to our analyses, focusing on project events for cryptocurrencies and summarizing them for bull runs. For Forex, we review news and its impacts, which I believe is a valuable addition.
🚀 Long-term Investment Tip:
Especially for cryptocurrencies, I suggest not constantly monitoring price fluctuations for coins you hold positions in on futures. Set alarms and use your time wisely to review the project. Additionally, reinvest a portion of your futures profits into the same coin. Before you know it, you'll have a diversified portfolio of 50 coins!
🔗 Stacks (STX) Project:
Stacks (STX) is a blockchain platform designed to bring smart contracts and decentralized applications (dApps) to the Bitcoin network. Stacks uses a consensus model called Proof of Transfer (PoX) that leverages Bitcoin's security and capabilities. This allows developers to harness Bitcoin's power and security to create more complex applications.
🚀 Stacks 2.1 Launch:
The new version, Stacks 2.1, has been released with significant improvements, including enhanced Bitcoin interaction capabilities and security upgrades. This update allows decentralized applications on the Stacks platform to better utilize Bitcoin's security and features.
🏧 Increased Adoption and Use:
Stacks has successfully attracted the attention of many developers and users within the blockchain community. The growing number of dApps and smart contracts on this platform indicates its increased adoption and growth.
🤝 New Collaborations:
Stacks has established strategic collaborations with major companies and projects in the blockchain and technology sectors. These partnerships have helped increase the usability and reach of Stacks.
📜 Development of More Complex Smart Contracts:
With the improvements in the new version of Stacks, developers can now create more complex and efficient smart contracts that benefit from Bitcoin's security. These recent developments and improvements have made Stacks one of the significant and prominent projects in the blockchain ecosystem, experiencing considerable growth.
📊 Previous Analysis Recap:
In our previous analysis, we expected a long position, which seemed more logical given the highly bullish conditions. However, the 3.7122 trigger did not activate, and we couldn't open a long position with this coin. But it's okay; we don't always need to have a position.
STX Analysis
🕒 Weekly Time Frame:
In recent weeks, we have been strongly bullish, even forming a new ATH (All-Time High). After hitting it and forming resistance at 3.790, buyers lost steam, and sellers entered the market. This coin also experienced a correction due to altcoin corrections.
In altcoin corrections, usually, coins that are bullish tend to drop less compared to other altcoins that are bearish or ranging. Afterward, when the upward movement starts, they generally pump more due to their strength relative to Bitcoin (STXBTC)
✨ We had a parabolic curve line that we broke with price action, not time, which led to a downward move after breaking our parabolic line. However, the selling volume compared to the buying volume in this downward trend was not high, indicating that this drop was accompanied by a weak trend.
From the last point where we started the upward movement, if we draw a Fibonacci retracement, we are at level 0.382. If we rise from here, we can have an upward movement, and we will confirm this movement after breaking 3.790.
🕰Daily Time Frame:
After losing the supports at 3.083 and 2.455, we moved towards 1.584. Currently, we have been ranging here for a few days. If sma7 reaches the candles, we can continue our decline.
Drawing a Fibonacci retracement from the broken resistance at 0.734 to the last high, we are on the critical 0.5 Fibonacci support level. If we lose this level, we can move towards the next Fibonacci level and our support at 1.289.
💡 Four-hour Time Frame:
Like most altcoins, due to the increase in btc.d and the market and Bitcoin drop, altcoins have dropped more. Currently, we are ranging between 1.591 and 1.722.
📈 Long Position Strategy:
For a short position in line with the trend, we can open a short position after breaking the 1.591 support. If this support breaks on Saturday or Sunday with low volume, open the position with less risk due to the potential for a fake-out.
📉 Short Position Strategy:
There are better coins in the market, like MKR and ENS, but it's worth taking the first upward move with low risk after breaking 1.722
🔑 Key Support and Resistance Levels:
Supports Levels: 1.444 , 1.266
Resistances Levels: 1.727 , 2.136
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
