Bitcoin leads the way as altcoins surge
Today is a great day for altcoins as they see significant gains, with bitcoin taking the lead. Two top performers are Stacks (STX) and Injective Protocol (INJ).
Plenty of hype around Stacks (STX)
Stacks (STX) is a layer 2 protocol built on top of the bitcoin blockchain, which has attracted a lot of attention due to its unique position and the ongoing debate about bitcoin’s scalability. Many are watching this project closely.
Source: Trading View
STX aiming for $1.52
Taking a macro perspective of the STX price, it is currently facing solid resistance. The fibonacci sequence indicates that it has just crossed the 0.362 level, with the golden fibonacci at 0.618 above it at slightly over $2, and the all-time high at $3.25.
Source: Trading View
Zooming in, we can clearly see the strength of Wednesday’s bullish momentum. The price is heading towards the 1.618 fibonacci level and may reach it later in the day. However, there may be some profit-taking along the way.
INJ in price discovery
Source: Trading View
Looking at Injective Protocol (INJ) from a macro perspective, it is in price discovery mode and showing a parabolic uptrend. It recently surpassed the 1.618 fibonacci level at around $40, with the 2.618 level at $64, 3.618 at $88, and 4.618 at $113. It is expected to retrace to confirm the 1.618 level before continuing its climb.
Hot Take: Altcoins Surging with STX and INJ Leading the Way
The crypto market is experiencing a bullish day, with altcoins making notable gains and bitcoin leading the charge. Stacks (STX) and Injective Protocol (INJ) are standing out as top performers. STX has attracted significant attention due to its positioning on the bitcoin blockchain and ongoing debates on scalability. Notably, the STX price is approaching a solid resistance level and has broken the 0.362 fibonacci level. On the other hand, INJ is experiencing a parabolic rise and has reached the 1.618 fibonacci level. Both coins are expected to encounter potential retracements before continuing their upward trends.
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