A cryptocurrency trading veteran expects two altcoins to continue to perform well alongside the Bitcoin (BTC) ecosystem as digital asset markets grow stronger.
Household trader The Flow Horse informs his 188,000 followers on social media platform X that he will be building a position in Stacks (STX).
Stacks is a project that aims to enable decentralized finance (DeFi), non-fungible tokens (NFTs), and other decentralized apps to be built on top of the Bitcoin network.
The merchant said,
“I started building a position at STX, also known as Ape Most, and expanded it as much as I could.
From a higher time frame perspective, the trend is curved and some fundamental signals are emerging in the green. That said, all major volume levels are recovering.
Coinbase’s (CB) spot CVD (cumulative volume delta) has only risen over the past two weeks, while OI (open interest) has performed well.
“With the emergence of BTC ETFs (exchange-traded funds), I think the market will soon re-evaluate this.”
As of this writing, STX is trading at $0.835, up nearly 5% in the last 24 hours.
Next, The Flow Horse is also bullish on Ordinals (ORDI), a project that aims to add value to each satoshi, the smallest unit of value in Bitcoin.
The merchant said,
“Am I missing something? Or is ORDI taking that long from a technical and behavioral perspective?
• There is no trick to this. The FDV/MKT (fully diluted value to market capitalization) ratio is 1:1.
• Low float
• Reacquiring all levels, also known as selling, is selling too early and is wrong.”
At the time of writing, ORDI is trading at $31.82, up more than 34% in the past day.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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