Analyst Says, Altcoin That Spiked 217% Another Rally This Month? – Fintechs.fi

A well-known trader says that one of the hottest altcoins on the crypto market may have more room to grow.

Cantering Clark, a fake trader, says that Stacks (STX), a project meant to make Bitcoin (BTC) more useful, could be due for a short squeeze because there is so much open interest in the coin.

The trader tells his 161,000 Twitter followers that STX, which is already up 217% in the last 30 days, is probably due for a squeeze to the upside, but notes that high open interest hasn’t always meant legs up.

“STX funding is -.21 on Bybit right now.

First line of thinking might be that since OI [open interest] is up aggressively with this it is due for a squeeze. Same logic with APT (Aptos) occurred but the ridiculous funding marked the high.

Sellers ate all buying, no squeeze came.

Worst case scenario whoever is selling loses their average price.

So breaking $1 would be pretty bad.”

At the time of writing, STX is trading at $0.92, which is a 24% increase in the last 24 hours.

Clark is also keeping an eye on DYDX, which is the token that makes the popular decentralized cryptocurrency exchange (DEX) Dydx work.

He thinks that DYDX could be going through a short period of consolidation before a rally to new local highs. He shows a chart that shows DYDX has bounced off strong support near $2.80 and is going up through a downward trend line.

“Want to see DYDX really start to push here if this level is just a pit stop before continuation.

So far it looks really good and is one of the strongest pairs today.”

At the time of writing, DYDX is trading at $2.96, which is a 6% increase for the day.