Bitcoin’s rise above $50,000 had a positive impact on Stacks (STX) and Ordi (ORDI) prices. STX saw a 6.19% increase, reaching around $2, while ORDI surged by 15.20%, surpassing $70 in the last 24 hours.
Both STX and ORDI have ties to Bitcoin, with STX being a layer two (L2) on the Bitcoin network and ORDI being the top BRC-20 token. This connection often leads to price movements in line with Bitcoin’s performance.
STX Price Analysis: Potential Upside Amidst Bullish Momentum
On the 4-hour chart, Stacks (STX) displayed signs of further potential upside, with the current price sitting at $1.98, reflecting a bullish bias in recent trading.
Supporting this upward trend is the Awesome Oscillator (AO) indicator, currently showing a reading of 0.16 with green histogram bars, signaling increased upward momentum for STX. If this positive AO reading persists, STX could retest the $2 mark.
However, the movement of Bitcoin (BTC) could influence STX’s trajectory. Should Bitcoin maintain its position above $50,000 or even climb to $52,000, STX may experience a further surge of around 10%. Conversely, a drop in Bitcoin’s price below this threshold could lead to a decrease in STX’s price.
Meanwhile, volatility surrounding STX has been on the rise, as indicated by the Bollinger Bands (BB). STX recently touched the upper band of the BB at $1.98, suggesting a potential overbought condition.
STX/USD 4-Hour Chart (Source: TradingView)
In a scenario of increasing volatility from a bearish perspective, STX could experience a downturn to $1.76. However, in a highly bullish scenario, intensified buying pressure might propel STX to $2.10.
ORDI Price Analysis: Bullish Momentum Continues Amidst Resistance
The break above the $65.19 resistance level demonstrated the resilience of bulls in driving ORDI’s price upward, with the token surpassing $70.
On the 4-hour chart, a minor resistance was observed at $70.90. If ORDI successfully breaches this level, it could potentially accelerate towards $80. However, similar to STX, the extent of this potential surge is contingent upon Bitcoin’s price movement.
A bullish rally for BTC could propel ORDI closer to the $80 mark. Conversely, a failure to defend BTC at $50,000 might lead to a decline in ORDI’s price, potentially falling to $61.23. Notably, ORDI’s price has closed above the 9 EMA (blue) and 20 EMA (yellow), affirming a bullish outlook for the token.
ORDI/USD 4-Hour Chart (Source: TradingView)
As long as ORDI remains above the EMAs, there is a possibility for further upward movement towards $80. However, a close below either the 9 or 20 EMA could signal a downward trajectory for the price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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