On the Radar – Coins to Watch: BTC, STX, INJ
After a fake ETF approval announcement surfaced on X.com earlier this week, today we’ve seen the legitimate green light given by regulators in the US.
All things aside – this is a huge moment for the crypto sector and will be a big win for the next wave of crypto adoption. To read more about the actual long-term and short-term impacts the Spot Bitcoin ETF will bring, check out my article at Swyftx Learn.
With that said, let’s dig into some charts.
Bitcoin – BTC
With the approval of a spot ETF now official after the debacle yesterday, let’s take a look at what key levels still remain as technical targets for Bitcoin.
Since the start of the year, Bitcoin has been very choppy yet grinding slowly to the upside. With the break of the ETF news catalyst now locked in, it will be interesting to see how the market digests this information. Positive opening days from the ETF may help drive positive sentiment to trek higher.
That being said, a bearish scenario technically may be if the current Key Support Level (in blue) under price is not holding. A clean breakdown under $43,000 USD may precipitate bearish market structure.
All in all, a bit more confirmation is needed, but the current prevailing technical trend is bullish – simply due to prior highs continuing to break to the upside.
Stacks – STX
With the recent fundamental demand rising for Bitcoin ordinals, inscriptions and BRC-20 assets Stacks has seen positive price movements in recent weeks.
Potential targets are based on the purple ascending channel that is technically being respected. With this type of market structure, there are two key targets:
1) the middle of the range
2) the top of the range.
The challenge with trends like this is that the profit technical targets are based on expected future events (price hitting the ascending lines on the channel), not on specific price targets. This means as time goes on and the trend continues, these profit goals move higher.
But what we can see is that key previous highs and all-time highs are lining up with our mid-range target, which is between $2.90 to $3.26 USD this may be a good area to watch.
Injective Protocol – INJ
Injective Protocol has been showing great strength as well in recent weeks, having late last year broken its previous all-time high on both its USD and BTC valuations. If the market is to hold and go higher, assets that have shown prior strength and in price discovery could continue to catch a bid higher.
From a technical perspective, we have broken a key resistance level and created some higher highs and higher lows.
Using a Fibonacci retracement, we can observe that there were buyers stepping in at the 0.618 support level. This may be a key support level for a push higher to the next Fibonacci target of $48.58 USD (the 0.272 extensions).
Failure to hold the current key support level outlined in blue would invalidate this technical setup.
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