The whole market is getting crushed, but this one is up against the trend by 13%. Still, I’d advise you not to chase it.
STX is up 13.5% today, trading at 0.319.
Its 24-hour low was 0.2775 and its high was 0.3193, so it’s basically closing at the high. Market cap: $598 million. Trading volume: just $22.54 million.
In a sea of red, this green really stands out.
But after looking at the chart structure, I’m actually not too keen to touch it.
There are two reasons for the rally, and neither is particularly strong.
First, the Stacks founder has repeatedly said over the past couple of days that Bitcoin needs to complete its post-quantum upgrade before 2030. The quantum narrative is back in play. The market trots it out whenever there’s no other story to tell.
Second, it really has fallen hard. Its all-time high was 3.86, and now it’s down to just 0.319—only 8% of its peak. An oversold bounce doesn’t need a reason.
The problem is the volume.
A 13% gain on just $22.54 million in trading volume doesn’t mean money is flowing in—it means nobody is selling. With a small market cap and low liquidity, it’s easy to push the price up with one green candle. It’s just as easy to knock it back down.
The technical picture is clear: 0.2775 is the low of this move and a short-term line in the sand. Overhead, 0.34 to 0.36 is a dense resistance zone where previous buyers are underwater. Chasing it now means buying from people looking to break even.
I’m not chasing. I’ll wait for a pullback to around 0.29, then see if it holds on lower volume. If it opens lower tomorrow and gets dumped below 0.28, then this was a one-day wonder. I’ll accept it.
Taking a quick look at today’s top gainers: BUILDon is up 11.3%, PENDLE 9.9%, and AAVE 6.7%. Further down, EIGEN, OP, and GLM are all moving too.
What do they have in common? They’re all older coins, and they’ve all been falling for a long time.
That tells us today’s money isn’t here to bet on a trend; it’s here to grab a bounce. In a bounce-trading market, chasing highs just means carrying someone else’s bags.
One last reminder: at times like this, position size matters more than direction.
Put ten bucks of a hundred into a bounce trade, and you can still laugh if you’re wrong. Put in sixty bucks, and even if you’re right, it was just luck.
STX is up 13.5% today, trading at 0.319.
Its 24-hour low was 0.2775 and its high was 0.3193, so it’s basically closing at the high. Market cap: $598 million. Trading volume: just $22.54 million.
In a sea of red, this green really stands out.
But after looking at the chart structure, I’m actually not too keen to touch it.
There are two reasons for the rally, and neither is particularly strong.
First, the Stacks founder has repeatedly said over the past couple of days that Bitcoin needs to complete its post-quantum upgrade before 2030. The quantum narrative is back in play. The market trots it out whenever there’s no other story to tell.
Second, it really has fallen hard. Its all-time high was 3.86, and now it’s down to just 0.319—only 8% of its peak. An oversold bounce doesn’t need a reason.
The problem is the volume.
A 13% gain on just $22.54 million in trading volume doesn’t mean money is flowing in—it means nobody is selling. With a small market cap and low liquidity, it’s easy to push the price up with one green candle. It’s just as easy to knock it back down.
The technical picture is clear: 0.2775 is the low of this move and a short-term line in the sand. Overhead, 0.34 to 0.36 is a dense resistance zone where previous buyers are underwater. Chasing it now means buying from people looking to break even.
I’m not chasing. I’ll wait for a pullback to around 0.29, then see if it holds on lower volume. If it opens lower tomorrow and gets dumped below 0.28, then this was a one-day wonder. I’ll accept it.
Taking a quick look at today’s top gainers: BUILDon is up 11.3%, PENDLE 9.9%, and AAVE 6.7%. Further down, EIGEN, OP, and GLM are all moving too.
What do they have in common? They’re all older coins, and they’ve all been falling for a long time.
That tells us today’s money isn’t here to bet on a trend; it’s here to grab a bounce. In a bounce-trading market, chasing highs just means carrying someone else’s bags.
One last reminder: at times like this, position size matters more than direction.
Put ten bucks of a hundred into a bounce trade, and you can still laugh if you’re wrong. Put in sixty bucks, and even if you’re right, it was just luck.