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- MINA and STX traded at a premium on Coinbase (NASDAQ:COIN) slightly higher than on Binance.
- STX faced rejection at $1.70 and found support at $1.44.
- MINA’s ROC showed that the decelerating momentum might soon stop.
Riyad Carey, a research specialist at Kaiko, argued that Stacks (STX) and Mina (MINA) have been showing clear signs that liquidity has not caught up with their respective price action on December 27.
In his post on X, Carey considered MINA and STX’s spot trades on Coinbase and Binance before coming to his conclusion. According to the analyst, MINA experienced $1.8 million worth of buying on Binance after the trading floor opened around 5:43 pm UTC.
Bid Depth Outstrips Ask Depth
On Coinbase, the bid depth was about $1.3 million after buying began a few minutes after Binance. Per the ask depth, Kaiko data showed that it could not match up to the bid with around $12,000 on Binance, and between $10,000 and $20,000 on Coinbase.
Carey also showed that the price of MINA began trading at a premium on Coinbase, $0.20 higher than it was on Binance moments later. In the same post, the analyst noted that STX’s situation was also similar to MINA.
Happenings like this suggest that these altcoins are still in the price discovery stage. For context, price discovery is a method to determine the spot price of a cryptocurrency. This is done by assessing the interaction between buyers and sellers on an exchange.
So, the data above showed that both MINA and STX had more upside potential due to buyers’ dominance over sellers. This year, MINA’s price has increased by 214%, according to CoinMarketCap. STX, on the other hand, has jumped 6x from its initial price on January 1, 2023.
STX Eyes Another High as MINA Targets $1.50
STX price at press time was $1.61. From the technical outlook, the initial uptrend was halted by resistance at $1.70. Despite the retracement, the Directional Movement Index (DMI) showed that STX may return to the upside soon.
As of this writing, the +DMI (green) was 23.88. The -DMI (red) was 14.17. The Average Directional Index (ADX) was 30.80. The ADX (yellow) reading greater than 25 implies a strong direction movement for the +DMI.
STX/USD 4-Hour Chart (Source: TradingView)
However, bulls must defend the $1.44 support to prevent STX from falling further. But if the price declines from $1.61, entries before the potential uptrend might be around $1.36 to $1.50.
MINA’s market structure had similar attributes to STX. In the last 24 hours, the price increased by 22.01%. But the cryptocurrency faced rejection at $1.42, leading to a drawdown to $1.32. This decrease could be a result of profit-taking from buyers who had bought when the price was $1.11.
The Relative Strength Index (RSI) also confirmed that the buying momentum had decreased. At press time, the RSI was 61.46. However, indications from the Rate of Change (ROC) showed that MINA’s deceleration might soon return to the upside.
MINA/USD 4-Hour Chart (Source: TradingView)
If aggressive buying resumes, it is likely for MINA to reclaim $1.42, and even trend higher. It could also be the same for STX. But before that, another decline could be on the way.
The post Stacks (STX) and Mina (MINA) Market Depth Show Interesting Signs appeared first on Coin Edition.