The new acquisition and listing announcements that emerged today brought the upward momentum in the market to double-digit gains for 2 altcoins. The latest developments from Stargate Finance (STG) and BLUR are as follows…
Stargate Finance (STG) rises in double digits on listing news
Stargate Finance (STG), the LayerZero-based cross-chain bridge, is gaining momentum again from a significant support level. The double-digit gain of the day was triggered by the rumor that LayerZero’s STG token will launch in May.
STG is currently trading in the $0.7827 region, where it has gained over 10% intraday. You can find detailed technical analysis in the following headings of the article…
BLUR raises 2.3M funds from this altcoin whale
In a highlight transaction of the day, a whale named orz-allinornothing.eth purchased approximately 533,000 BLURs. The giant crypto investor spent about 322,000 USDT for this amount of BLUR. This address is the 23rd largest BLUR whale, purchasing approximately 2.3 million BLUR at an average price of $0.55.
Blur (BLUR) price is showing gains of over 8% mid-million buy. Blur, a popular NFT platform, lost triple-digit growth in the new year. During the last rally, it climbed from $0.5858 to $0.6544, the daily low.
The bulls continue to maintain their bullish momentum later in the day. For comparison, BTC and ETH are up 8.70% and 6.98% respectively over the same timeframe. In the rest of the article, let’s take a look at the next levels for the rising STG price in anticipation of what LayerZero will list.
What’s next for rallying Stargate Finance (STG)?
STG price turned bearish after hitting $1.38 at the start of the year, up over 300%. However, the bulls stepped in again as the price dropped to the 20-week MA (blue arrow) during the week of March 6-13. The 20-week MA is often used to identify long-term trends. Therefore, this is seen as a positive signal. Their technical analysis shows that the trend is still up with the rebound.
STG price has gained upward momentum from this point. It most recently tested a critical resistance level of $0.95. Although it failed and fell sharply, it is currently in the process of confirming the 20 MA as support. If successful, his next target will be the $0.95 resistance. The weekly RSI supports the possibility of a recovery as it remains above the 50 level.
Pay attention to this formation
STG price has been trading in an ascending parallel channel since March 11. The price tested both the resistance and support lines of the channel multiple times.
Jumping from the support line of the channel yesterday, STG completed the Fakey bullish pattern (green ellipse). This pattern is usually seen at the beginning of an uptrend. Therefore, STG price is likely to rise to the middle line of the channel at $0.82 in the near term. Breaking this level will help the price retest the channel’s resistance line at $0.95.
From a technical standpoint, the most likely prospect is for STG price to rally at least to $0.82 and higher to $0.95. This view will be invalidated if the price drops below the support line of the channel at $0.69. As Kriptokoin.com, we have included DeFi altcoin projects with high earnings expected such as Stargate Finance in this article.
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