Altcoins To Sell – Stacks (STX), ORDI, Merlin Chain (MERL)

Bitcoin is at a crossroads, which means it may renew its uptrend or lose support and retreat to lower levels.

Bitcoin is at a crossroads, where it may either continue surging higher to reach a resistance at $72,000 or lose support, sliding toward $55,000. The uncertainty over high interest rates and a looming recession in the US could work against risk assets such as stocks and crypto.

For this reason, investors may want to know which altcoins to sell should Bitcoin slide, triggering cascading price drops in the broader market.

Here are three altcoins to sell if BTC drops below $55k support:

1. Stacks (STX)

Stacks is the largest of Bitcoin layer 2 protocols, with a market cap of $2.25 trillion as per CoinGecko data. STX experienced a 2.2% increase in the past 24 hours, following a 1.6% surge over the past week. However, the token’s 18% decline over the past 30 days highlights the broader downward trend in the cryptocurrency market since July.

Stacks (STX) is a layer-1 blockchain that aims to expand Bitcoin’s functionality by enabling smart contracts and decentralized applications. The protocol stands out by using Bitcoin’s security and decentralization to provide a programmable layer with its unique consensus mechanism and smart contract language. With this, developers build new applications on top of Bitcoin, potentially opening up new use cases and providing broader ecosystem value.

STX tends to follow BTC’s footsteps, suggesting that investors sell if the larger asset drops toward $55,000. Downside risks may increase if Stacks slides below $1.4 and $1.25 support levels.

Finally, Stacks may break out from a triangle pattern based on the four-hour chart. The MACD bucks the bullish outlook on top of near-term confluence support formed at $1.47 by the 20-day EMA and the 100-day EMA.

2. ORDI

Bitcoin’s leading BRC token, ORDI, has continued its upward trajectory after upholding support at $20 in the first week of August. Although it encountered resistance at $30, bullish sentiment remains strong, as evidenced by the recent move, targeting the next significant resistance at $40.

Traders must seek support above $30 before increasing exposure to ORDI this week. Moreover, it is essential to closely follow Bitcoin performance to avoid bull traps.

ORDI is a crypto protocol designed to bring unique functionality to the Bitcoin network, predominantly used as a store of value. Unlike conventional token systems that rely on external blockchains, ORDI is built directly on the Bitcoin blockchain, leveraging its security and decentralization.

3. Merlin Chain (MERL)

The above is the detailed content of Altcoins To Sell – Stacks (STX), ORDI, Merlin Chain (MERL). For more information, please follow other related articles on the PHP Chinese website!