In the realm of both conventional stocks and cryptocurrencies, Microsoft Corporation (MSTR) from the traditional market and Stellar Lumens (STX) from the crypto market are potential candidates for surpassing Bitcoin‘s performance during the remaining bull run.
Both $STX and $MSTR could outperform $BTC
Stacks (STX) and Microstrategy (MSTR) make for an unusual pair. The former is a cryptocurrency that provides access to a secure layer 2 platform, built on top of Bitcoin’s foundational blockchain. In contrast, the latter is a large-scale corporation listed on the stock market, presided over by Michael Saylor as its executive chairman.
While Bitcoin ($BTC) is rising, stocks such as $STX and $MSTR have the capability to surpass Bitcoin’s gains. The reasoning behind this belief is that if Bitcoin continues to climb, then these two stocks are expected to increase even more.
$MSTR entering buy zone?
In relation to the US dollar, $MSTR has experienced a decline of 43%. Should the price hit the support level at $1,078, this would equate to a 46% decrease – a significant correction but typically seen during a bull market.
On the weekly chart displayed, MSTR has found a robust support level versus Bitcoin (BTC). Since May 2022, an uptrend for MSTR against BTC has been evident. This current correction may soon shift back in favor of MSTR at this stage.
$STX reached nearly 400% gains against $BTC
In the realm of cryptocurrencies, including $STX, a comparable scenario emerges. The price in US dollars has dropped significantly to find support at $2.31. Remarkably, it also plunged further down to a stronger support level at $2.06 – an identical 46% correction seen with $MSTR.
In the weekly chart displayed above, the price of $STX versus $BTC has been climbing steadily since early March. Excluding significant dips, $STX has recorded approximately quadruple the value of $BTC. The recent price drop brought it back to touch and validate the 0.618 Fibonacci level, signaling a strong bullish outlook.
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2024-04-18 14:13