Cryptocurrency Market Analysis For February 19th: ETH, STX, WLD

Sahil Mahadik
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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Highlights

  • The rising Ethereum price may face aggressive supply pressure at $2950.
  • Stacks (STX) has demonstrated a remarkable performance, with its price nearly doubling over two weeks, bolstered by an impressive TVL growth.
  • The Worldcoin (WLD) price is poised for a minor pullback to recuperate the exhausted bullish momentum.

Cryptocurrency Price Analysis: Over the past few days, the cryptocurrency market has been volatile, indicating the prevailing bullish momentum is likely exhausted. The leading digital asset, bitcoin is struggling to surpass $52000, teasing a new fresh correction in the market.

Recent analytics from IntoTheBlock reveal a striking correlation between Bitcoin and traditional stock markets, with the connection reaching its peak in two months. This trend is interpreted as a signal that investors are betting on an imminent rate cut by the Federal Reserve, reflecting a bullish sentiment in the market. 

The notable correlation coefficients—0.72 with the S&P 500 and 0.63 with the Nasdaq 100 as of mid-February—suggest Bitcoin is increasingly moving in lockstep with major stock indices, challenging its perceived role as a non-correlated asset and hedge against market volatility. As Bitcoin appears to mirror the traditional market’s movements, investors may consider reassessing their strategies in light of this new data-driven insight.

Despite the market uncertainty, the Ethereum (ETH) coin sustains its recovery trend, while the Worldcoin (WLD) and Stacks (STX) emerged as some of the higher gainers among top coins.

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High Momentum Rally Sets Ethereum Price to Surpass $3000

BINANCE:ETHUSD Chart
Ethereum Price| Tradingview

The second largest cryptocurrency Ethereum has shown strong resilience to the waning bullish momentum, as the ETH price continues to march north. Within a month, the coin price surged from $2171 to $2913, registering 34% growth.

According to on-chain data tracked by Lookonchain, a crypto whale has executed a significant transaction, withdrawing 11,587 Ethereum (ETH) from the exchange Binance, an amount valued at approximately $33.5 million. 

The analysis further reveals that this is part of a larger pattern of accumulation by the whale, who has purchased a total of 64,346 ETH, worth an estimated $178.9 million, from both centralized and decentralized exchanges since February 8th. 

This aggressive accumulation by a single market participant has coincided with a noticeable uptick in the ETH price, suggesting the smart money belief for further growth potential.

A look at the daily time frame chart shows the Ethereum price rally is led by a rising channel pattern. If the pattern holds true, the coin price shows another 8.5% to hit the pattern’s overhead trendline at $3175.

Also Read: Crypto Hacker Transfers Stolen Ethereum After $26 Mln BTC & ETH Exploit

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Will TVL Expansion Lead Stacks Price Rally to $3.2?

BINANCE:STXUSDT Chart
Stacks Price| Tradingview

The Stacks coin (STX) has experienced a significant bullish run in the past two weeks, soaring nearly 98% from a base of $1.448 to the current trading price of $2.85. This impressive surge is largely attributed to a substantial increase in the network’s Total Value Locked (TVL), which has seen a remarkable jump from $53.3 million to $124 million in the same period. 

This represents a growth of approximately 132.64% in TVL, signaling a robust enhancement in the platform’s adoption and user trust.

StacksTotal Value Locked
Stacks-Total Value Locked| DefiLlama

From a technical standpoint, the daily chart analysis indicates that this rally is being propelled by a rounding bottom pattern, a bullish indicator that often precedes sustained upward movements. 

Riding the momentum of this pattern, the Stacks price has climbed 14%, reaching the neckline resistance of $3.236, suggesting a potential for continued upward movement if the pattern holds true.

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What’s Ahead for Worldcoin (WLD) Price 98% Surge in a Week?

BINANCE:WLDUSDT Chart Image by sahilmahadik07
Worldcoin (WLD) Price| Tradingview

WLD, the native cryptocurrency of the Worldcoin ecosystem has emerged as the highest weekly gainer among the top 100 cryptocurrencies by market cap. From last week’s low of $2.61, the asset surged 190% to hit $7.6

Dyeing the broader market, the WLD maintained a high momentum rally as the project’s dedicated wallet application, World App, surpassed the milestone of 1 million daily users this week. This significant achievement highlights the growing adoption and user engagement within the Worldcoin community.

With an intraday gain of 305, the WLD price marked a new all-time high at $7.75. However, such aggressive rallies will likely persist unless the asset is fueled by some positive news. Thus, the newcomers may wait for a pullback opportunity at $6.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.