- 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.
Happeni…
The post Stacks (STX) and Mina (MINA) Market Depth Show Interesting Signs appeared first on Coin Edition.