The price of Stargate Finance (STG) has pumped by 60% today, while MDT Measurable Data Token (MDT) has seen a 13% surge due to various reasons, according to analysts. However, some experts are signaling caution amidst the rallies.
STG Price Surge: Reasons and Reactions
One of the key drivers behind STG’s price pump is the upcoming listing on Upbit, South Korea’s largest cryptocurrency exchange. As reported by @esatoshiclub, Upbit will launch Korean won trading pairs for Stargate Finance (STG) at 17:45 UTC+8 on May 30.
@CryptoStreamHub attributed the sharp price increase to the liquidation of numerous short positions on STG, stating, “So the listing on @upbitglobal liquidated a lot of $STG shorts, which was the reason why $STG pumped so hard. I think that’s a reasonable explanation!”
Caution Urged on STG Rally
Regarding the 80% price surge in Stargate Finance (STG), analyst @CryptoStreamHub expressed skepticism about the rally’s sustainability. The analyst questioned whether it was wise to buy into the pump, suggesting it resembled a “scam wick” potentially orchestrated by market makers.
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While acknowledging some incentives for using the Stargate Finance protocol, @CryptoStreamHub noted a lack of upgrades to STG’s tokenomics, referring to the economic design and distribution of the STG token. This raised doubts about the fundamental drivers behind the significant price increase.
MDT Rallies: Analysts Bullish, but Breakout Awaited
Analysts also turned their attention to MDT Measurable Data Token (MDT), a cryptocurrency operating in the AI space. Analyst @CryptoNinja4444 highlighted MDT’s low market capitalization compared to other AI-focused projects, suggesting it has significant upside potential.
According to @CryptoNinja4444, MDT is currently trading at around $40 million market cap and is forming an ascending triangle pattern on the charts. The analyst believes MDT could potentially achieve 20x to 40x gains in the long term, citing the project’s active development team as a positive factor.
Echoing similar sentiments, @ramseycrypto pointed out MDT’s extended accumulation phase and provided ambitious price targets, tweeting, “#MDT/USDT Only $40mln Market Cap & it’s 1456 Days of Accumulation $MDT is definitely preparing for some big rally I can call this coin is a Gem with no doubt TP1 – 0.27875$ TP2 – 0.43930$ TP3 – 0.59820$ TP4 – 0.75715$.”
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Cautious Optimism on MDT
While optimistic about MDT’s potential, both analysts agreed that a decisive breakout is needed before the next major move. They suggested that traders may want to wait and observe how the resistance level plays out before increasing their positions.
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The post Why Are Stargate Finance (STG) and Measurable Data Token (MDT) Crypto Prices Pumping? Analysts Signal Caution appeared first on CaptainAltcoin.
