- The price of the Starknet crypto has declined by 44% in the last one year.
- STRK crypto has witnessed only 12 green days in the last 30 days.
Starknet is a decentralized zk-rollup solution on Ethereum, employing STARK validity proofs to ensure transaction correctness and scalability.
Developed by StarkWare, it enhances Ethereum dApps’ efficiency by reducing fees and increasing throughput without compromising security.
Unlike zk-rollups focused on privacy, StarkNet prioritizes computational integrity for various applications.
The price of the Starknet crypto has declined by 6.9% in the last 24 hours from the press time, while the trading volume has advanced by 35.3%.
The following volume behavior shows a gain in strength of the bearishness in crypto price. The crypto’s liquidity is also excellent, resulting in a volume/market cap ratio of 16.47%.
The market cap value of the Starknet crypto is $955.648M, resulting in a market cap ranking of #87 as per CoinMarketCap. Also, the value of the crypto-traded volume is $150.547M.
The circulating supply of the Starknet is 728.0M STRK, which is just 7.28% of the maximum supply. Also, the total and maximum supply for the crypto are equal. This results in 10.0B STRK.
The fully diluted market cap of the crypto is higher than the spot market cap, resulting in $13.075B. The crypto sentiment is bullish, and the fear and greed index also supports the same, showing greed among investors.
The crypto price is highly volatile, as per CoinCodex, following which the all-time low of the crypto is $1.11. Also, the low price of crypto at all times was hit only 10 days ago from press time.
Starknet Crypto Derivatives Analysis
Coinglass is showing an advance of 47% in the derivatives trading volume in the last 24 hours.
The volume chart also shows that the volume activity in the crypto has again started to advance from the last few days. This indicates that more traders are gaining interest in Starknet.
Despite the surge in the trading volume of the crypto, the open interest has declined by 9.9%, resulting in $58.3M. Also, the long/short ratio of the crypto is 0.8936.
Following the last 24 hours from the press time, the sellers have ruled over the crypto. This is so because the long liquidation for the crypto is worth $180.36K, while the short liquidation is worth just $5.77K.
STRK Crypto Technical Analysis
The crypto price has declined from a descending triangle pattern and is again forming a new pattern. Let’s take a look at what’s ahead.
The price of the STRK crypto is slowly sliding toward the lower levels, resulting in a falling wedge pattern. The price of the crypto further is currently sustaining inside the same.
If the price further breaks below the pattern, a further decline in the trading price of the crypto might be seen.
Despite this, if bulls successfully pull the price to higher levels, leading to a breakout, the crypto trend might turn bullish.
STRK/USD Chart by TradingView
The 20- and 50-day EMAs are trading in a bearish cross, and the crypto price is further rejected at 20 EMA.
The crypto price also has hit the upper band of the Bollinger band indicator. The price further forms bearish candlesticks on the chart, which indicates the possibility of further decline in the crypto price.
The MACD and the signal line are trading in a bullish cross, but the metrics are trading below the zero level in the negative territory.
The RSI is also bouncing from the oversold zone and is currently trading at 41.93.
Summary
StarkNet’s crypto, STRK, has recently declined despite increased trading volume and bullish sentiment. Its technical analysis suggests a potential continuation of the bearish trend, with the price forming a falling wedge pattern.
However, a breakout could reverse this trend, but indicators show mixed signals, leaving the future uncertain.
The closest resistance level of the STRK crypto is $2.0; if the price breaks above this level, it might push to a higher level of $2.6.
Moreover, if the crypto price continues to decline, it might hit the support of $0.80, and the price can bounce back to the same level.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.