- Bullish divergence has been seen in RSI; there might be a bullish move ahead.
- Starknet crypto price has declined by 60% in a month, showing sellers’ dominance.
The STRK price chart structure has displayed intense selling pressure since mid-March. It has lost around 80%, demonstrating the bears’ grip. The Starknet token price has struggled to surpass the 20-day EMA for the past few months.
The price has recorded an all-time low of $0.4656 on July 05, 2024, and risen by 21% at the time of writing. The STRK price triggered a breakout from the 20-day EMA in the first week of June, but sellers were strong.
A breakout turned into a fake breakout, leading to intense selling pressure of 66% in less than a month. The buyers seemed interested, and the chart might form a base near the $0.500 hurdle.
Starknet crypto was traded at $0.555 at press time with an intraday gain of 3.17%. The market capitalization was $810.21 Million, and the 24-hour trading volume was $55.91 Million.
Ready for a Reversal?
$STRK #STRK 1D chart
— CryptoBullet (@CryptoBullet1) June 30, 2024
This must be the bottom (if not then I don’t know what the MM is doing..)
Bullish Divergence on the RSI below 30 (!)
Frankly speaking, this one looks ready for a reversal
Trade with me on Bybit ➡️ https://t.co/tIisM9pa4C
Up to 30,000 USDT… pic.twitter.com/eaeVtwT8jd
A source on X suggests that the Starknet price is ready for reversal. The RSI has developed a bullish divergence and is below 30 (oversold zone). The reversal may lift the price to the $1 mark in one go.
STRK Price Technical Analysis Over 1-D Timeframe
During the bearish trend, the price halted in May and started consolidating between the $1.00 and $1.35 levels. After so many attempts, the digital asset price failed to exceed the $1.40 mark and performed negatively further.
The technical chart suggests that the Starknet price has defended the $0.500 hurdle. The $0.700 hurdle has been a crucial zone for the past few weeks, and the sellers below it have been trapped.
Buyers may lead the trend if the price surpasses the 20-day EMA and sustains. Overcoming the $0.700 hurdle may attract big players, resulting in a massive surge in STRK price.
On the other hand, sellers may dominate if the Starknet crypto price fails to exceed and faces resistance from the 20-day EMA. The weakness below the 20-day EMA may invite sellers and could continue the recent trend.
Based on the technical indicators, MACD has generated green histograms even in the bearish market. It has developed a golden crossover with the Signal line but below the Zero line.
Will STRK Price Rebound or Sink Ahead?
STRK crypto is at a critical juncture, with the potential for a bullish reversal if it manages to sustain above certain key levels. The bullish divergence in RSI and the potential for a golden crossover in MACD indicate a trend reversal in the cards. However, it’s essential to closely monitor how the price behaves around the $0.700 hurdle and the 20-day EMA, as these levels will play a crucial role in determining the future direction of STRK.
Technical Levels
Starknet crypto price is expected to face resistance from the $0.700 and $0.920 levels if it triggers bullish momentum. The price may take support at the $0.500 and $0.400 mark.
Disclaimer
This article is for informational purposes only and provides no 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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.