, and sellers have been in control for the long term. In the short term){kind=link}
- The Starknet price has risen by 25% in the past 4 days and exceeded the 20-day EMA.
- The RSI has generated a strong bullish divergence, which might be a bullish signal.
After a sharp selling, the Starknet (STRK) price has halted near the $0.350 mark. It has been consolidating in a narrow channel at the bottom. It reached the bottom and has tested the $0.350 mark thrice.
The STRK price has declined by 88% from its all-time high (ATH), and sellers have been in control for the long term. In the short term, the price has stuck in a channel and technical indicators were in favor of a bullish forecast.
Since mid-March, the STRK crypto price has been declining and reached an all-time low (ATL) level. The price had been struggling below the 20-day EMA, but in August, buyers triggered a breakout. The breakout from the 20-day EMA might attract buyers, which may lead to a bullish momentum.
Is Short-term Bullish Momentum Possible in the STRK Price?
CryptoBull_360 (@CryptoBull_360) has tweeted that the Starknet token price can gain bullish momentum. The price is struggling below the horizontal resistance zone and it has reached a crucial breakout level.
#STRK is getting ready for short term breakout from horizontal resistance zone in HTFs, strong close above the zone will trigger massive bullish rally, Volume rising as good momentum, keep an eye on $STRK #STRKUSDT pic.twitter.com/b9NMUpe81S
— CryptoBull_360 (@CryptoBull_360) September 7, 2024
Suppose the price makes a strong closure over that zone, it would trigger a massive bullish rally. The trading volume has increased, which could be the key factor for the bullish momentum.
STRK Price Overview
Starknet Crypto was trading at $0.443 at press time after surging 10.47% in the past 24 hours. Its market capitalization was $780.32 Million, with a 24-hour trading volume of $158.12 Million.
Technical Indicators Analysis
When writing, the RSI generated a strong bullish divergence, which might attract investors, and the price may shoot up. The STRK price has surpassed the 20-day EMA, which would be a bullish signal.
The MACD developed a bullish divergence with the Signal line and was heading for positive territory. The histograms remained positive during the consolidation phase, signifying the STRK buyers’ strength.
STRK Price Triggered a Breakout from the Consolidation Phase; What’s Next?
Based on the technical chart, the price was struggling in a channel at the bottom, and it triggered a breakout. Surpassing the 20-day EMA has boosted the confidence of buyers, which could be a key factor.
If the STRK price sustains over the channel, buyers may show their involvement. The trading volume also supported the recent bullish momentum. Suppose the digital asset price overcomes the lower high territory, trend reversal can be anticipated.
On the other hand, if the crypto asset price slips below the 20-day EMA, the STRK buyers might panic. If the token price sustains below the 20-day EMA, it may record a new ATL.
STRK Price Analysis and Forecast
The technical analysis indicates the potential for a short-term bullish momentum in the STRK price. The strong bullish divergence in the RSI, coupled with the price surpassing the 20-day EMA suggests a positive outlook for the cryptocurrency. Additionally, the MACD is showing a bullish divergence, further supporting the possibility of price appreciation.
The breakout from the consolidation phase and the increase in trading volume are also notable factors that may contribute to a bullish trend. However, it is crucial to monitor the price’s behavior with the 20-day EMA. If it is sustained below this level, it could trigger a new all-time low.
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.
