- The STRK price has declined by more than 85% since March.
- Only 17.80% coins of the maximum supply are circulating in the cryptocurrency market.
On a wider time frame, the Starknet (STRK) price has witnessed massive selling pressure and has reached an all-time low (ATL). The bearish momentum has halted near the $0.3500 hurdle and the STRK price has been consolidating in a narrow zone.
During the consolidation phase, the technical indicators were favoring bullish forecasts. Buyers have attempted thrice to overcome the 20-day EMA since August but couldn’t. Let’s explore the forecasts according to the technical chart analysis.
Does STRK Crypto have the Potential for a Bounce?
Bulls Titan (@BullsTITAN) tweeted that the Starknet price retested the $0.380 level which is a strong support. In a lower time frame, the price is consolidating near this territory and has the potential to rebound to the key resistance level of $0.442.
The current $STRK chart shows a retest of the $0.380 level, which has held strong as support.
— Bulls Titan (@BullsTITAN) September 16, 2024
The price is consolidating near this zone, with potential for a bounce back towards key resistance at $0.442.
Breaking above this level could lead to a rally towards $0.553 and even… pic.twitter.com/kEduInWTDU
Once the price surpasses this mark, it may easily extend to the $0.553 and $0.641 levels. This accumulation phase may trigger a potential breakout for which bulls are waiting. Moreover, bears may eye for the $0.341 mark.
STRK Price Technical Analysis Over the1-D Timeframe
Starknet crypto was trading at $0.376 which has remained almost neutral in the past 24 hours. The market capitalization was $670.76 Million and the 24-hour trading volume was $58.93 Million.
As per the chart structure, the STRK price has been consolidating in a narrow range near ATL. After multiple attempts, buyers have failed to overcome the $0.400 hurdle.
If the Starknet crypto price breaks out from the consolidation phase, it could be a buying opportunity. If the price smashes the $0.600 hurdle, then investors may become interested and buying momentum could be seen.
On the other hand, if the digital asset price slips below the major support level of $0.350, it may record a new ATL in a single spike. Suppose the price sustains below this level, it might be difficult for the buyers to bounce back.
RSI has jumped from 20 to 50 since August and witnessed a perfect bullish divergence. The MACD has shown a sharp recovery and has extended to the positive territory. The histograms remained green even in the consolidation phase.
Key Levels to Monitor for Starknet Price
Based on the technical analysis and market indicators, there is potential for a rebound in the STRK price. The bullish signals in the technical indicators, such as RSI and MACD, suggest a possible upward movement. Additionally, the consolidation near the support level and the potential for a breakout indicate a buying opportunity.
However, it’s important to monitor the price closely, as a failure to sustain above the support level of $0.350. Investors should consider these factors and closely watch for any breakout or breakdown in the price movement.
According to the chart structure, the Starknet price is expected to face resistance from the $0.430 and $0.600 levels. The price may take support near $0.360 and $0.330 levels.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
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.