The Starknet (STRK) token slumped over 20% on Friday, hinting at fallen investor sentiment. The token has also seen continuous bad trading days for the past week, falling as much as 30%.
At the press time, STRK was trading at $0.4942, down 18.70%, as compared to the same time last day.
Starknet FTX controversy
According to some users on Twitter, Starknet has liquidated $STRK token in order to reimburse their investors for the collapse of FTX. The move looks a bit deceiving for many as it indicates a certain sense of manipulation of monthly tokenomics statistics from STRK’s website.
Though the effect of this rumored news is unknown, investors are likely not happy with how STRK has been performing and the overall development of the ecosystem.
Will STRK price fall even further?
When STRK was released onto the market on February 20, its price skyrocketed to $4. But the following day, it fell to $1.60 right away. After that, the price settled and created a descending triangle, which provided support between $1.80 and $1.60.
The price dropped to a low of $1.10 the next day on April 12, when this horizontal support was broken. The price has seen a descending trend ever since.
In the middle of all the latest developments, STRK will likely keep declining in the future. With a lack of ecosystem-based bullish cues, it is difficult for the token to find a support point and hover over it.
A bullish prediction for the coin seems unlikely, but if a situation like this occurs, the price of StarkNet is expected to increase by 229.61% to reach $ 1.681865. Other technical indicators indicate that the current mood is bearish, and the Fear & Greed Index is 29 (Fear). During the previous 30 days, StarkNet recorded 8/30 (27%) green days with a 25.88% price volatility.
Analyst data indicates a general bearish sentiment in the StarkNet price prediction, with two technical analysis indicators indicating bullish signals and twenty indicating bearish signals.
