Starknet (STRK) saw a choppy trading session on Friday after swinging constantly between the red and the green territory. However, most technical indicators for the coin were in the bullish zone, confusing investors about the future of the token.
At the press time, the coin is trading at $0.5853, up 1.69% as compared to the same time last day.
STRK Sees Rangebound Training
The Starknet (STRK) coin traded below the 20-day EMA on Friday, following a bearish trend. The fall comes after the token has been down nearly 19% in the past month, according to data from CoinMarketCap.
However, Bulls in STRK have been able to pull the coin up a little, making it rise over 5% in the past week. Since there was little bulk purchasing going on, STRK continued to be in a consolidation phase.
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STRK Price History
On February 20, STRK commenced its trading as a new token in the market, and its price immediately shot up to $4. However, it immediately dropped to $1.60 the next day. Following that, the price leveled down and formed a descending triangle, which served as support for the $1.80–$1.60 range.
The following day, on April 12, the price fell to a low of $1.10 when this horizontal support was breached. Since then, there has been a downward tendency in the price. Despite all of the recent changes, STRK is probably going to continue dropping in the future if bulls don’t catch up soon. The absence of ecosystem-based bullish indicators makes it challenging for the token to locate and stay above a support level.
Will STRK Rise In The Future?
At present, it is difficult to assess if STRK can continue to rise in the future or if the token will see a further price drop. The Fear & Greed Index is currently displaying 60 (Greed), and the StarkNet price forecast sentiment is currently pessimistic.
As of right now, STRK is on the last and fifth wave of its decline. There are two indications that the bottom will either be reached soon or has already been achieved. First off, wave five of Starknet has been the same length as wave one. Secondly, the price is situated in the midst of a parallel channel that is lowering and contains the whole action. In that scenario, an upward corrective equal to the duration of the previous decline can start for the STRK price. This provides an October 2024 objective of $1.82.
Several of STRK’s top technical indicators, when evaluated on a one-day chart, suggest that there may be a longer rally ahead. STRK’s Chaikin Money Flow (CMF) has increased in tandem with price. This indicator calculates how much money enters and leaves an asset. It indicates that the market is receiving liquidity when it spikes. An asset’s price and CMF trending higher indicates that there is real demand for the asset, which supports the price movement.
