Follow Us

Amid Positive Changes In STRK, Can It Throw A Rally Upwards Or Fall?

Share on facebook
Share on twitter
Share on linkedin

Share

Share on facebook
Share on twitter
Share on linkedin

On May 8th, 2024, STRK tweeted that their goal for 2024 is to destroy gas fees and keep them below $0.01, in order to become the L2 with the highest TPS capacity, reaching several hundred TPS.

Tweet By Starknet | On X Platform

On May 13th, in another tweet, Starknet announced that their plan of action is in place, with gas fees reduced to an extremely low $0.001. They shared a screenshot to compare gas fees from other cryptocurrencies, which showed that these low fees pave the way for exciting use cases such as micro-payment-based protocols, DePIN marketplaces, autonomous agents, and gaming. 

Tweet By Starknet | On X Platform

This highlights that transactions on STRK might become faster and cheaper, as they continue to innovate.

Unfolding In-depth Price Structure Of Starknet (STRK)

STRK has shown a significant display of strength between buyers and sellers, after starting with consolidating, the price wave shifted in buyers’ favor for the short term. It ascended on the daily chart from March 5th, 2024, to March 13th, 2024, building a top on the daily chart at $2.70, from the support at $1.75. However, the wind shifted in the Bears’ favor, and from March 14th onwards, price deteriorated and collapsed all previous support levels.

According to the technical daily chart, the STRK price has witnessed strong selling pressure. For the last few weeks, the Starknet asset has been consolidating, as it has been struggling below the 20-day EMA and falling by facing resistance, which is influenced by the sellers’ surge. Meanwhile, STRK has recorded an all-time low at $1.060 on april 27th 2024, on the day of writing, sellers still seem stronger as it has been consolidating near A-T-L since then.

At press time, the STRK price traded at $1.200 with no major gain or loss from last intraday session, as it shows a mere +0.33% rise. The market capitalization is $879.42 Million and the 24-hour trading volume is $87.92 Million.

Will STRK Crypto Succeed In Guarding the $1 Mark? Let’s Decode That On Daily Chart

The STRK price has been displaying significant weakness on a daily time frame, currently trading close to its all-time low. The price has been deteriorating continuously, and if it gains bullish momentum and meets resistance from the 20-day EMA on the daily chart, sellers could become confident and push the price to a new all-time low by breaking the support.

On the other hand, if the Starknet crypto price manages to move above the 20-day EMA and remains there for a few daily sessions, an increase in trading volume could generate short-term buying momentum, under these possible conditions.

Technical indicators show that the price trades at the lower Bollinger band, making it challenging for the price to reach the basis line in BB. The STRK price MACD tool is at -0.079, indicating that bears’ strength is superior to bulls, and bulls have no control yet. The RSI is at 38.20, trading below the key moving-SMA smoothened line. Overall, the technical indicators demonstrate negative sentiment.

Therefore, if the STRK crypto price fails to stay above the $1.100 price level, it could decline further.

On the contrary, if the demand for the STRK asset price remains high, it could rebound from the current level. This scenario would be visible in the technical indicators once the RSI crosses the median line, the MACD jumps above the zero line, and the BB carries the price above the basis in the upper band. The next target for the STRK price would be to reach $1.40 and $1.90, respectively.

Summary

Starknet aims to become the L2 with the highest TPS capacity and destroy gas fees under $0.01. However, the STRK asset’s price has been showing significant weakness recently, trading near its all-time low. 

Technical indicators indicate negative sentiment, with bears’ strength being superior to bulls. If the price fails to stay above $1.100, it could decline further. However, if demand remains high, it could rebound and reach $1.40 and $1.90, respectively.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00