Starknet Price Prediction: Technicals Suggest STRK Is Stabilizing and Could Move to the Upside Soon

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The Starknet price pumped more than 4% over the past 24 hours to trade at $1.90 at press time.

Starknet Price Outlook

1-hour chart for STRK/USDT (Source: TradingView)

The Starknet price has shown notable fluctuations in its price movements over the past few hours. Analyzing the hourly closing prices, a trend where the asset moved from $1.946 to $1.899 can be observed, indicating a slight downward trajectory. This movement is further elucidated by examining the technical indicators.

The 9-day Exponential Moving Average (EMA) values have slightly increased, while the 20 EMA has shown a similar trend. These converging EMAs suggest a potential stabilization in the market, hinting at a consolidation phase for the Starknet price.

Starknet. Limitless. pic.twitter.com/9JW7xc973N
— Starknet 🦇🔊 (@Starknet) February 20, 2024

The Moving Average Convergence Divergence (MACD) values have also shown a gradual improvement, moving closer to the signal line. This is evidenced by the histogram values turning less negative, indicating a reduction in bearish momentum and a possible shift towards a bullish crossover in the near term.

STRK Could Still Go either Way

The Relative Strength Index (RSI) hovering around 40 suggests the Starknet price is neither in an overbought nor oversold condition, providing room for potential upward or downward movements without immediate pressure from either extreme.

Considering the technical analysis and the current resistance level at $1.904, the Starknet price faces immediate challenges to overcome this threshold. Should the momentum continue positively, the next targets for the asset would be the resistance level at $2.188. Conversely, traders selling the crypto could bring STRK down to the support at $1.712.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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