STRK Technical Analysis
Starknet, an Ethereum layer-2 network, has now completed its final upgrade for BTC staking. Thus, Starknet users will be able to stake their BTC as of September 30. From the announcement, we learn that BTC holders will have 25% control power on the consensus, while STRK will have 75% of it. According to the same announcement, validators can now launch BTC staking pools and developers can already start integrating their protocols. Getting support from this news, STRK is now at the edge of a major breakout.
Analyzing the STRK chart on a daily time frame, we see that the coin has been printing a symmetrical triangle pattern for a long time. The price of the coin has been rejected from this level several times and it is now testing this zone again. Therefore, this zone stands as an important level for both resistance and potential volume increase. Horizontal support level is at $0.1140 and working well; the price has bounced from this support several times before, suggesting that the coin is in the final phase of consolidation. A breakout from here looks possible as long as the support holds. However, the price may pull back to the level at $0.0960 if the level $0.1140 breaks down, and this action could deepen the bearish move.
The price of the coin is currently testing the upper border of the triangle formation at $0.1320–$0.1350. A strong breakout of this formation could propel the price toward the first target at the level $0.1589. A daily close above the level $0.1350, in particular, may signal a bullish move for market participants.
Breaking of the downtrend would not only suggest the start of an uptrend but also signal the end of the long-lasting bearish momentum. The next major target will be the range between the levels $0.21 and $0.24 if the level $0.1589 is surpassed.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
