The current context of the cryptocurrency market is particularly so depressiveall altcoins take bear roadbitcoin and ethereum are in difficulty. However, our Wednesday Crypto Trend persists and weathers market storms. After researching our social networks, we will focus on cryptocurrency STRKLayer 2 token Starknet. After listing in great form, we will see that it is no longer a great joy for investors. Without further ado, let’s go to TradingView to analyze the price of STRK.
STRK on the way to $0.50 bottom?
After listing in excellent conditionwhich powers the Starknet token to more than 2.5 dollars (with the exception of the wick) there was a delay of several weeks before the start of the first bearish leg, leading to the formation of a second delay zone between $1.12 and $1.40. The month of June, which lasted for more than two months, witnessed a fall acceleration with the creation of new, unprecedented lows, also resulting from non-existent history and a market context marked by a general collapse.
It is especially in this configuration complex predict the dynamics that the token could have in the coming weeks. The market appreciates psychological thresholdsif the fall continues, it is very possible to see the reaction of STRK to zone $0.50 (shown in green). Of course it is possible to slow down in the fall before we reach this, it will depend on the market context and especially the capacity of Ethereum and Bitcoin regain strength by avoiding a continuation of the bearish trend on altcoins.
On this 3D time unit, in case of token recovery, distortion will remain bearish until STRK is able to regain support of the previous range at $1.12. It is previous rather than hoping for a long-term trend reversal.
Can we expect a reversal during the day?
On a smaller time scale, H2we can see a decreasing trend as well as the 3D time unit (as well as other time units) which is indicative of the strength of the current momentum. However, after more than 24 hours, STRK appears to indicate a slow down between $0.74 (resistance) and $0.70. What should we expect in this context?
We have two scenarios available to us. On the one hand, it is most likely the fall of STRK below the current support zone, which will confirm the continuation of the bearish trend by taking the direction of the green zone, previously identified on the 3D time unit. On the other hand, we can hope for it the presence of a dip for the token (unlike previous consolidations where assets continued to decline). To achieve this, STRK will have to regain first resistance (shown in R1 in the chart). If that happens, we will have the first signs of an intraday reversal. However, for the change to take shape in the coming weeks, it must also occur in larger units of time, especially in 1D or 3D.
Specifically, watch closely for a breakout from $0.74 to the upside resistance #2 and #3respectively placed on $0.85 and $0.97. These are the thresholds that STRK will need to regain if it wants to return to the old support of $1.12.
Overall, the STRK token suffers from a decline in the cryptocurrency market by full power. The rebounds are weak, even non-existent. Consolidation periods are fastall marked by a new bear’s foot, which clearly indicates o the disappearance of incoming liquidity on the market. A particularly difficult context for altcoin holders. However, there is still hope for STRK’s bullish recovery, assuming Bitcoin and Ethereum can regain strength. The next few days will be worth watching closely, especially for the ability of the asset to bounce back once and for all and overcome the current momentum in different time units. The first development in favor of an increase will occur in the year intraday. Watch these time units carefully so they are as sensitive as possible in case of trend change.