Starknet (STRK) Bullish Run Continues, Technical Indicators Show Strong Momentum

The cryptocurrency market witnessed a notable surge in Starknet’s value, with an over 4% increase pushing its price to $2.45. This rise comes as a surprise, especially given the prevailing market downturn that has seen many investors turning cautious.

Starknet, however, has defied the odds, capturing the interest of the crypto community and prompting a rush among investors to acquire the digital asset.

Breaking Through Resistance Levels

During the trading session, Starknet achieved a significant milestone by breaking through the $2.188 resistance level. This achievement was marked on its 4-hour chart, showcasing a pattern of higher lows and higher highs that signal a robust bullish momentum.

The positive trajectory formed a promising price channel, suggesting that Starknet could soon surpass the $2.50 mark. A sustained closure above this threshold could solidify its position and set the stage for further gains.

However, the optimism surrounding Starknet’s performance comes with a caveat. Should the cryptocurrency fail to maintain its position above the $2.350 mark in the subsequent 24 hours, it might face a period of consolidation or correction. The $2.188 support level becomes crucial in this scenario, as a dip below could trigger a significant market correction, potentially driving prices down to $1.904 or even $1.712.

Technical Indicators Favor Bullish Sentiment

Despite these potential challenges, technical indicators on Starknet’s 4-hour chart reinforce the bullish sentiment. The Moving Average Convergence Divergence (MACD) presents a positive outlook, with its line advancing above the signal line. This development is typically interpreted as a sign of strengthening bullish momentum, although the leveling off of the MACD histogram suggests a possible peak in this trend.

STRK/USD 4-hour price chart (source: TradingView)

Furthermore, the stochastic RSI rating of 72.75, which is going below its signal line, suggests that there may be some short-term consolidation or a minor pullback before the rising trend can resume. If the price remains above critical support levels, such as the 50-day moving average, it may imply that the bullish trend will continue. Traders should look for signs of weakness or a break below these levels, as this could indicate a shift in market mood.