Despite the latest market drops, Starknet increased by over 6% today but is yet to make a significant move as it continues to consolidate daily. Its bearish bias remains valid with no signs of a major shift. 

Since the token was listed on the market on February 20, the price has been on the fall due to several whale dumps. This led to a serious reduction and the price fell to a low of $0.45 three weeks ago. 

Looking at the current bearish market structure, STRK’s trading seemed to have reached an oversold area on the daily outlook. As seen on the price chart, trading volatility is extremely low. The price is now testing a four-month resistance line

Two things are likely to happen from the current consolidation area: a bearish extension due to rejection or a breakout of the resistance line.

A bearish extension from the current trading level could plummet the asset back to the market launch price. Considering the latest increase, which positioned the market for a surge, the price may advance to the $0.8 level. This should validate a break out of the resistance line.

Whichever way it goes, the general trading bias remains bearish on the higher timeframe. A notable recovery above $2.7 should validate a shift in the trend. As of now, the market is still under the bears’ radar.

In the middle of consolidation, the crucial resistance level to watch for a break-up is $1. The next important resistance for recovery lies at $1.4, followed by $1.8.

The market is currently sitting on the $0.45 support. A breakdown of this support could send the market to the $0.2 level – the launch price. $0.1 would be the next level to watch in case of more breakdowns.

Key Resistance Levels: $1, $1.4, $1.8

Key Support Levels: $0.45, $0.2, $0.1

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: peshkov/123RF // Image Effects by Colorcinch

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