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The Stratis price is in the process of breaking out above a significant resistance area. However, the breakout does not have significant strength.

On December 15, the Stratis price broke out from its four-month trading range. We suggested this movement would occur in our previous analysis.  After validating the resistance area as support, it is in the process of breaking out above the next resistance area.

Cryptocurrency trader @devchart outlined this movement in the Stratis price while stating that it is in the process of breaking out.

$STRAT
1D TF

Breaking out.
Expecting some nice moves.#STRAT pic.twitter.com/1rcO9qCVFz

— Devchart (Andre) (@devchart) December 19, 2019

Will Stratis be successful in doing so? If yes, by how much will it increase? Continue reading below if you are interested in finding out.

The Stratis price traded in a range between 3200 and 4500 satoshis until December 15, when the price broke out. It reached the 5300 satoshi resistance area and struggled to break out, creating several long upper wicks. The resistance in this area was strengthened by the presence of the 200-day moving average (MA).

On December 19, it began a very strong upward move and is currently in the midst of creating a bullish engulfing candlestick. While the RSI is at overbought levels, it has yet to create bearish divergence, indicating that the move might continue. The next resistance area is found at 6200 satoshis.

The weekly outlook reveals a slightly different resistance area that has yet to be broken.

The 10- and 20-week moving averages (MA) have made a bullish cross. However, we can see that the Stratis price has yet to move above the previous resistance area — allowing for the possibility that the short-term breakout will not be sustained.

The short-term movement suggests that the breakout is not strong. While the Stratis price moved above the resistance area, it has done so with minimal volume.

Also, there is a bearish divergence in both the RSI & the MACD — suggesting weakness. This makes us believe that the Stratis price is likely to decrease towards the previous resistance line which the price validated as support on December 17. The line is currently near 5000 satoshis.

To conclude, the Stratis price is in the process of breaking out above a significant resistance area. However, the breakout looks weak and the price has yet to confirm that a long-term uptrend has begun. A price close above 5400 satoshis and validation of it as support would go a long way in confirming the uptrend.

The post Stratis Is in the Process of Breaking Out: Is the Movement Legitimate? [Premium Analysis] appeared first on BeInCrypto.

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