Starknet Token Shows Mixed Signals: Despite a 4.6% Market Cap Rise and a 0.78% Increase in Trading Volume, It Remains Highly Volatile With Bearish Sentiment

The Total Value Locked (TVL) for the Starknet (STRK) token is $289.3 Million, followed by a stablecoins market cap of $66.41 Million.

Starknet (STRK) Token Analysis: Key Takeaways

The Total Value Locked (TVL) for the Starknet (STRK) token is $289.3 Million, followed by a stablecoins market cap of $66.41 Million.

The market cap for the Starknet token advanced by 4.6% to reach $904.392 Million in the last 24 hours. Also, it is the 78th largest cryptocurrency in the global crypto market.

A flat change followed by a slight advance of 0.78% in traded volume was noted. This is followed by a traded value of $92.444 Million, resulting in a huge liquidity of 10.21%.

Starknet has a total of 8.9K holders, and its top 10 holders make up 62.71% of the total supply. Also, the largest holding address of the token alone holds 2.5 Billion STRK, which is 25% of the supply.

The open interest in the token has also been flat over the last few days, and an advance of 4.7% in the last 24 hours has been witnessed from press time.

Despite this, the value of the derivatives traded volume of the token witnessed a decline of 2.3% over the last 24 hours. This further resulted in a traded value of $160.40 Million.

The STRK price was in a strong downtrend, it declined consistently over the last few months.

The formation of lower highs and lower low swings on the chart followed the token price decline.

Following the most recent price action, STRK formed equal highs on the charts. This further shows the possibility of further decline in the price as the overall structure of the token’s price is negative.

The 50-day and the 200-day EMAs on the daily chart of the STRK crypto have been trading in a death cross for a long time. This showed a strong downtrend in the price over a long time.

The MACD showed uncertainty as its metrics traded negatively following a bullish cross. The RSI further tried to take support at the 50-level and broke above the 14-day SMA, reflecting bullishness.

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