Starknet (STRK) Remains Under Pressure, But Signs of Stabilization Are Beginning to Emerge

Starknet (STRK) remains under pressure, but signs of stabilization are beginning to emerge. Despite releasing 127.6 million tokens into circulation in its next unlock

Starknet (STRK) token price has come under pressure in recent days, with the cryptocurrency remaining in a cautious technical outlook despite signs of stabilization emerging.

The project released 127.6 million STRK tokens, valued at approximately $15.71 million at the next unlock price, into circulation on Wednesday.

However, the project is pushing forward with adoption efforts, including enabling STRK payments in 15,000 shops worldwide.

Technically, the Relative Strength Index (RSI) is in neutral territory, while the Chaikin Money Flow (CMF) shows reduced selling pressure.

But the moving average (MA) lines still reflect a downtrend, keeping the outlook cautious for now.

Starknet RSI Is Still Neutral

Starknet was one of the most anticipated token unlocks of the third week of April.

Relative Strength Index (RSI) is a technical indicator used in momentum analysis to measure the magnitude of recent price changes. It compares the size of the "up" moves to the size of the "down" moves over a specified time period.

The RSI ranges from 0 to 100, with relative strength indicated by levels over 50 and weakness by levels under 50.

It is considered overbought when it reaches 70 and oversold when it reaches 30. An RSI around 40 suggests neutral to bearish momentum.

Starknet token is still trading at a technical RSI of 42.92 at press time, recovering slightly from 37.29 yesterday but down from a high of 44.76 earlier today.

Its Relative Strength Index (RSI) is showing signs of stabilization as it climbs from lower levels reached on April 19.

The RSI is now in neutral territory, suggesting a pause in the strong bearish momentum that pushed STRK to lows of $0.103.

However, with RSI still below 50, it indicates that sellers have more control over the price trend.

If RSI continues to rise and approaches overbought levels at 70, it may signal a stronger shift in momentum, paving the way for a potential short-term recovery.

But if selling pressure returns and pushes RSI back below 30, it could signal more weakness ahead for STRK.

StarkNet’s Chaikin Money Flow Improves

StarkNet’s Chaikin Money Flow (CMF) has improved to -0.10, increasing from -0.32 yesterday.

Chaikin Money Flow (CMF) is a volume-based indicator that measures the flow of money into or out of an asset over time. It is plotted as an oscillator that ranges from -1 to 1.

CMF values above 0 indicate buying (accumulation) and values below 0 indicate selling (distribution).

A CMF reading of 0 to 0.10 signals moderate outflows, while a reading of -0.40 to -0.30 suggests stronger selling pressure.

Greater readings in positive territory indicate strong accumulation, and lower readings in negative territory indicate strong distribution.

Although still in the negative zone, which signals a stronger selling force, Starknet token’s Chaikin Money Flow (CMF) is showing signs of stabilization.

As the indicator moves closer to the neutral line at 0, it suggests that the volume of sellers is decreasing, potentially indicating a shift in balance toward buyers.

If CMF continues to rise and crosses into positive territory, it may support a short-term recovery in STRK’s price as it signals a reversal in the volume-weighted cash flow.

However, if selling pressure persists and pushes CMF back to lower levels, it could signal that the current respite from selling is temporary, and further price declines are likely.

Will Starknet Fall Below $0.11?

Starknet’s short-term averages are still positioned below long-term ones, which bodes poorly for the bulls.

If this pattern holds and the bears succeed in increasing selling pressure, it may open the door for further testing of the crucial support zone, which ranges from $0.109 to $0.11.

A breakout to the downside could invite additional selling and propel STRK toward the nextويات دعمpivotal at $0.09.

Conversely, if the bulls manage to shift the momentum and propel STRK to break through the key resistance levels at $0.137 and $0.142, it could signal a stronger recovery.

A sustained move above these zones may pave the way for a continuation of the uptrend, setting the stage for a potential rally toward the next resistance at $0.158.

News data source: kdj.com

The above is the detailed content of Starknet (STRK) Remains Under Pressure, But Signs of Stabilization Are Beginning to Emerge. For more information, please follow other related articles on the PHP Chinese website!