RSI are neutral due to consolidationThe Starknet (STRK) started from a bull run in March and rose fabulously up to $2.65 price by March 13th, 2024, this surge was more than 1200%. The bulls were not sustainable at that time, and deteriorated in a declining wedge, and the price corrected slowly, until it reached and formed support at $1.05 by May 20th, 2024.
Moreover, after 21st May, the price has been in a consolidation box, which appears to have breached the wedge, with a slide bullish move in the box. This scenario illustrates that the bulls are holding the key support of $1.05, and bears are desperately trying to breach the support. But, bears are not that strong to break the support level of $1.05. This could be a major sign of a Resurgence, as the price needs a push to break the consolidation box range and aim for 100% growth on the daily chart.
Analyst Ijaz Awan posted an optimistic tweet, that STRK exhibits that if it manages to maintain this momentum the price could see a move towards the $2.67 mark over the daily chart, and a strong bullish spike could be triggered out of this consolidation box.
At press time, STRK fell by 1.99% in the last 24 hours, trading at $1.181. Indicators like EMA, MACD, and RSI are neutral due to consolidation. Therefore, as per the hypothesis, if the demand for the asset rises abruptly, then Starknet (STRK) could bounce back from the current level. The next target for the STRK could be to reach $1.80 and $2.60.
However, if the Starknet (STRK) fails to maintain above the $1.05 level, it could decline further, as well.
