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Starknet (STRK) has been forming a falling wedge pattern on its 1-day chart, and based on the current structure, it appears that a breakout is imminent. This development presents short-term targets at $0.6 and $0.8 for traders.
As outlined in the 1D chart, STRK has displayed resilience despite facing intense selling pressure earlier this year. The cryptocurrency plummeted from $4 to under $0.50 following a massive airdrop, resulting in millions of STRK being dumped onto the market by Ethereum infrastructure firm Nethermind and airdrop hunters.
However, since then, the token has demonstrated remarkable strength, rebounding back up to $0.708 as of December 3, 2024. This renewed vigor has led many analysts to conclude that a breakout is now likely, with short-term targets set at $0.6 and $0.8 offering traders fresh opportunities.
STRK’s Falling Wedge Signals a Breakout
As depicted in the 1D chart, STRK has completed a five-wave decline in March, followed by an A-B-C corrective move. Wave C appears to be in progress, targeting $1.48 based on the 0.5 Fibonacci retracement level. This resistance level often serves as a key barrier in corrective phases.
Moreover, volatility, measured by the Average True Range, is steadily increasing. Historically, rising volatility has foreshadowed significant price movements. The normalized ATR, adjusted for STRK’s price action, highlights strong momentum building within the pattern.
Traders Should Monitor $0.6 and $0.8 Targets
Short-term resistance levels at $0.6 and $0.8 have become critical points of focus. If STRK breaks out from its falling wedge, it could potentially push the cryptocurrency towards these targets, attracting more investor attention in the process. The recent price rebound suggests strong market support. Additionally, a robust community backing and active trading could further fuel the rally.
To confirm this breakout, traders are advised to closely monitor volume increases and momentum indicators.
Source: cryptonewsland.com
