- STRK formed a bullish falling wedge, signaling a potential breakout soon.
- Short-term price targets are set at $0.6 and $0.8 for traders.
- Rising volatility and Fibonacci levels indicate strong momentum for upward movement.
Starknet— STRK, has faced a rollercoaster ride since February 2024. The price plummeted from $4 to under $0.50 after a massive airdrop. Ethereum infrastructure firm Nethermind and airdrop hunters offloaded millions, increasing selling pressure. However, STRK showed resilience. By December 3, 2024, the token climbed back to $0.708. A breakout now seems likely, with short-term targets at $0.6 and $0.8 offering traders fresh opportunities.
STRK’s Falling Wedge Signals a Breakout
The 1D chart reveals a falling wedge, a bullish pattern that often precedes a price surge. Analysts suggest STRK completed a five-wave decline in March. The token then began 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 level frequently serves as a key resistance in corrective phases.Volatility, measured by the Average True Range, is climbing. Rising volatility often foreshadows significant price movements. The normalized ATR, adjusted for STRK’s price, shows strong momentum building within the pattern.
Traders Watch $0.6 and $0.8 Targets
Short-term resistance levels at $0.6 and $0.8 have become critical points of focus. A breakout from the wedge could push STRK toward these targets, attracting more interest from investors. The recent price rebound suggests strength in the market. Strong community support and active trading could further fuel the rally.
To confirm the breakout, traders should monitor volume increases and momentum indicators closely. The STRK falling wedge presents an exciting opportunity for traders. While the pattern signals potential gains, navigating volatile markets requires caution and precision.
