Starknet’s trading volume exploded today as STRK price followed with a 5% pump. This is great news considering the crypto market is in a downtrend.
Crypto analyst Badman (@Badmanbtc on X) confirmed this recently, making his 21.9k followers aware of the latest price pump STRK is experiencing with a surge in its trading volume.
This post came as STRK broke out of a protracted downturn, marking a pivotal moment for the token. At this moment, traders are now eyeing a potential upside momentum for STRK, suggesting a shift in market sentiment from bearish to bullish.
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STRK Chart: Technical Analysis
According to the chart, STRK’s price broke through a descending trendline that had acted as strong resistance level for a while.
This breakout signals a possible weakening of the bearish momentum, suggesting that the token is heading toward a bullish phase.
Image Source: X/badamanbtc
The price was previously stuck in a range between $0.35 and $0.41 and has now surpassed its resistance level of $0.41.
Moreover, the price action indicates that Starknet has been consolidating within a horizontal channel, making this breakout even more significant as it could lead to a new trend.
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Show more +Show less – Volume Surge Reinforces STRK’s Bullish Momentum
The substantial volume spike is one of the key indicators supporting this breakout. A green arrow on the chart highlighted this increase in volume, which plays a crucial role in validating the breakout.
Increased volume during such price movement suggests considerable buying pressure behind the trend.
This observation aligns with Badman’s tweet, emphasizing the importance of volume in technical analysis. Moreover, when a multitude of buyers enter the market, the likelihood of a sustained upward trend increases.
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Resistance and Support Levels to Watch
Following this breakout, the immediate level to watch is around $0.45, which previously acted as a swing high.
If STRK continues to rise, this level could present the next resistance zone. However, it is important to monitor whether the former resistance at $0.41 holds as support. If this level holds, it could confirm the sustainability of the bullish trend.
Finally, this development comes as STRK gains more popularity within the crypto market, driven by rising volume and technical analysis pointing towards potential growth.
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