The Crypto All-Stars price jumped 43% in the last 4 hours to trade at $0.000933 as of 04:08 a.m. EST on trading volume that soared to $9 million.
Crypto All-Stars Price On A Bullish Trend Reversal
The Crypto All-Stars price chart, on a 5-minute timeframe, highlights a falling wedge formation. This pattern, marked by converging trendlines, suggests potential price compression and indicates a likely breakout scenario. After a steep sell-off earlier in the session, the price entered a consolidation phase within the wedge, showcasing lower highs and higher lows.
The current STARS price is $0.0009333, showing minor gains as it approaches the wedge’s resistance line, according to GeckoTerminal data. Historically, descending wedges are bullish reversal patterns, especially if accompanied by a breakout above the upper trendline. The upward move near the end of the chart suggests a breakout might already be in progress.
The 200-period moving average lies below the price at $0.00086901, acting as a support level.
The Relative Strength Index (RSI) currently sits at 65.86, nearing the overbought threshold of 70. This suggests growing buying momentum but also signals caution for potential profit-taking if RSI crosses into overbought territory.
Given the technical setup, STARS/USD is showing signs of breaking out of the descending wedge pattern. If the Crypto All-Stars price successfully closes above the resistance trendline, it could target the next psychological resistance levels around $0.001000 or $0.001200.
STARSUSD Chart Analysis Source: GeckoTerminal
On the other hand, failure to sustain above the breakout level might lead to a retest of the support at $0.000869 or the lower wedge boundary.
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