Will STRK Break Hurdles Above And Rise Ahead?

2 Sep

Over the daily chart from March 2024, Starknet's price plunged and turned investors' gains into losses. The plummetation in STRK price led to the formation of a converging downward wedge pattern.

The fall began after the failure to break past the $2.780 (ATH) on March 13th, 2024. The fall took a halt at $1.11 by mid-April 2024 and caused many to think of that very sideways action as a sustenance, which failed.
The Consolidation in price kept the movement in a horizontal range. STRK struggled to surpass the $1.36 resistance level. This struggle led to a fall below the psychological $1 mark and reached $0.460 by mid-July 2024, coinciding with the channel's lower border.

On July 5th, the price attempted to rise, but this time, it did not even manage to cross beyond $0.637 and deteriorated more in the rest of the month of July.
Now, as observed above, similar to April's earlier sideways movement has started in August 2024, too.
Now, from a price point of view, if it repeats April's action, then a downtrend could stretch more, followed by lower levels to come.
On the contrary, if this price action of August is indeed a breakout, then the STRK must show a bullish confirmation by crossing above $0.637. Then STRK could potentially enter a major uptrend.