At the beginning of July, the Stratis (STRAT) price broke out from an almost yearlong resistance area. However, it could not sustain the rally and has fallen back into the previous range.
Until the price reclaims the breakout level, the price movement cannot be considered bullish.
Stratis Failed Breakout Leads To Deviation
In the period measuring from August 2019 to July 2020, the STRAT price faced resistance from the 6,000 satoshi area. However, at the beginning of July, STRAT briefly broke out above this level and reached a high of 8,050 sats on July 20. However, the STRAT breakout left two long upper-wicks in its wake and the price fell back below the breakout level. This is a sign that the breakout was a deviation rather than a legitimate upward movement. The MACD has become negative and a bearish cross has already transpired. Furthermore, the RSI has fallen below 50—all bearish signs. At the time of publishing, STRAT was trading slightly above the minor support area at 4,550 satoshis.
End of the Correction?
Cryptocurrency trader @Mesawine1 tweeted a Stratis chart, stating that the price is done with its correction and will likely move upwards from here.


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