Starknet’s STRK token has lost nearly 10% of its value just a week after the ZK-Rollup platform initiated its first phase of staking. Currently trading at $0.38, STRK’s price has dropped 16% in the past 24 hours, making it the third-largest loser behind Beam (BEAM) and Arweave (AR).
Positioned below a critical resistance level, a further spike in selling pressure could push STRK’s price to retest its all-time low of $0.31.
Starknet Bears Defend Resistance
Readings from STRK’s one-day chart show that its price is currently hovering below the resistance formed by its Ichimoku Cloud at $0.43. When an asset’s price is below this cloud, it suggests that sellers have control, and any attempts to push higher are met with resistance from within or just above the cloud.
Traders view the cloud as a significant barrier, and breaking through it to the upside is difficult without strong buying momentum.
Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx
Moreover, STRK’s declining Chaikin Money Flow (CMF) reflects the lack of buying pressure to push above this key resistance level. This indicator, which measures money flow into and out of the market, recently broke below the zero line. At -0.03 at press time, selling pressure outweighs buying activity among STRK traders.
A negative CMF value indicates more capital outflow than inflow. This means traders are selling more of the asset than they are buying, leading to a price decline.
STRK Price Prediction: The Bulls Must Defend the Cloud
If selling pressure intensifies and STRK bulls cannot push the price above the cloud, the downtrend will likely gain momentum. The coin’s next target could be its all-time low of $0.31, last seen on August 5.
Read more: What Is Crypto Staking? A Guide to Earning Passive Income
STRK Price Analysis.Source: TradingView
On the other hand, if a surge in buying activity occurs, STRK’s price may attempt to rally above the cloud, potentially reaching $2.25 — a high last recorded in March.
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