STRAT trades in a range of 3,400 to 6,000 satoshis.
Price follows a descending resistance line and faces resistance at the 200 day moving average.
Technical indicators are uncertain
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The course Stratis (STRAT) relapsed into its previous trading range after the first exceeded.
There are no clear signs that the price will exceed it, or come down from this range. Consolidation therefore turns out to be the most plausible scenario.
STRAT exchange range
The STRAT price has been moving within a range of 3,400 to 6,000 satoshis since the beginning of August 2019. It seems that it broke a resistance zone at the beginning of July, when it reached a peak at 8,050 satoshis. Since then, that said, it has passed under this area.
Technical indicators are bearish. The MACD, RSI and Stochastic Oscillator are all in decline, and the oscillator is currently on the verge of forming a bearish cross.
Despite yesterday’s bullish Doji candlestick, price has yet to show clear signs of a turnaround in the weekly timescale. Doji candles are usually a sign of indecision, but can also be seen as bullish knowing that in this case, they arose as a result of a downtrend.
Cryptocurrency trader @CryptoCapo_ pointed out a STRAT / ADA fractal, suggesting that the price of STRAT could act in a similar way to ADA. He thus projects a peak of 29,000 satoshis.
The daily timescale shows that the price is currently facing a confluence of resistance, formed by the following elements:
As with the weekly timescale, technical indicators are uncertain. The MACD is up, but the RSI is falling and the Stochastic Oscillator has yet to form a bullish cross.
Knowing that there is no clear sign of movement in one direction or another, the most plausible option would be consolidation in the long term range. A rise similar to that of the ADA therefore seems unlikely.
In conclusion, the price of STRAT should continue to move within its long-term trading range, located between 3,400 and 6,000 satoshis.