Starknet (STRK) Price Pumps 5% as Trading Volume Hits $120 Million

Starknet's trading volume exploded today as STRK price followed with a 5% pump. This is great news considering the crypto market is in a downtrend.

Starknet’s native token, STRK, experienced a 5% price surge on Monday, fueled by a substantial trading volume that reached $120 million in the past 24 hours. This surge comes at a time when the broader crypto market is facing a downturn.

Crypto analyst Badman (Badmanbtc on X) highlighted this development, bringing it to the attention of his 21.9k followers on the platform.

This recent price pump follows a period of prolonged decline for STRK, making this surge a pivotal moment for the token. As a result, traders are closely watching for a potential shift in market sentiment, transitioning from bearish to bullish.

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Technical Analysis: Breaking Resistance Levels

A closer examination of the chart reveals that the price of STRK has broken through a descending trendline, which served as a strong resistance level. This breakout suggests a potential weakening of the bearish momentum, indicating that the token is poised for a bullish phase.

The token’s price was previously confined within a range of $0.35 to $0.41, and it has now breached this resistance level at $0.41. Moreover, the price action indicates that Starknet has been consolidating within a horizontal channel, making this breakout even more significant as it could lead to a new trend.

Image Source: X/badamanbtc

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Volume Surge Signals Bullish Momentum

One of the key aspects that support this breakout is the substantial volume spike. A green arrow on the chart highlights this increase in volume, which plays a crucial role in validating the breakout.

As noted by Badman in his post, volume is a key factor in technical analysis, and when a large number of buyers enter the market, it tends to drive the price up. This observation aligns with Badman’s emphasis on volume in his tweet.

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Resistance and Support Levels to Watch

Following this breakout, the immediate level to watch is around $0.45, which previously acted as a swing high. If STRK continues to ascend, this level could present the next resistance zone.

However, it is also important to monitor whether the former resistance at $0.41 holds as support. If this level remains strong, it could confirm the sustainability of the bullish trend.

This development comes as STRK is gaining more traction within the crypto market, driven by rising volume and technical analysis suggesting potential growth.

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