Starknet (STRK) experienced a 10% price increase following the initiation of its staking program, attracting trader attention as it approaches critical resistance levels.
The Relative Strength Index (RSI) indicates an overbought condition, suggesting potential difficulties in maintaining the upward momentum. Alongside, the Chaikin Money Flow (CMF) shows moderate buying pressure, questioning the rally's sustainability.
The RSI, now at 77, marks a significant rise, putting the token in overbought territory, potentially hinting at a price correction. If it drops below 70, it may allow the price to stabilize and attract new buyers. However, staying above 70 could mean peaked buying pressure, posing risks of a sell-off.
Currently, the CMF stands at 0.06, indicating mild positive buying pressure. This suggests modest market support but not enough for a significant breakout or to withstand rising selling pressure if it starts.
Looking forward, STRK faces strong resistance at $0.51 and $0.59. If these are broken, an upward move to $0.91 is possible. However, significant addresses holding tokens at these resistance levels may trigger selling pressure.
The Global In/Out of the Money metric identifies key resistance and support levels. A weak support zone exists between $0.41 and $0.45, which if broken, could lead to further drops towards $0.38.
