- STRAX breaks out from a descending channel, signaling a potential bullish reversal with buyers gaining control above key resistance levels.
- A projected 47.58% upside move targets $0.056, with price action confirming strong buyer interest and a shift from bearish to bullish sentiment.
- Sustaining above the breakout zone is crucial for further gains, while failure to hold support could invalidate the bullish breakout pattern.
According to World Of Charts, the cryptocurrency market is seeing a possible trend reversal in STRAX, which has been in a protracted downward trend. With regular lower highs and lower lows, the price movement has been contained within a declining channel. Recent trends, however, point to a breakout and a potential bullish surge.
STRAX Enters Breakout Zone
For months, STRAX has struggled within a descending channel, reflecting a bearish market structure. The price respected both boundaries, forming a clear pattern of consolidation. However, a crucial support level emerged at the lower boundary, leading to increased buying pressure. This zone aligned with previous lows, reinforcing its importance.
Recently, STRAX rebounded from this support and approached the upper boundary of the channel. The price then broke above the descending trendline, signaling a shift in momentum. Buyers have gained control, pushing the price beyond resistance levels.
Projected 50% Upside Move
The breakout from the descending trendline suggests a measured move projection of approximately 47.58%. This sets a potential price target of around $0.05600. Such a move would represent a recovery from previous lows.
Key resistance levels at $0.044 and $0.056 could influence price movements. If STRAX sustains above the breakout zone, further upside potential remains likely. However, failing to hold this level may result in a pullback toward previous support zones.
Market Sentiment & Future Outlook
Market structure indicates a transition from a bearish phase to a possible bullish cycle. The breakout follows a prolonged consolidation, adding strength to the bullish case. Candlestick formations in the coming sessions will determine whether this move is sustainable.
Moreover, volume data remains undisclosed, but price action suggests strong buyer interest. Holding above the broken trendline will be crucial for confirming further gains. If momentum continues, STRAX could witness sustained growth in the short to mid-term.
Consequently, traders should monitor price stability above resistance levels. A continued uptrend could lead to further bullish momentum. On the other hand, failure to hold support may invalidate the breakout.
