The Stratis price has been trading inside of a range for the past 104 days. We believe it is likely to break out and reach the resistance area at 6100 satoshis.
Since reaching a high in May 2017, the STRAT/BTC pair has decreased by a massive 99.17 percent. However, the price has been showing some signs of reversal and has been trading inside a range for roughly the past four months. If it were to return to its all-time high levels, that would mark a 120x increase from the current price.
Cryptocurrency analyst and trader @cryptomichnl stated that the Stratis chart suggests that the price is heading towards the range high at 4500 satoshis. When the range is broken, we could see a rapid price increase.
Following the plan quite nicely here.
Green holding up and then we’re ready to move towards the range high (around 4500).
Real fun starts when that one is broken. pic.twitter.com/ZUHcIhx68P
— Crypto Michaël (@CryptoMichNL) November 20, 2019
When will this increase occur? How much will the price increase? Continue reading below in order to find out.
The Stratis price has made a bottom at 3250 satoshis three times, creating a support area. After it reached it for the second time, it created a strong bearish divergence in the RSI before moving upward.
The third touch of the support area created a long lower wick since the price was quickly bought up. This suggests that the bulls are taking over.
There is a strong resistance area at 4500 satoshis. These two create a range in which the price has been trading since the beginning of August.
Since October 26, the Stratis price has been gradually increasing and has moved above its 100-day moving average. A breakout above the current range would likely take us to 6100 satoshis — a previous resistance area and the 200-day MA.
Taking into account the fact that the price has been trading inside its current pattern for 108 days, the ensuing breakout could be swift and it is possible that the Stratis price moves even higher.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Twitter, TradingView.
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