Stratis Surged By Over 121% In The Previous 7 Trading Days — Are The Bulls Aiming Above $2.00?

  • Stratis has recently released their C# Node as well as their DLT.
  • The market has seen a remarkable 121% price surge over the past 7 trading days.
  • Support moving forward: $1.43, $1.27, $1.24, $1.06, $1.00, $0.80, $0.61, $0.50.
  • Resistance moving forward: $1.57, $1.69, $1.85, $2.03, $2.20, $2.39.

Latest Stratis News

After becoming a certified Microsoft Independent Software Vendor, the Stratis team then launched their C# Nodesystem earlier this month on December 12, effectively allowing the long-awaited Stratis platform to go live.

Now, Stratis team has released yet another long-awaited product known as their Stratis Distributed Ledger Technology (DLT). This is momentous news as private companies and enterprises are now able to leverage the recently released C# node to deploy their own private blockchains.

The use of the C# Node language will allow companies to create highly optimized and efficient private blockchains which are scalable to the company’s needs. The private blockchains are capable of storing and tracking information, which are then integrated into the main Stratis blockchain.

This creates a more in-depth use case than just representing cryptocurrency token ownership.

This is a great achievement from the development team as corporations are now capable of deploying their own private blockchains using the Stratis consultancy services.

Stratis also bagged new partnership with MediConnect, who intends to create blockchain solutions for the pharmaceutical industry. Their collaboration is intended to prevent drugs being prescribed and dispensed from multiple pharmacies, reduce addiction, and provide traceability of the drugs from the manufacturing process all the way up to the patient.

Let us continue to take a look at the STRAT/USD market and highlight any potential areas of support and resistance moving forward.

STRAT Price Analysis

The Stratis cryptocurrency has seen a gigantic 41% price surge over the past 24 hours of trading, bringing the current trading price to around $1.46, at the time of writing.

More so, the market has seen a further 121% price explosion over the past 7 trading days after the release of the C# Node.

Stratis is now ranked in 36th position as it retains a $142 million market cap valuation. However, even after the great price rise over the past week, the 28-month old project is still trading at a value that is 93% lower than all-time high price

Stratis Daily Chart

Analyzing price action from the short-term perspective above, we can see that since our last price analysis, STRAT/USD has dropped close to our highlighted support level around the long-term downside 1.618 Fibonacci Extension level (drawn in blue) priced at $0.5225.

STRAT/USD had reversed slightly higher at $0.53 and has continued to surge ever since, breaking well above the $1.00.

The market has recently hit resistance at the previous long-term downside 1.272 Fibonacci Extension level (drawn in blue) priced at $1.43, but has managed to break above as it now attempts to break above the $1.50 handle once again.

Trend: Bullish

The market is undoubtedly bullish at this moment in time as price action has now surged above $1.00. Price action broke above the previous December high, has continued higher, and is now attempting to break above $1.50.

The market will need to break above the resistance at $1.50 for the bullish run to continue instantly. However, there may be a slight pull back before this can happen.

Where is the Resistance for STRAT Above the $1.50 Handle?

If the buyers can continue to purchase up the market and push price action for STRAT/USD above $1.50, we can expect immediate higher resistance to be located at the short-term 1.272 Fibonacci Extension level (drawn in purple) priced at $1.55.

Further resistance above this can be expected at the medium-term bearish .382 Fibonacci Retracement level (drawn in red) priced at $1.68. This area of resistance is further bolstered by the short-term 1.414 Fibonacci Extension level (drawn in purple) priced around the same area.

If the bulls continue to drive price action further higher above $1.70, we can expect further resistance toward the upside to then be located at the short-term 1.618 Fibonacci Extension level (drawn in purple) priced at $1.85.

This is followed by the medium-term bearish .5 and .618 Fibonacci Retracement levels (drawn in red), priced at $2.03 and $2.39 respectively.

Where is the Support for STRAT Below $1.50?

If the bears regroup and begin to push price action lower for STRAT/USD, we can expect immediate support toward the downside to be located initially at the 100-day moving average (black line) which currently floats around the $1.27 handle.

Further support beneath this can then be located at the bearish .236 Fibonacci Retracement level (Drawn in red) priced at $1.24, followed by support at the $1.00 handle.

What Are the Technical Indicators Showing?

The RSI is in extreme overbought territory which indicates that the bulls may be reaching a point of exhaustion. However, it is important to note that the RSI can remain in overbought conditions for a number of days before beginning to retrace.

Price action has also boosted above the 100-day moving average which is a strong bullish signal.

If the 7-day EMA (blue moving average) and 21-day EMA (purple moving average) can continue to climb beyond the 100-day moving average, we can expect Stratis to continue to create fresh highs well above $2.00.

Conclusion

Development is an extremely important pillar for any blockchain project and the recent price surge resulting from the Stratis releases has proven this.

With the latest launches, Stratis can now begin to create private blockchain solutions for companies that don’t intend, or need, to have a public blockchain. The Blockchain-as-a-Service industry has now officially taken off.


Source
Author: Yaz Sheikh
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