Flash Analysis: Stratis Hits Targets and Runs into Resistance

 

Stratis has delivered on its promise since yesterday’s analysis, and hit all the targets and even rose above the 0.0040 level. While the coin is still holding above 0.0040, there are signs that indicate a coming pull-back. During the rally of the past two weeks, long candlestick shadows always preceded significant corrections, as sellers pushed back several consecutive break-out attempts.

While more upside is definitely possible, the swift 350% rally end the technical setup suggests that traders should be cautious here.  The possible correction could carry the pair to the 0.00335 level where the rising short-term trend-line converges with a Fibonacci –extension line. An ideal setup would be a dip to the 0.0028-0.0030 interval.

The token took off last week after the development team announced that “we have mined the first Proof-of-stake block on the Stratis testnet blockchain utilizing our C# Full node.” The Stratis Baas (Blockchain-As-A-Service) platform offers solutions for native C# blockchain applications in on the .Net framework instead of using a proprietary framework.

Featured image from Pixabay

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Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.