Market
Starknet (STRK) Price Faces Key Resistance After 10% Surge
Starknet (STRK) recently launched the first phase of its staking program, triggering a 10% price surge in just one day. This sudden price movement has attracted the attention of traders, as the token approaches key resistance levels. Despite the strong momentum, technical indicators are painting a mixed picture of the asset’s outlook.
The Relative Strength Index (RSI) is signaling an overbought condition, which suggests that STRK could struggle to maintain its upward trajectory. At the same time, the Chaikin Money Flow (CMF) shows only moderate buying pressure, raising questions about the sustainability of the current rally.
Starknet RSI Is Showing an Overbought State
Starknet’s RSI has surged to 77, up from 48 just two days ago, indicating that the price has seen a significant increase in a short period. This sharp rise suggests that Starknet is now in overbought territory, potentially signaling a price correction.
RSI, or Relative Strength Index, is a technical indicator that measures the speed and magnitude of price changes. It operates on a scale of 0 to 100, with levels above 70 considered overbought and levels below 30 considered oversold.
Read more: A Deep Dive Into Starkware, StarkNet, and StarkEx
If Starknet’s RSI decreases from its current level, it could provide a cooling-off period, giving the price room to stabilize and potentially attract new buyers at lower levels. However, if the RSI remains at 77 or above 70, it might indicate that buying pressure has peaked, which may limit further upward movement and even prompt a sell-off.
STRK Chaikin Money Flow Is Currently Moderately Positive
STRK Chaikin Money Flow (CMF) is currently at 0.06, showing a mild but noticeable positive buying pressure. While this suggests that there is some interest in the asset, the buying pressure isn’t particularly strong, meaning the inflow of capital is modest.
The CMF is a widely used technical indicator that combines both price and volume data to determine whether money is flowing into or out of an asset. It operates on a scale from -1 to +1, with values above 0 showing net buying pressure and values below 0 indicating net selling pressure.
A reading closer to +1 signals strong buying interest, while closer to -1 suggests significant selling. With STRK’s current CMF at 0.06, the market is showing some support from buyers, but it’s not overwhelmingly bullish.
For STRK price to maintain a steady increase or even continue rising significantly, stronger buying pressure would typically be necessary. A CMF value of 0.06 may indicate that while there is some demand, it’s not enough to fuel a breakout or protect the price from falling if selling pressure starts to rise.
Starknet Price Prediction: Strong Resistance Ahead
There are strong resistance levels for Starknet (STRK) at $0.51 and $0.59, where a significant number of addresses are holding tokens at higher prices, potentially leading to selling pressure.
If these resistance zones are broken, STRK could see an upward move toward the next major resistance at $0.91, where fewer addresses are holding coins allowing for the possibility of a quicker price rise if buying pressure continues.
Read more: What Is Crypto Staking? A Guide to Earning Passive Income
The Global In/Out of the Money metric offers a useful view of the addresses holding STRK at various profit levels. Addresses classified as “In the Money” (holding STRK at a profit) are likely to take profits when the price rises, contributing to resistance at key price levels. On the other hand, addresses “Out of the Money” (holding STRK at a loss) may increase selling pressure as they look to minimize their losses.
On the downside, the support zone between $0.41 and $0.45 is relatively weak, suggesting this level could be tested soon. If buyers don’t step in to support the price in this range, STRK could experience a further drop, potentially as low as $0.38, where a stronger concentration of holders is present. This cluster could act as a more reliable support level, providing some stability if the price retreats.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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