Starknet: Long Positions Liquidated Lead To 16% Losses
Starknet: Long Positions Liquidated Lead To 16% Losses Starknet (STRK) faces huge losses as it follows the market-wide correction phase that shook investor portfolios. The unexpected movement caused the token to fall by nearly 16% causing a whopping $87k wipeout of STRK long positions in the past 24 hours. The market’s current positioning puts many investors at risk with big losses for the bulls if investor sentiment does not flip bullish in the coming days. With no solid backing for a bull run this week, STRK starts weakly as investors continue to be cautious of the market’s volatility. Surprise For Investors Despite the market’s bearishness, STRK bulls pulled a small win in the shape of a localized breakthrough on the $0.3891 resistance level which might translate to big gains in the coming days. However, this can only occur if the token stabilizes above $0.3891 in the short to medium term. With the token possibly entering a crucial crossover point hinted at by STRK’s relative strength index, a bullish reversal might be around the corner for investors. But this may only come if the market flips on the side of the bulls. As of writing, Bitcoin, the biggest cryptocurrency in the world, is currently moving in the same zone as well. The broader financial market’s current bullishness might leak to the crypto market through Bitcoin’s correlation with major finance indices like the S&P 500 and Dow Jones index, both are up a few hundred points in the past 24 hours. STRK is currently trading at $0.40. Chart: TradingViewBut with investors split between investing or pulling out of the market, it might take a while before STRK experiences a jump in price that will wipe out last week’s losses. For the current losses to be completely reversed, the token needs to attempt a breakthrough on the $0.5083 resistance level. However, STRK’s current trajectory may only permit a move above the $0.3891 support level. Once the token stabilizes on this support level, STRK bulls might find new strength, targeting $0.4628 in the medium to long term. New Developments Might Solidify Investor Sentiment Despite the market’s bearishness, several developments happened that will help investor sentiment remain on the side of Starknet in the long run. what they doin’ ova there?@strkfarm TVL goes ballistic pic.twitter.com/dMtzvfopiZ — 0d1n fr33 (@odin_free) October 5, 2024 Since the start of October, several X personalities have noticed that the Starknet total value locked (TVL) has grown significantly. From September 6th’s $128.47k to over $1.05 million today, representing a nearly 700% increase in under a month. This came in line with Starknet’s initial step in decentralizing the network. In this initial phase, community members can enter two roles: delegators and validators. However, investors should not expect much from the current implementation of decentralization as the timeline for this is not yet defined and will undoubtedly take some time to implement. Featured image from Medium, chart from TradingView Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.