What is the Stratis token?
Stratis is the currency which powers the Stratis Platform. A Proof-of-Stake (POS) cryptocurrency with limited emission and low inflation, Stratis (ticker: STRAT) is trading on reputable cryptocurrency exchanges and valued by investors worldwide. The Stratis cryptographic token ($STRAT) combines the proven security consensus of Bitcoin, with the latest advancements in blockchain technology.
(Source: https://stratisplatform.atlassian.net/wiki/display/WIKI/About+Stratis)
Stratis is trading very week for many days. It is consistently testing its various supports and I think it is kind of necessary after the surge this script has gone through in first week of this month. It has gone from 142k Satoshi to 434k Satoshi and that is 400% jump in very short period of time.
But I have few concerns in the correction Stratis is going through:
Firstly of all is volume, Stratis has surge with very good volumes but next day it begins downward journey with same volumes and one can notice that in chart below and I have marked yellow highlighted circle on volume bar at bottom of chart. This was another reason of breakage of resistance 1 (line which was became support ) without much effort and similarly Support 1 and 10 days EMA(red wavy line) and finally found support at 241k Satoshi level which is marked as SUPPORT 2 in chart below. Volumes were also on decline which were sign of weaning bears power; that is why Stratis re begun its upward journey next day. But again despite of upward momentum volumes were not good and it again went down after testing Resistance1 to Support 1.
Second concern is Formation Of Possible Symmetrical Triangle Pattern in this up down process. This script also gives spikes on both up and down which is also very confusing and unnerving. Now its trding at edge of this triangle and if its breakdown from this pattern then I am afraid to say it definetly try to test its 50 days EMA which is currently at 213k Satoshi which is good 15 to 20 percent from current level of 295K stoshi.
In conclusion, I must say that I am little downbeat on this script as RSI indicator is also not showing any divergence but showing weakness as candle pattern in chart are showing. But i must add their is no certainty of this possible downmove, if Stratis begin to ride up with decent volume and cleared its resistance in process, mood in script will alsochange from down to up. But until then one must wait and look for possible breakdown to enter short position in This script.
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