Upbit Stratis (STRAX) Coin Plummets and Stagnates! Is a Rebound Signal Coming??
Introduction to Stratis (STRAX) Coin
Stratis (Stratis) is a blockchain development platform designed to help businesses build custom blockchain applications. This platform enables enterprises to develop various solutions and operate efficiently through blockchain technology. Notably, Stratis allows the development of blockchain applications using C# and the .NET framework, which provides a familiar environment for many enterprise developers. Key features include smart contracts, sidechains, and an ICO platform, all designed with security and scalability in mind.
https://www.stratisplatform.com/
Current Price and Chart Analysis
The current price of Stratis (STRAX) is 87.17 KRW, having dropped 5.12% in the past 24 hours. The high for this period was 91.98 KRW, and the low was 87.00 KRW. The trading volume stands at 48,664,529.327 STRAX, with a turnover of 4,387,930,747 KRW.
Chart Analysis:
On the 4-hour candlestick chart, the 5-day and 20-day Exponential Moving Averages (EMA) are positioned at 89.853 and 93.864, respectively. The current price is below both these moving averages, indicating a downtrend. Following a significant bearish candle on the 8th, the price has continued to decline.
Technical Indicator Analysis:
•EMA 5-day: 89.853
•EMA 20-day: 93.864
The current price being below these EMAs suggests that the short-term bearish trend is likely to persist.
Recent Issues and News
1. Token Swap and Renaming Completed
The most recent significant issue for Stratis (STRAX) coin is the token swap and renaming conducted by Binance. The old STRAX tokens have been exchanged for new STRAX tokens at a ratio of 1:10. Binance supports all related services for this swap. The new STRAX tokens are now available for spot trading, Binance Simple Earn, and cross and isolated margin trading. Detailed information can be found in Binance’s official announcement.
2.Metaverse and Stablecoin Announcement
Stratis has also recently announced the launch of the Sky Dream Mall metaverse project and plans to release a British Pound stablecoin (GBPT). Sky Dream Mall is a metaverse project powered by the Stratis blockchain, aimed at promoting the growth of the NFT and GameFi community. The GBPT stablecoin is being developed in collaboration with Price Waterhouse Coopers (PwC) and is undergoing registration with the Financial Conduct Authority (FCA).
3.Establishment of Blockchain Innovation Center in Uganda
Stratis is establishing a blockchain innovation center in Uganda to enhance knowledge and awareness of blockchain technology. This project is part of a long-term partnership with King Oyo of the Tooro Kingdom in Uganda, and the foundation work for the center is nearly complete. This effort is part of Stratis’s global expansion strategy.
Comprehensive Analysis and Conclusion
Current Analysis:
Based on the comprehensive analysis of Stratis (STRAX) coin’s chart and technical indicators, it is concluded that the short-term bearish trend is likely to continue. The 5-day EMA (89.853) and 20-day EMA (93.864) are both trending downwards, with the price positioned below these moving averages, indicating strong short-term selling pressure.
On the 4-hour candlestick chart, a significant bearish candle appeared on the 8th, and the downward trend has continued since then. This suggests that the selling momentum remains strong.
While the technological advancements and new projects of the Stratis platform may have a positive impact in the medium to long term, the short-term outlook remains bearish. Therefore, it is advisable for investors to adopt a conservative approach and wait for technical rebound signals before making any significant investment moves.
Investment Strategy Recommendations:
Short-term Strategy:
•Adopt a conservative approach. Given the ongoing downtrend, it is advisable to refrain from making additional purchases and instead observe the market. Wait for the selling pressure to ease and for technical rebound signals to emerge before considering any new investments.
Medium to Long-term Strategy:
•Monitor the technological advancements of the Stratis platform and the progress of new projects. The expansion of the Stratis ecosystem, driven by blockchain technology advancements, could have a positive impact in the medium to long term. Develop a long-term investment strategy based on these developments.
Risk Management:
•Given the high volatility of Stratis coin, it is crucial to diversify your investment portfolio and manage risk appropriately. In the current downtrend, consider strategies that minimize risk.
Market Monitoring:
•Continuously monitor the overall trends in the global blockchain and cryptocurrency markets. Keep an eye on the movements of other major cryptocurrencies alongside Stratis coin.
Utilizing Technical Analysis:
•In addition to EMAs, utilize various technical indicators such as MACD and RSI to determine more precise entry and exit points. Continuously update and apply trading strategies based on technical analysis.
Conclusion:
In conclusion, Stratis (STRAX) coin is currently in a downtrend, warranting a conservative short-term approach. However, with the potential positive impact of technological advancements and new projects, there is a possibility of recovery in the medium to long term. Continuous monitoring and analysis are essential for making informed investment decisions.
