Stratis (STRAX) price is up almost 55% in the last 24 hours to $0.714 on Binance Exchange driven by a recent network announcement that lclaims a “new dawn“ for the ecosystem.
It’s recorded massive volatility over the past three days, too, bouncing within a range of $0.681 (the 62% Fibonacci Retracement) to $0.360 at the support floor.
Data from CoinMarketCap shows that the price surge is accompanied by a massive influx in trading volume, up almost 7,500% in the last 24 hours.
Stratis Price Explodes As STRAX Wakes Up To A “New Dawn”
In a recent post on Crypto X, the Stratis network announced a “new dawn,” presented as the most significant change on the network since its inception seven years ago. With this development, the Stratis ecosystem will be channeling its focus on web3 gaming. The first step towards this new venture is switching to its own Ethereum-based chain.
A New Dawn for Stratis! The most significant change to Stratis since the platform was founded in 2016.
We will now focus on web3 gaming, first step is moving to our own Ethereum based chain!https://t.co/2fXl01TFAV#blockchain #web3 #gamefi $STRAX pic.twitter.com/B4vZfXGexm
— Stratisplatform (@stratisplatform) October 6, 2023
The product of this development is the StratisEVM, which is a new blockchain leveraging the Ethereum blockchain. With this, Stratis will be bringing its expertise, products and future developments to the Ethereum ecosystem. Long term, it will enable the availability of mature tooling and interoperable possibilities.
This is not the first of Stratis’ network development endeavours this month. On October 2, it announced Atlantis, a new project in the works. It is a next-generation Web3 game that meets users where artificial intelligence (AI), play-to-earn (P2E), and blockchain intersect.
Last month we announced Atlantis is in the works. The next generation Web3 game that combines AI, Play-2-earn and blockchainhttps://t.co/MoIbjdKtjv…#blockchain #gamefi #web3 $STRAX pic.twitter.com/jQdeyVZ4Po
— Stratisplatform (@stratisplatform) October 2, 2023
Meanwhile, the Stratis network touts itself as a staking platform founded by CEO Chris Trew. Staking on the platform does not require any minimum amount or lock-up period. Token owners enjoy full self-custody.
It’s simple to stake on Stratis with no minimum amount or lock up period with full self custody of your $STRAX
— Stratisplatform (@stratisplatform) September 27, 2023
Stratis Price Prediction As STRAX Doubles Down On Network Development
Stratis price rising over 50% has seen STRAX overcome the 50% Fibonacci at $0.619 and the 62% Fibonacci at $0.681. More interestingly, it cleared the $0.700 psychological level, which has been a multi-month roadblock.
The position of the Relative Strength Index (RSI) above 50 shows bulls are in control. This stance is corroborated by the Awesome Oscillator (AO), which is flashing green and in the positive territory. With this, the gains for Stratis price could continue.
In a highly bullish case, Stratis price could extend to breach the March highs of $0.769, which coincides with the 79% Fibonacci.
On the flip side, a rejection from the 79% Fibonacci could send Stratis price below the 62% Fibonacci at $0.681, or worse, the 50% Fibonacci at $0.619. In the dire case, STRAX could correct to the 23% Fibonacci at $0.479. A break and close below this level could kickstart a new downtrend, potentially sending STRAX to the support floor at $0.360.
The RSI tipping south is a concern, as an extension to cross below the 70 level would indicate that STRAX is ripe for selling. This is in accordance with Welles Wilder’s interpretation of an overbought asset. The ensuing selling pressure could send Stratis price south.
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