The STRAX price has gone parabolic even as other cryptocurrency prices recoil. The coin surged to a high of $1.1960, which was the highest level since April 22nd of this year. This month, it has jumped by more than 152% from its lowest level, bringing its total market cap to more than $126 million.
Stratis is a blockchain development company that enables Microsoft developers to build blockchain solutions in a language they understand. The ecosystem has rich features like the availability of smart contracts in C#, a decentralized accelerator, and the Stratis Academy.
Stratis offers products: digital identify, distributed ledger, STO platform, and supply trust. Most importantly, it provides Unity and Unreal Gaming SDKs. It has been used to build games like Dawns of Ships, Gluon, and Hashbattle, among others.
The four-hour chart shows that the Stratis price has gone parabolic in the past few days. As it rose, the coin jumped above the important resistance at $0.7785, which was the highest point on June 5th. It also cruised above the 25-day and 50-day moving averages while the Stochastic Oscillator is approaching the overbought level.
It is unclear why the STRAX price has gone parabolic. However, since there is no major news about the platform, there is a possibility that this is a mere pump going on. Recently, we have seen many pump and dump schemes among many small-cap cryptocurrencies. For example, after soaring on Sunday, Spell Token has crashed by more than 30% since Monday.
As such, there is a likelihood that the price will have a pullback in the coming days. If this happens, the next key support level to watch will be at $0.685, which is about 25% below the current level. The invalidation point for this trade will be at the intraday high of $1.
This post was last modified on Jun 28, 2022, 08:30 BST 08:30