The Stratis long-term chart suggests that the price has possibly made a bottom against Bitcoin and a new market cycle will soon begin.
The Stratis (STRAT) blockchain has an ongoing partnership with MediConnect, a blockchain solution that aims to revolutionize medication use in the UK.
Stratis recently announced the Stratis Smart Contracts Challenge that has been scheduled between November 1sand December 16, 2019. The competition is open to individuals around the globe. The goal is for contestants to develop applications for smart contracts that are useful and innovative for an array of industries such as trade, financial services, and supply chains.
The possible increased publicity resulting from this challenge could be essential to the Stratis price since it has been mired in a very long downtrend without significant price movement since reaching a high in 2017.
Cryptocurrency analyst and trader @kingthies states that the Stratis price seems to have made a bottom. Additionally, he outlined the possible returns if STRAT were to return to an all-time high.
Let’s look at the price of Stratis more closely and decide if it is likely to return to those values.
900 Days later and 99% lower, #STRATBTC appears to have made a bottom around 4000 satoshi.
If it ever returns to its ATH, buyers here will witness gains of +11,500% #STRATUSD similar story. $25.00 to .25…nearly 10,000% potential if ATH is touched.
Wow. pic.twitter.com/vNNvqDDru1
— CryptoThies ?? (@KingThies) November 19, 2019
Long-Term Bottom for Stratis?
The Stratis price made a low of 3100 satoshis in September. This is not an all-time low since the price reached similar values in August 2016.
This bottom has been combined with a bullish divergence in the RSI, which is at a deeply oversold level. This is by far the lowest ever value reached by the RSI. There is also a very pronounced bullish divergence in the weekly MACD.
This is a positive development, suggesting that a bottom is indeed near and the price will soon begin an upward trend.
Trading Range
Looking closer at the Stratis price movement, we can see that it is trading in a range between 3350 and 4500 satoshis.
Also, the 50- and 100-day moving averages (MA) have made a bullish cross. The Stratis price is making an attempt to move above them, but it has been unsuccessful — until now. Yesterday’s bullish candle seems like an attempt to initiate an upward trend. If the price closes above the MAs, it is likely to initiate a rapid movement towards the resistance area.
Therefore, Stratis looks like it will soon begin another market cycle. While making a prediction for an all-time high at this time seems futile, a breakout above the 4500 satoshi area could trigger a more than 200% percent price increase.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Twitter, TradingView.
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