Starknet (STRK) Gains Over 20%, Eyes $0.32
Starknet (STRK) surged more than 20% on Wednesday, pushing its two-week gains to 120%. The token has entered the top 100 cryptocurrencies by market size. This growth came after a brief pause on Monday.
Starknet is an Ethereum Layer 2 using zero-knowledge technology. It has gained $200 million in total value locked (TVL) in the last month. Meanwhile, top L2 competitors like Arbitrum, Base, and Linea lost substantial TVL during the same period.
The rise in Starknet’s TVL is partly due to its Bitcoin staking option. Users can stake wrapped BTC tokens to earn rewards.
On the derivatives market, STRK’s open interest doubled to 1.04 billion tokens since early November, according to Coinglass. Its funding rate remains low at 0.006%, suggesting cautious trading after recent gains.
Technically, STRK bounced from its 200-day Exponential Moving Average (EMA). It broke above $0.218 and is testing the $0.246 resistance level. If it holds, STRK could reach $0.325. The Relative Strength Index (RSI) and Stochastic Oscillator show strong bullish momentum but hint at a possible short-term pullback due to overbought conditions.
Zcash (ZEC) Shows Bullish Signs, Targets $862
Zcash (ZEC) saw its open interest drop 20% from the November 15 high of 2.11 million ZEC. Despite recent gains, its funding rates stayed negative over the past month. This suggests most of ZEC’s price moves came from spot market traders.
ZEC could rise to the $700 resistance after bouncing off its 20-day EMA near $529. A solid move above $700 could push the price toward $862. This target comes from measuring a price channel and projecting it upward.
On the downside, the 20-day EMA has been a key support since early October and may hold if prices fall.
Both the RSI and Stochastic Oscillator for ZEC are above neutral levels, indicating strong bullish momentum in the market.
