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Cryptoknowmics 2022-06-24 10:28:30

STORJ Technical Analysis: Buying Spree Soon To Cross $1 Milestone

Increasing demand for STORJ creates a bullish engulfing candlestick teasing a price jump above the psychological mark of $1. Key technical points: The market price has appreciated 26.55% over the past 24 hours. The price action shows the daily candle retesting the $0.90 breakout. The 24-hour trading volume of Storj is $396 Million, indicating a hike of 135%. Past Performance of STORJ The STORJ technical chart shows a sharp V-shaped reversal surpassing the long-coming bearish trendline with a price jump of 150% in the last ten days. The buyers quickly joined the rally as the trading volumes skyrocketed out of the blue. Moreover, the price jump surpasses the $0.90 and retests it with a Doji candlestick. Source- Tradingview STORJ Technical Analysis STORJ price action shows a lower price rejection candle retesting the $0.90 mark. Hence, traders can expect the buying pressure to propel the prices above the $1 mark. The price jump surpasses the 50(red) and 100-day (blue)EMAs but faces opposition from the trend-defining 200-day(black) EMA. However, the price sustaining above the $0.90 will indeed reach the 200 EMA and the psychological mark of $1. The RSI and MACD indicators showcase a rise in the underlying bullishness evident by the bullish crossover of the MACD and signal lines. Moreover, the RSI slope reaches the overbought boundary with the 14-day SMA line (yellow) ready to surpass the halfway line. With the indicators and price...

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