STORJ Technical Analysis: Last Week's Rally Prepares $0.65 Breakout
Table of contents
Key technical points:
Past Performance of STORJ
The STORJ price action shows a V-shaped reversal from the $0.35 mark resulting in a price jump of $80 in a week. We mentioned this price jump possibility in our previous technical analysis which was supported by an increase in trading volume. The reversal rally forms a couple of bullish engulfing candlesticks to surpass the long-coming resistance trendline.
Source- Tradingview
STORJ Technical Analysis
The STORJ prices surpass the $50 mark and attempt to sustain above the 50-day EMA. Moreover, the increased trading volume over the weekend supports the price jump indicating an increase in buying pressure. The MACD indicator signals a buying opportunity, based on a bullish crossover in the fast and slow lines. Moreover, the lines are rising higher to reach the zero line and the positive histograms are on the rise.
The RSI slope surpasses the 14-day average line (yellow) and the halfway line with a reversal from the oversold zone. Hence, the indicator reflects a surge in underlying bullishness. The bullish reversal over the week surpasses the 20 and 50-day EMA but awaits for the daily candle to close. Hence, an uptrend continuation can result in a trend reversal in EMAs resulting in multiple bullish crossovers. In a nutshell, the STORJ technical analysis forecasts a bullish trend if the prices sustain above $0.65.
Upcoming Trend
The upcoming trend in the STORJ prices seems highly bullish as the reversal rally prepares to break above the $0.65 mark. And, if the breakout rally gains momentum, the market value will skyrocket above the $0.90 mark.
Resistance Levels: $0.75 and $0.90
Support Levels: $0.60 and $0.50