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Vikram
Jun 16, 2022
by Vikram

STORJ Technical Analysis: Sudden Increased Buying Teases 30% Jump

STORJ Technical Analysis

Table of contents

  1. Past Performance of STORJ
  2. STORJ Technical Analysis
  3. Upcoming Trend
STORJ prices show an increase in buying pressure with a boom in trading volume supporting the possibility of a price jump to $0.60.

Key technical points:

  • The market price has increased 27.75% over the past 24 hours.

  • The price action shows a reversal rally of $0.32, gaining bullish momentum.

  • The 24-hour trading volume of STORJ is $134 Million, indicating a hike of 762%.

    • Past Performance of STORJ

    STORJ prices broke under the consolidation range between the $0.45 and $0.61 marks due to the selling spree last weekend. The selling spree starts after the evening star pattern at $0.61, leading to the range fallout. The breakout rally reaches the $0.32 mark before showing a bullish reversal to retest the $0.45 fallout.

    TradingView Chart

    Source- Tradingview

    STORJ Technical Analysis

    STORJ prices increase astronomically by more than 15%; however, the daily candle displays an increase in price rejection over $0.45 that stifles the rally that is causing. However, the growth in trading volume supporting the bullish rebound keeps signaling an increase in the trend. The daily-RSI slope shows an inverse V-shape from the oversold zone to the 14-day SMA, which is a sign of the growth in the underlying bullishness. In addition, the MACD indicator displays the fast and slow lines that undermine the recent bearish crossover, which has an abrupt reverse. Therefore, the indicators suggest an increase in the buying pressure, which could increase the chance of a price rise. In a nutshell, the STORJ technical analysis forecasts an extremely high probability of a bullish trend that continues beyond $0.45. $0.45 mark.

    Upcoming Trend

    STORJ prices could exceed the overhead resistance of $0.45 to hit the $0.61 price if the buying pressure increases overnight.

    Resistance Levels: $0.45 and $0.61

    Support Levels: $0.40 and $0.30

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    STORJ Technical Analysis: Sudden Increased Buying Teases 30% Jump
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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