Support at the day’s low of $0.2195 has neutralized the negative trend in the Storj (STORJ) market in the last 24 hours. As a result, buyers drove STORJ’s price to a four-week high of $0.4271 before meeting resistance. If bulls can push beyond $0.4271, they may be able to target $0.5000, a level they haven’t seen challenged since May.
However, $0.3500 is the next support level to monitor if negative momentum regains market control. If tested again, this level has previously held solid and may produce a rebound for STORJ. However, STORJ was trading at $0.4222 at press time, up 10.38% from its intraday low.
STORJ/USD 30-day price chart (source: CoinGecko)
Additionally, whale activity has been seen in response to the market surge. Three significant wallets transferred 34.9 million $STORJ, totaling $14.44 million, away from exchanges. As a result, STORJ’s market capitalization and 24-hour trading volume increased by 10.58% and 59.91%, respectively, to $166,382,284 and $130,603,100. This uptick in activity may indicate institutional investors’ confidence in STORJ’s prospects, which might lead to additional gains.
STORJ/USD Technical Analysis
With a reading of 75.92 on the Relative Strength Index, the STORJUSD market shows bullish solid momentum and may be overbought. Investors should be wary of this pricing since a pullback or consolidation might be on the horizon. A further strengthening of the overbought situation, signaled by an RSI reading over 80, might increase the risk of a significant market tumble.
In addition, the STORJUSD market shows signs of purchasing pressure with a positive Chaikin Money Flow (CMF) value of 0.16. This activity suggests that demand for the asset is rising, which may exacerbate the current overbought conditions. However, its proximity to the zero line shows there is still an opportunity for selling pressure to lower the price.
STORJ/USD price chart (source: TradingView)
Furthermore, the Money Flow Index score of 85.55 further proves that purchasing pressure exists in the STORJUSD market. This high rating implies that there is substantial purchasing activity and that the price may be overbought. Consequently, investors should exercise caution and consider the probability of a market slump soon.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.