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Although there was a promising rise this week, the price increase stopped for most altcoins. Bitcoin dropped to $27,000. STORJ Coin, on the other hand, experienced a drop from its peak in the midst of market growth. So when will the drop, following a 90% increase, reverse?
STORJ Coin Price
The popular altcoin, which stood out with its recent rally, significantly eroded after facing rejection from the peak on October 1st. The price, which broke out of the horizontal resistance zone of $0.32 on September 14th, turned the area into support after a short-lived rise. It was among the best performing altcoins in September.
The rally continued until a peak of $0.51 was reached on October 1st. The STORJ price then dropped. This pullback was in line with the overall selling trend in the cryptocurrency markets. Now, the $0.5 region has been confirmed as resistance.
The price has been fluctuating between $0.32 and $0.50 since September and is now trading sideways. We will likely see the price consolidate within this range before one of the two extremes is broken.
STORJ Coin Price Prediction
The daily RSI does not provide a clear signal for the first target. However, Elliot wave counting, which is often used to determine trend direction, can provide some insights. Elliot tells us that a five-wave uptrend movement that started on August 15th has now completed.
Wave counting defines two key characteristics. First, the last wave ended at the 1.61 external Fib retracement level of the fourth wave. This is a common move for local peaks. Second, there was a significant bearish divergence between the third and fifth waves in the RSI. This is also a sign of downward trends. Divergence occurs when a decrease in momentum accompanies a price increase.
If the Elliot wave count is correct and continues to work for STORJ Coin, we may see a gradual decline in price to $0.32. This indicates a bottom that is 25% below the current price.
So what could be the process if the overall market sentiment improves surprisingly or STORJ Coin shows positive divergence? For the continuation of the uptrend, investors should see closes above $0.51. If this level is surpassed, the level of $0.64, which is approximately 50% higher than the current price, can be visited.
In conclusion, an increase in volatility and the realization of one of the targets of $0.32 and $0.64 are expected for the STORJ Coin price.
