There is ongoing volatility in cryptocurrencies. STORJ, which has been frequently mentioned in the past, has experienced new price movements. Bulls have ended the downward trend and pushed STORJ to its highest level in 4 weeks. So, can bulls aim for the highest level in 5 months after this?
The support at the lowest level of the day, which was $0.2195, seemed to balance the negative trend in the Storj (STORJ) market in the past 24 hours. As a result, buyers pushed STORJ’s price up to $0.4271, the highest level in four weeks, before encountering resistance. If bulls can make a move above $0.4271, they can aim for $0.5000, a level unseen since May.
However, the next support level that could be reached if negative momentum regains market control could be $0.3500. If the price tests this area again, this level, which has previously held strong, could provide a recovery for STORJ. Additionally, at press time, STORJ was trading at $0.4222, an increase of 10.38% from the daily low.
Furthermore, whale activities drew attention in response to market fluctuations. Three major wallets holding STORJ conducted transfers worth $34.9 million of STORJ from exchanges, totaling $14.44 million. As a result, STORJ’s market capitalization and 24-hour trading volume increased by 10.58% and 59.91% respectively, reaching $166,382,284 and $130,603,100. This increase in activity may indicate institutional investors’ confidence in STORJ’s expectations, which could bring additional gains.
The STORJ/USD market seems to have gained strong momentum in the upward direction, as indicated by the Relative Strength Index (RSI) value of 75.92, and it may be overbought. Investors may be wise to be cautious against this pricing as there may be a pullback or consolidation on the horizon. The further strengthening of the overbought condition indicated by the RSI value above 80 may bring a significant downside risk to the market.
In addition, the STORJ/USD market indicates buying pressure to investors with a Chaikin Money Flow (CMF) value of 0.16. This activity shows an increase in demand for the asset, which could further worsen the current overbought conditions. However, its proximity to the zero line indicates that there is still an opportunity for selling pressure to lower the price.
Furthermore, the Money Flow Index with a value of 85.55 may indicate the presence of buying pressure in the STORJ/USD market. This high rate may signify significant buying activity and the possibility of the price being overbought. As a result, investors should be cautious and consider the possibility of an imminent market collapse.