The Storj Market (STORJ/USD) Enters a Significant Deadlock
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The Storj market has hit a strong barrier at the $0.2782 resistance price level since June 24, and strong bullish activity has kept it struggling at this level since then. In today’s market, the struggle appears to be reaching its climax, as the market appears to have failed to make significant progress despite the considerable amount of investor interest in today’s trading session.
The market is looking like it will eventually close at the point at which it opened this morning, despite the considerable volume of trade in today’s market.
The Storj Market Data
- STORJ/USD Price Now: $0.2780
- STORJ/USD Market Cap: $38,416,242
- STORJ/USD Circulating Supply: 403.34 million STORJ
- STORJ/USD Total Supply: 403.34 Million STORJ
- STORJ/USD CoinMarketCap Ranking: #472
Key Levels
- Resistance: $1.700, $1.200, and $1.500
- Support: $1.050, $1.000, and $0.900.
Price Prediction for The Storj market: The Indicators’ Point of View
Going by the indicator, the Storj market has a greater likelihood of breaking the resistance and continuing its upside journey. One reason for this is that the recent general bear market across the crypto market ended its full trading cycle on June 10. A new demand level was formed at $0.2179, which is lower than the year’s low of $0.2467.
The Storj bear market is expected to make a significant bounce from below its crucial support level. However, in the Bollinger Bands indicator, the price action crossed above the 20-day moving average, but the general price channel was still portrayed as trending downward. Also in the Moving Average Convergence and Divergence (MACD) indicator, the two indicator lines are still in the negative zone, but they are about to cross out of it.
The market is on its way out of the sell zone, but they need to break the resistance at $0.2782 to turn the market around.
STORJ/USD 4-Hour Chart Outlook
From the support level of $0.2647 in the third 4-hour trading session, demand went crazy, pumping the price to the edge of the psychological price level of $0.2800. However, the subsequent trading session began to deal with strong indecision at this level.
The supply level is under bullish pressure; therefore, there is a chance that the barrier will soon break. Perhaps in the next daily trading session, with an increase in the volume of trade, the resistance level will eventually break.
