Bitcoin price continues to fluctuate within the same range and has failed to surpass $36,000. However, Storj Coin has initiated a rally. It is not surprising to see such altcoins experiencing positive divergence. With the support of speculative traders and decreasing volatility, we can expect movements exceeding 50%.
STORJ Coin Analysis
STORJ price broke out of its $0.50 horizontal range this week and surpassed its highest level in 440 days, reaching $0.64. Throughout 2023, we have observed STORJ moving between $0.25 and $0.50. Support and resistance areas have been tested multiple times throughout the year.
After an unsuccessful breakout attempt in October, STORJ Coin finally reached $0.64 and was attempting to surpass $0.7 at the time of writing. The weekly RSI is increasing and is above 50, both of which are considered positive signs. With increasing demand from investors, further price increases are likely.
STORJ Coin Price Prediction
At the time of writing, the altcoin reached its yearly high at $0.726 amidst a steady upward movement. Volume is increasing, and the short-term chart shows RSI at the peak of the overbought zone. As substantial profit-taking has not yet begun, this could imply that investors are anticipating a higher peak. Daily gains on Binance have exceeded 58%.
Setting a target price is not difficult. The psychological resistance zone is $1, and bulls attempting to surpass $0.73 have not given up yet. However, investors should still exercise caution. As we previously pointed out, STORJ Coin is familiar with speculative movements. Take a look at the long upper wick in early July and others. When we expand the daily chart, we can see that exaggerated rallies can reverse in the coming hours.
If we see a daily close above $0.76, the $1.02 level could be tested. Above that, there are targets at $1.17 and $1.4. However, such a massive rally in just a few days seems unlikely.
Investors face the risk of a drop to $0.55 and $0.5 if there is a close below $0.61. It would not be surprising to see profit-taking as we approach the daily close, based on historical data.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and make their own trading decisions based on their research.
