The STORJ Price: Bullish Pattern and Potential Breakout
The STORJ price is currently trading within a long-term bullish pattern that could lead to a significant acceleration in its rate of increase. Both the weekly price action and RSI indicators support the possibility of a breakout, which could result in a 60% price surge.
STORJ Price Forms Triple Bottom and Bullish Wedge
Since the beginning of the year, the STORJ price has adhered to a descending support line, with three successful validations, the most recent being on August 17. This validation created a long lower wick, indicating buying pressure. Currently, the price is trading slightly below a descending resistance line, forming a bullish descending wedge. A breakout from this wedge pattern would be the most likely future price outlook, with a potential 60% increase to the next resistance at $0.42. Conversely, a breakdown from the wedge could lead to a 40% drop to the $0.15 horizontal support area.
Bullish Divergence and Potential Rally
The RSI indicator is still below 50 but is moving upwards, demonstrating bullish divergence during the recent bounce. This bullish divergence, combined with the bullish pattern, suggests an upcoming upward movement. Consequently, the short-term six-hour timeframe also indicates a potential rally, although a breakout from the ascending parallel channel is needed to confirm a bullish trend reversal.
Hot Take:
The STORJ price is showing promising signs of a breakout from its long-term bullish pattern. With the support of the RSI indicator and the formation of a descending wedge, a potential rally could be on the horizon. However, a breakout from the short-term channel and the long-term wedge is necessary to confirm the bullish trend. Keep an eye on STORJ for potential price surges in the future.
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