The Storj (STORJ) price has recently broken out from both long-term and short-term descending resistance lines. This breakout has led to a significant increase in price, with a 70% gain in less than two days. While the long-term trend is bullish, there may be a retracement in the short-term before the price continues to rise.
Main Breakdowns:
– STORJ price clears long-term resistance after falling under a descending resistance line since November 2021.
– The price has bounced back sharply and has been increasing since reaching a low of $0.21 in June 2023.
– The breakout from the descending resistance line on June 18 led to a new yearly high of $0.61, but the price is at risk of falling below the $0.48 horizontal area.
– The weekly RSI supports the upward movement, indicating a bullish trend with bullish divergence.
– The daily time frame shows mixed signs, with a breakout from a descending resistance line but a failure to close above the $0.48 area, indicating selling pressure.
Hot Take:
The long-term trend for STORJ is bullish, but the direction of the short-term trend will depend on whether the price closes above or below the $0.48 horizontal area. If it closes above, an upward movement to the next resistance at $0.90 is expected. If it closes below, a drop to the next support at $0.36 is likely.