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Cryptoknowmics 2022-06-20 10:33:56

STORJ Technical Analysis: Last Week’s Rally Prepares $0.65 Breakout

STORJ prices surge higher from $0.35 resulting in a price jump above $0.60 and the long-coming resistance trendline breakout. Key technical points: The STORJ market price has increased 37.49% over the past 24 hours. The uptrend challenges the 50-day EMA. The 24-hour trading volume of Storj is $350 Million, indicating a hike of 623%. Past Performance of STORJ The STORJ price action shows a V-shaped reversal from the $0.35 mark resulting in a price jump of $80 in a week. We mentioned this price jump possibility in our previous technical analysis which was supported by an increase in trading volume. The reversal rally forms a couple of bullish engulfing candlesticks to surpass the long-coming resistance trendline. Source- Tradingview STORJ Technical Analysis The STORJ prices surpass the $50 mark and attempt to sustain above the 50-day EMA. Moreover, the increased trading volume over the weekend supports the price jump indicating an increase in buying pressure. The MACD indicator signals a buying opportunity, based on a bullish crossover in the fast and slow lines. Moreover, the lines are rising higher to reach the zero line and the positive histograms are on the rise. The RSI slope surpasses the 14-day average line (yellow) and the halfway line with a reversal from the oversold zone. Hence, the indicator reflects a surge in underlying bullishness. The bullish reversal over the week surpasses the 20 and 50-day EMA but awaits for t...

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