STORJ recovered 60% after setting a new low. Investors are wondering what’s next in store for the coin, so we made a price prediction.
Cryptoassets are a highly volatile unregulated investment product.
STORJ Technical Analysis
STORJ hit a new low on June 15, 2022, when it fell to $0.32 after a strong rally that peaked in November 2021. Investors who purchased the coin in June 2021 saw its value rise over 580% in the following months, reaching a high of $3.48. Since then, the price has continued to make new lower lows, with the most recent one occurring two days ago.
Setting the new low after the November 2021 rally means that STORJ has lost 90% of its value. But the good news is that the price bounced 60% since that low, and investors are wondering if more upward price movement will follow.
Investors should be careful not to get too excited by upward movement. It could just be a retrace before more downside. We’ll have to see how STORJ plays out, but we can see that the price broke through key support.
STORJ has seen a 60% recovery, but it has only tested its new resistance level. It is currently around the $0.50 mark. If the price fails to break this resistance, it might drop to new lower lows. In that case, there is strong support for STORJ at $0.26. This scenario seems possible since the price has fallen below the wick created in May 2022. Could $0.26 be the bottom and an opportunity to buy STORJ?
What is Storj?
Storj is a crypto-powered storage platform. Regarded as decentralized cloud storage for developers, Storj operates on the current version of the network, known as V3. Developers use STORJ coin on the network for video storage and streaming, backup, cloud-native apps and software distribution.
The supply of STORJ coins is fixed at 425 million.
Cryptoassets are a highly volatile unregulated investment product.
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