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 set a new low on 15 June 2022 when it dropped to $0.32 after its impressive rally that ended in November 2021. Investors who bought the coin in June 2021 watched it pump more than 580% in the subsequent months to top out at $3.48. Since then, the price has made new lower lows, with the latest one forming 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.
Although STORJ made a 60% recovery, all it did is backtest its new resistance. It’s currently hovering around the $0.50 region. If the price doesn’t break through resistance, it could make new lower lows. If that happened, strong support awaits STORJ at $0.26. That could be on the cards, as the price has dipped below the wick formed in May 2022. Is it possible that $0.26 may be the bottom and the time 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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