STORJ price cools upside after 50% gain: What’s the outlook?

July 06, 2023 03:46 AM AEST | By Invezz

STORJ price cools upside after 50% gain: What’s the outlook? — Image source: Invezz

Why is STORJ down?

Data shows the cryptocurrency rallied overnight Tuesday helped by massive spot activity on Korea-based crypto exchange Upbit. The token’s value jumped as investors jostled to buy Storj, with the STORJ/KRW accounting for nearly 58% of the total spot trading volume of about $251 million on the exchange.

However, as Bitcoin struggled to hold above $30k and the broader crypto market slipped – with Bitcoin Cash leading top altcoins lower – the STORJ/USD pair also shed intraday gains.

At the time of writing, the token traded at $0.41, down 18% and with bears threatening as profit taking deals soared. According to on-chain data tracker Lookonchain, the project’s team deposited 2.5 million tokens on Binance as the price rallied .

The price of $STORJ rises nearly 45% today.

Note that #Storj Team deposited 2.5M $STORJ ($1.22M) to #Binance after $STORJ rose, and currently holds 11.6M $STORJ ($5.7M).https://t.co/trIDjhXmBd pic.twitter.com/rTLKx6dSFS
— Lookonchain (@lookonchain) July 5, 2023

Short term price outlook

Storj is one of the top decentralised cloud platforms in the ecosystem, alongside Filecoin, Sia, BitTorrent File System (BTFS) and Arweave. A look at the market data shows Filecoin, whose native coin FIL currently trades at $4.69 (nearly 2.5% up in the past 24 hours), has a market cap of $2 billion.

Storj on the other hand has a market cap of $60 million, suggesting room for growth as it competes with both the decentralised and centralised providers like Google and AWS.

Although STORJ price is down double digits today, it remains largely within a bullish perspective given the recent technical breakout. The RSI and MACD on the daily charts also signal buyers are still in control, with this picture likely to flip if price falls below $0.32. In this case, the token could revisit the support area near $0.21.

Chart showing the price of Storj on Binance: Source: TradingView

On the upside, the main resistance level remains at $0.50. A swift retest of the intraday highs could open up $0.77, with the next major hurdle in the $1.64 region.

The post STORJ price cools upside after 50% gain: What’s the outlook? appeared first on Invezz.

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