What is Storj crypto (STORJ) crypto and why is it rallying?

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What is Storj crypto (STORJ) crypto and why is it rallying?

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 What is Storj crypto (STORJ) crypto and why is it rallying?
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Highlights

  • Founded by Shawn Wilkinson and John Quinn in 2014, Storj crypto (STORJ) is primarily a decentralised open-source cloud storage platform that allows users to store their files.
  • As a peer-to-peer encrypted cloud storage platform, it allows users to sell their storage space to earn some additional income by accepting STORJ tokens.
  • STORJ is currently trading at US$0.620410 with a trading volume of US$30,99,48,792 at 1:30 PM (GMT +1), according to CoinMarketCap.

Founded by Shawn Wilkinson and John Quinn in 2014, Storj crypto (STORJ) is primarily a decentralised open-source cloud storage platform that allows users to store their files. As a peer-to-peer encrypted cloud storage platform, it allows users to sell their storage space to earn some additional income by accepting STORJ tokens.

Built on top of the Ethereum blockchain, Storj crypto offers its users total security and data privacy. Unlike other traditional cloud storage solutions, Storj runs on multiple independent computers. So, anyone with extra terabytes can become a node provider with an internet connection. This allows the hosts to pay less for the storage as compared to any other traditional storage devices.

Related read: Experts predict Bitcoin’s healthy rally. What’s in store?

On Monday (20 June), the STORJ crypto was witnessing a rally of over 8% and a volume rally of over 135% at 1:30 PM (GMT +1), according to CoinMarketCap.

Why is STORJ crypto rallying? 

STORJ crypto has had a good run on the market despite the bearishness prevailing in the market. The 104th ranked crypto over the month or so has managed to register gains of 17.2%, according to CoinGecko.

The rally made STORJ one of the top gainers of the day last week, and its momentum seems to be getting stronger. A look at the chart would reveal an increased buying interest in the market from the market participants.

Image credit: Trading View

This is reflected in the RSI of the token, which has seen a sudden shift in momentum since Saturday. The RSI during the intra-day trading session stood at 58.79.

Also read: Can MoonBear.Finance (MBF) sustain its rally?

The MACD line suggests the same as it is showing an upward momentum and has moved above the signal line, indicating that it may get stronger in the coming days.

How is STORJ faring in the market? 

STORJ is currently trading at US$0.620410 with a trading volume of US$30,99,48,792 at 1:30 PM (GMT +1), according to CoinMarketCap. The token was up by 8.74%, enjoying a live market cap of US$24,61,33,183 and a circulating supply of 39,67,26,351 STORJ coins. 

Though the rally must be heartening in such a volatile situation, it’s important to note that an investor must do his market research before they dip their toes into the crypto waters.

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