Storj (STORJ) coin has been trending because of its surge in performance. The coin started off the new year with a price level of $0.29 and is, at the time of writing, standing at $1.78. Storj coin achieved around 100% positive change in the past 24 hours while the daily trading volume shot up by a whopping 2400%. Currently, the Storj coin has a market rank of 121 with a capitalization of $453,288,827 which also saw an increase of around 100%. Traders are expecting the cryptocurrency to soon land in the top 20 coins.
The market outlook for Storj (STORJ) coin is strongly bullish. The technical indicators are giving out a signal of strong buy. Out of the total indicators, eight stand at a neutral position while fifteen are giving out a buy indication with only three sell indications. In the yearly window, the Storj coin has observed a growth of around 1000% – which is a testament to the performance of the coin.
At the current price level, Storj has broken all major resistance levels and has embarked on a steady upward trend. With the rest of the cryptocurrency in the grip of bears, Storj continues to show high bullish momentum.
Technical analysis
Traders are bullish on the cryptocurrency while suggesting long positions. A trader has set very optimistic price targets for Storj and believes the technical indicators are suggesting the coin is likely to reach the moon. Per the analysis, the EMA 50 and EMA 100 levels are acting as strong support for Storj. The Relative Strength Index (RSI), Moving Averages Convergence/Divergence (MACD) and the Stochastic RSI are all taking a bullish upturn – further fueling the bullish momentum of the coin.
Storj coin has completed the first wave of a series, according to the trader, and is set to complete the subsequent waves as well. The Fibonacci level of 1.618 which lies parallel to the price level of $25 is the next price target for Storj while the wave series is set to complete at the fifth wave at the price level of $100.
What caused the price boom?
The recent surge in the price level of Storj cryptocurrency can be attributed to the listing of the coin on Coinbase. The leading cryptocurrency exchange has announced to list Storj coin along with Ankr and Curve. Coinbase Pro will start trading in the cryptocurrencies if liquidity conditions are met on the 25th of March.
However, expectations of traders say that the uptrend is likely to continue in the coming days because of the potential of the technology that Storj offers.
What is Storj?
Storj is an open-source cloud storage platform which is completely decentralized as it is based on the Block chain technology. Through Storj anyone can sell space on their hard disks. Storj aims to compete with centralized giants like Amazon by providing storage space that is not susceptible to hacks and by offering minimum fees.
