The STORJ/USDT market has fallen under bearish influences that may cause further price declines in the market. This stands true despite the token seeing a price increase of 3.78%. While the market still retains the recorded gains, it does seem possible that price action may descend lower going by indications from this market.
Storj Statistics:
Storj Price: $0.4920
STORJ Market Capitalization: $196.89M
STORJ Circulating Supply: 399.67M
Storj Total Supply: 424.99M
STORJ CoinMarketCap Rank: 12
Key Price Levels:
Resistance: $0.5000, $0.6000
Support: $0.4000, $0.3000
STORJ/USDT Moderate Gains Looks Threatened
Bears in the STORJ/USDT daily market have been visibly dominant since the market punched its way through the $0.7000 resistance level. At this point, the last price candle can be seen appearing just below the crossed 20- and 50-day Moving Average (MA) lines.
The mentioned price candle represents a price increase but has appeared below three out of four lines of the MA lines. Likewise, the Stochastic RSI lines have a downward trajectory below the 80 mark of the indicator. Therefore, most of the indications on this chart favor the opinion that suggests that prices may fall lower subsequently.
Headwind Kindles in the Storj Market
While the last price candle on the STORJ/USDT daily market was a straight green one, the 4-hour market has revealed that downward forces are kindling in the ongoing session in this market time frame. Also, the last price candle here can be seen placing the market below all the MA lines.
Meanwhile, the Stochastic RSI lines are still running in an upside path. However, the lines of this indicator appear quite too extended for such a small price movement. This hints at vulnerability and suggests that prices may resume a downward path subsequently toward the $0.4500 price level after hitting the $0.5000 resistance.
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