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Recently, price action in the STORJUSDT market has corrected off a multi-month low at the $0.203 mark. Today, this token has experienced an additional price increase of 4.34% as of the time of writing. What are the chances of seeing more price increases in this market?
Storj Statistics:
STORJ Value Now: $0.2465
STORJ Market Cap: $95,512,103
Storj Circulating Supply: 387,445,110
Storj Total Supply: 424,999,998
STORJ CoinMarketCap Ranking: 186
Major Price Levels:
Top: $0.2466, $0.2550, and $0.2750
Base: $0.2400, $0.2300, and $0.2200
STORJUSDT Still Has the Prospect of Extending the Upside Correction
In today’s trading, the STORJUSDT price action has moved by more than 4.34%. However, looking at the daily chart for this token, it could be perceived that headwinds have caused a considerable downward correction. This is portrayed as the last candle here, which has a long shadow.
Nevertheless, the token is still trading on favorable grounds above the 9- and 21-day Smooth Moving Average (SMA) lines. Furthermore, the Relative Strength Index (RSI) indicator can be seen converging in the overbought region. But considering the orientation of the point of convergence, it seems that prices may still proceed upwards.
STORJUSDT Is Holding On to Upside Hopes Amidst Reducing Activities
The STORJUSDT market has revealed that buyers in this market are resilient. This could be observed as another dashed-shaped but green price candle appeared, following a red one of the same type. However, one favorable aspect of this is that price activity remains above the SMA lines. On the contrary, a crossover indicating a trend reversal seems to have been delivered on the RSI indicator.
Nevertheless, if buyers grow stronger in the ongoing session, the anticipated downward correction going by the RSI lines will likely be aborted. Consequently, price action may then extend the upside retracement towards the $0.2600 mark.
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