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The STORJUSDT market saw a significant price increase about three sessions ago. Subsequent sessions were not able to see the same thing, but the market stayed afloat above important marks. At this point, the resistance level at the $0.5000 mark seems to represent a strong barrier to price movement. However, today’s session has shown intentions to burst its way through that mark.
Key Price Levels:
Resistance: $0.5000, $0.6000, and $0.7000
Support: $0.4000, $0.3000, and $0.2000
Storj Continues to Flirt With the $0.5000 Resistance Level
Price action for the past three sessions in the STORJUSDT market has been testing the $0.5000 threshold. Also, the 200-day Exponential Moving Average (EMA) lines can be seen standing above both price action and resistance levels. Looking at the 20- and 50-day EMA lines, one will notice that they are already converging below price movement.
With the ongoing session staying bullish, this hints that the market may advance upward. In the case of the Stochastic Relative Strength Index (SRSI) indicator lines, one can see that it is already in the overbought region with the leading line already deflected sideways. Nevertheless, the EMA indicator is hinting that there are upside potentials in this market.
The STORJUSDT Market Is Seeking to Break Above the $0.5000 Mark
Price action in the STORJUSDT market can be seen to have rebounded off the support formed by the 20-day EMA lines. Price action moved off that support for the next three sessions. Meanwhile, the ongoing session posted a minor downward correction as soon as price activity tested the $0.500 mark.
Nevertheless, price activity remains above all the EMA curves. Also, the SRSI lines can be seen now trending upwards from the oversold region following a bullish crossover. Although the instantaneous reaction of price movement in the ongoing session is bearish, the general outlook of the market suggests that traders may still choose to target price levels above the $0.5000 mark by using bullish crypto signals in this market.
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