Storj price has been in a strong bullish trend in the past few days as investors buy the dip in the file storage token. It is trading at $0.775, which is about 137% above the lowest point in June this year. This price is also the highest it has been since June 29th. According to CoinGecko, Storj has a total market cap of over $111 million.
What is Storj?
Storj is a blockchain project that is seeking to disrupt the file storage industry. This is a large industry that is currently dominated by the likes of Google, Microsoft, Dropbox, and Box. Storj solves some of the challenges that these companies face.
For example, its storage platform depends on a wide array of decentralized storage platforms. Anyone can become a storage provider and earn some of the fees. Storj uses advanced encryption features to ensure that data storage providers cannot get see what is stored in their platforms.
Also, it is significantly cheap than the other companies. The free version offers 150 GB of free space. This is in comparison with less than 20 GB that other companies offer. Its premium storage goes for $4 per GB.
Storj price has bounced back in the past few days as the network continues growing. The number of people using Storj as a storage platform has grown in the past few months and there is a likelihood that the trend will continue.
Storj price prediction
The four-hour chart shows that the Storj price pulled back recently and settled at a low of $0.6357. Now, the coin has made a strong recovery and has managed to move above the resistance at $0.7171, which was the highest point on July 5th.
At the same time, the 25-day and 50-day moving averages have made a bullish crossover while the Relative Strength Index (RSI) has moved to the overbought level. Also, a closer look shows that the coin has formed an Elliot Wave pattern.
Therefore, the outlook of Storj is still bullish, with the next key resistance level to watch being at $1, which was the highest point on June 24th. A drop below the support at $0.7171 will invalidate the bearish view.