STORJ Price has soared 97% in the past 3 weeks. The price rose to its highest level in the last 4 months. However, the latest analysis reveals that the Storj coin price has faced an intense rejection from the weekly swing high. The $0.53 resistance goes back to October 2022 and needs a lot of buying pressure to be broken.
After a positive price action in the past few days, cryptocurrencies are having a pullback today. Bitcoin price has broken below $30,500 once again, which has triggered a sell-off in altcoins. Consequently, STORJ crypto tanked 16.4% today, and the storage cryptocurrency was trading at $0.42 till press time.
Why Is STORJ Coin Pumping?
The exact reason behind the recent STORJ price surge is still unknown. However, it appears to be another short squeeze event to shake out the short sellers, who were holding shorts from very high entries. While Storj has been one of the pioneers of decentralized storage, its network has still failed to gain any significant traction.
The market data shows that most of the buying volume is coming from the Korean Exchange Upbit. Such concentrated volumes often signal market manipulation from a few whales. I highly doubt that there is any particular news that is driving this price action.
STORJ Needs To Reclaim $0.53 To Flip Bullish
The major reason why I’m not chasing the current STORJ coin pump is that the price is yet to make a higher high on the weekly timeframe. So far, the weekly structure is still bearish. Therefore, only a weekly closure above $0.53 can make STORJ price prediction bullish.
Currently, STORJ is trading at $0.43, which is 30% down from its weekly high. In the coming days, price may retest $0.50 level once again to grab some liquidity, but I will remain bearish on the cryptocurrency as long as its remains below $0.53 on weekly timeframe.
I’ll keep posting my updated STORJ analysis and my personal trade setups on Twitter, where you are welcome to follow me.
