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The STORJ price broke out from the $0.50 horizontal resistance area this week. It reached a high of $0.64, the highest in 440 days.

The price has yet to reach a weekly close above this area, something that would confirm the breakout. But will it do so?

STORJ Breaks Out From Long-Term Resistance

The STORJ price has traded in a range between $0.25 and $0.50 since the start of the year. During this time, both the resistance and support areas have been validated numerous times (red and green icons).

More recently, STORJ bounced at the range low in August, creating a very long lower wick, considered a sign of buying pressure. This catalyzed the ongoing upward movement. 

After another failed attempt at breaking out in October (black icon), STORJ finally broke out this week, reaching a high of $0.64. This is the highest price in 440 days.

STORJ/USDT Weekly Chart
STORJ/USDT Weekly Chart. Source: TradingView

The Relative Strength Index (RSI) is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset. Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.

The weekly RSI is increasing and is above 50, both considered positive signs. Furthermore, the indicator generated bullish divergence during the August low (green line). A bullish divergence occurs when a momentum increase accompanies a price decrease.

Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.


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