фото показано с : invezz.com

Storj, one of the biggest players in decentralized storage, saw its token skyrocket on Wednesday. The token soared to a high of $0.5805, the highest level since September last year. At its peak, the coin’s price was up by more than 170% from the lowest level in June this year.

Storj is a pioneer player in the blockchain industry. While Filecoin is the best-known decentralized storage platform, Storj was launched years before. Its white paper was published in 2014.

Storj has a different business model from Filecoin. While Filecoin is disrupting key storage providers like Amazon AWS and Microsoft Azure, Storj competes with the likes of Dropbox and Box. 

It does this by using decentralized storage solutions while companies like Dropbox rely on centralized servers. Anyone can be a node operator and provide storage space to Storj. At the same time, anyone can pay a small fee to store files in its ecosystem. It has a free space with a storage limit of 25 GB while its premium version starts at $4 a month.

It is not clear why the Storj price went parabolic since the developers did not make any announcement. Therefore, there are two possibilities. First, there is a likelihood that it is planning to make an announcement soon. 

Second, this could be a pump-and-dump scheme. Volume data shows that most of the Storj tokens are trading in Binance. According to CoinMarketCap, the volume in Binance stood at over $160 million. The other big exchange is Coinbase, which handled just $4 million in the same period.

Storj 24-hour volume

Storj chart by TradingView

Is it safe to buy Storj? Turning to the daily chart shows that the Storj crypto price has made a strong comeback in the past few days. It has jumped in the past 9 straight day. The token jumped above the important resistance point at $0.4384, the highest point since April 23rd. 

Storj price has moved above all volume-weighted moving averages (VWMA). Also, the token’s volume has continued rising. Therefore, more gains will depend if buyers are able to push it above the intraday high of $0.5805. 

Failure to rise above that level will mean that the coin has formed a shooting star pattern, which is a highly bearish pattern. If that pattern is validated the Storj token will likely retest the important support at $0.4384.

The post Storj price roars back as Binance volume skyrockets appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

93 +