STORJ, the native token of the Storj platform, has been a trending coin in the industry right now.

As per the latest data from CoinMarketCap, STORJ has seen a remarkable surge of 42.84% in the last 24 hours, with its price standing at $0.5018. The trading volume has also skyrocketed, with a whopping 2514.47% increase, reaching $601,979,999. The price jump is even higher if you look at the last 7 days – almost 90%!

The Storj team has transferred 2.5 million STORJ tokens, equivalent to $1.22 million, to Binance following a recent price surge, as reported on Twitter. This move indicates a potential strategy to capitalize on the price increase. Currently, the team holds a substantial amount of 11.6 million STORJ tokens, valued at approximately $5.7 million, further demonstrating their confidence in the token’s future performance.

Storj, a decentralized cloud storage platform, leverages blockchain technology to offer secure and encrypted storage solutions. Operating on the Ethereum blockchain, Storj presents a compelling alternative to centralized cloud storage platforms such as Amazon Web Services or Google Cloud. The platform enables individuals to monetize their unused hard drive space, while users can securely store their files in a decentralized manner.

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The journey of STORJ began in 2017, following the discontinuation of its predecessor, SJCX. The migration to the Ethereum blockchain saw the introduction of 500 million STORJ tokens. However, a strategic decision by the team led to the burning of 75 million tokens, reducing the total supply to approximately 425 million.

The price trajectory of STORJ has been a rollercoaster ride. It reached its zenith in March 2021, hitting an all-time high of $3.91. However, the subsequent months witnessed a decline, with the price dropping to $0.61 in June 2021. Since then, the price has been oscillating between $1 and $2.

Investors considering STORJ should take into account several factors:

The digital asset, after breaking past a critical resistance line, has seen a commendable surge in its price. Currently, it’s navigating the choppy waters of a resistance and supply area, hinting at a possible price correction on the horizon. The first support area is waiting in the wings, ready to catch the price should it fall. From there, a bounce back to the breakdown point is anticipated, says one of the top crypto analysts on TradingView.

However, the daily candle’s position is crucial. If it fails to secure a spot above the resistance line, the odds of a price correction toward the support line increase significantly. On the flip side, if the daily candle can establish its position above the resistance line, STORJ could be set to touch new heights. But remember, in the volatile landscape of cryptocurrency, nothing is guaranteed. It’s always advised to analyze the chart meticulously before opening any positions.

Stay tuned for more updates on this exciting journey of STORJ in the crypto market. In the unpredictable world of cryptocurrencies, nothing is certain. Therefore, it is always advisable to meticulously analyze the chart before making any investment decisions. Stay tuned for more updates on STORJ’s thrilling journey in the crypto market.

The post STORJ Price Skyrockets 90%, Top Crypto Analyst Says It’s Crucial The Daily Candle Establishes Its Position Above the Resistance Line appeared first on CaptainAltcoin.

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