Support at the day’s low of $0.2195 has neutralized the negative trend in the Storj (STORJ) market in the last 24 hours. As a result, buyers drove STORJ’s price to a four-week high of $0.4271 before meeting resistance. If bulls can push beyond $0.4271, they may be able to target $0.5000, a level they haven’t seen challenged since May.
However, $0.3500 is the next support level to monitor if negative momentum regains market control. If tested again, this level has previously held solid and may produce a rebound for STORJ. However, STORJ was trading at $0.4222 at press time, up 10.38% from its intraday low.
STORJ/USD 30-day price chart (source: CoinGecko)
Additionally, whale activity has been seen in response to the market surge. Three significant wallets transferred 34.9 million $STORJ, totaling $14.44 million, away from exchanges. As a result, STORJ’s market capitalization and 24-hour trading volume increased by 10.58% and 59.91%, respectively, to $166,382,284 and $130,603,100. This uptick in activity may indicate institutional investors’ confidence in STORJ’s prospects, which might lead to additional gains.
