STORJ’s Massive Spike Could Witness Price Retracement Soon

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STORJ’s Massive Spike Could Witness Price Retracement Soon
  • Lookonchain noticed that the Storj team deposited 2.5M STORJ to Binance after the altcoin rose by nearly 45% in 24 hours.
  • After facing a spike of 50.91% in 1-day, STORJ is priced at $0.5266.
  • STORJ could face price retracement since the altcoin resides in the overbought region.

Detecting a massive surge in the crypto world, the web3 data analytics platform Lookonchain observed that the price of STORJ rose by nearly 45% today. Lookonchain notified the community that the Storj team deposited 2.5 million STORJ to Binance after the altcoins’ double-digit spike in one day. The web3 data analytics platform concluded its analysis by stating that the Storj team currently holds 11.6 million STORJ, which is approximately $5.7 million.

According to CoinMarketCap, STORJ is fluctuating between its 24-hour high price of $0.5241 and low price of $0.349. After facing a spike of 50.91% in 1-day, STORJ is priced at $0.5266, at the time of writing. STORJ also shows signs of high demand as the trading volume is valued at $638,458,026, after experiencing a  2819.61% surge. STORJ’s sudden pump has led the altcoin into the green zone territory.

STORJ 1-Day Chart (Source: CoinMarketCap)

Looking at the STORJ/USDT 1-Day Chart, the candlesticks have crossed beyond the upper band of the Bollinger Band indicator, indicating that the altcoin is currently in the overbought region. Moreover, the massive surge continues to increase the volatility of the market as the bands continue to expand. There is a high chance that STORJ could face a price retracement soon as it continues to reside in the overbought region.

STORJ/USDT 1-Day Chart (Source: TradingView)

Furthermore, the Bollinger Band Width (BBW) shot upwards after the massive spike event. However, like earlier, the BBW could move downwards after rising rapidly, indicating that the gap between the upper and lower band would reduce.

If the volatility of STORJ’s market reduces, then, there is a high chance that the candlesticks could move downwards. This phenomenon was also observed in the previous price movements. During its downtrend, there is a high possibility that STORJ might not fall below its new support level at $0.2860.

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