Bullish Reversal / Key LevelHi Trading View Community,
Today, we're analyzing the trend and structure for $STORJ, a utility token that supports the decentralized cloud storage service, Tardigrade, by Storj Labs.
The token is in the Top 110 cryptocurrencies per coinmarketcap.com, with a current market cap of $670M (FD $1.1B).
It was recently listed by Coin base and volume and exposure to the coin has driven rapid price appreciation.
After a tremendous rally YTD (+1700%), $STORJ pulled back to ~50% Fibonacci level at $2.20 and has since made a bullish reversal to ~$2.70.
The major question $STORJ holders are considering is: "Will the bullish trend continue or will the downtrend resume?"
Our analysis suggests $STORJ is seeing less buyers after the local resistance / accumulation zone (gray box).
RSI touched top of range and has reversed.
MACD has made full cycle from trough to top over the revesal.
If it can hold above this zone - indicates potential for a move higher (~$2.80+).
If it fails to stay above this zone - expect price to resume the downtrend again (~$2.20) as the market fin
This is not financial advice.
Best wishes,
Magic Capital
