STORJ-USDT Technical Analysis

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The price of STORJ is in a downtrend and has been trading within a descending channel since March 2024, with the price consistently making lower highs. This downtrend is defined by a descending channel upper trendline that has acted as resistance multiple times and a lower trendline acted as support. Recently, the price has started to push upward, and this upper boundary of the descending channel is being tested again, suggesting a potential test of the downtrend resistance.

Several key support and resistance levels are visible on the chart. The most immediate resistance lies in the descending channel upper boundary, $0.3937 level, with a resistance zone (Green) at $0.4299 - $0.4420 just above. If the price manages to break through here, it could target higher resistance levels, such as $0.4947 the major resistance zone (Pink) at $0.5830 - $0.6110, and so on, all the levels are marked in the chart. These levels have historically seen strong selling pressure.

On the downside, strong support (Purple) at $0.3420 - $0.3501, where the price recently found support and began its current upward movement. Further support zone (Yellow) at $0.3003 - $0.3099 and the ultimate low at $0.2584, which acted as a base for a previous bounce. If the price fails to break resistance, it could retrace to these lower levels.

Overall, STORJ/USDT is at a critical juncture. A break above the downtrend and key resistance zones would indicate a potential shift in momentum to the upside. However, failure to break these levels could result in a continuation of the downtrend, with price retesting key support zones. The next few days will be crucial in determining the future direction of the pair.

Everything is on the chart
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As we predicted
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STOJ bounces from green zone marked as we expected
Chart PatternsFundamental AnalysisstorjSTORJUSDTTrend Analysis

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