Storj Price Prediction: STORJ could trigger another 16% correction
|- STORJ price has shed 20% in the second week of October but hints at a continuation.
- A breakdown of the $0.401 support level could trigger a steep 16% correction to $0.275.
- Short sellers need to keep a close eye on the key resistance level at $0.450.
STORJ price has shed roughly 16%, as mentioned in the previous publication, and currently trades at $0.402. Investors can expect this downtrend to continue if a key support structure is breached.
Also read: After 147% rally, a Storj price correction is around the corner
STORJ price at crossroads
STORJ price still trades inside the $0.275 to $0.528 range, created in early November 2022. After three failed attempts of breaking out, the altcoin shed 16% from $0.483 to $0.275, where it currently trades.
Considering the Relative Strength Index (RSI) is close to the 50 mean level, the chances of a pullback to $0.456 here are high. This move will likely provide a respite for trapped long buyers to exit their positions at a loss and an opportunity for short-sellers to reshort.
This downtrend is likely to continue if STORJ price produces a decisive three-day candlestick close below the $0.401 support level, which is the equilibrium of the aforementioned range. If bears are successful, then the altcoin will take another hit, where it drops 16% and tags the key support level at $0.331.
In addition to the bearish nature of STORJ after its 147% rally, the shift in trend for Bitcoin on the weekly time frame adds credence to the pessimistic nature of STORJ price.
STORJ/USDT 3-day chart
A sudden spike in Bitcoin price due to the ETF approval could potentially trigger a rally for BTC and altcoins. In such a case, STORJ price could attempt to overcome the range high of $0.482. A successful flip of this hurdle into a support floor would invalidate the bearish outlook. In such a case, STORJ price could retest the $0.500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.