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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
