After trading between $0.25 and $0.50 since early 2022, the STORJ token (STORJUSDT) has finally broken through the upper limit of that range. This week, STORJ reached a high of $0.726 – its highest price in 440 days.
The move comes after STORJ bounced off support at $0.25 in August. That long lower wick was a sign of strong buying pressure, setting the stage for the current upward movement.
Multiple attempts to break resistance at $0.50 failed earlier in the year. But this week’s decisive move above that level has traders excited.
The weekly relative strength index (RSI) shows bulls are in control, trading above 50 and trending up. August’s bounce created a bullish RSI divergence, adding confidence to the breakout.
Some analysts think STORJ could reach $0.90 or even $1 in this move. Using Elliott Wave analysis, the rally could extend as high as $0.96 if it follows common Fibonacci extensions.
However, STORJ needs to close the week above $0.50 to confirm the breakout. If it falls back below that resistance-turned-support, the breakout will be invalidated. In that case, STORJ could return to support around $0.24.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as investment, financial, or other advice.