The StorJ digital token has rallied relentlessly since the 11th of January, hitting a high of 0.00013784 on the 15th of February, but the market is showing signs of fatigue. Two days ago, on the 16th, price plunged below the pivot zone at 0.00012. This level has acted a total of five times as resistance since the beginning of February, and also two times as support. This technical area is very visible on the 2-hour chart, but no so much on the 4-hour one.
Although the bullish momentum has stalled over the past week, there are still some important technical areas that may still support price. For example, the 0.00009 area acted as support five times between the 4th and the 11th. Due to the extensive history of this level, any sell-off will likely encounter support there in the future.
The trend line – which began on the 12th of January – has still not been broken, therefore, technically speaking, the bull market is still not over. The market has used this trend line as support many times over the past 30 days. However, if price plunges underneath the support area at 0.00009 and this trend line, then it will be confirmed that the bull market has ended.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_sjcx
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