In the past week, the StorJ digital token has rallied on news the developer team will be launching the StorJ open beta on the 2nd of June in Berlin, Germany. This news also managed to push price above a major pivot zone: 0.000185. This level was used about six times as support between March and April, before the market broke underneath this level on April 24th. Since breaking back above 0.000185 a few days ago, price has found support at this area twice already; once on the 19th; once today. If 0.000185 continues to hold as support, another rally towards the major pivot at 0.00028 may follow.
Between March and April, the StorJ exchange rate could not make it above the 0.00028 area. The market was in a sideways range for those two months. The 0.00028 level is the most important area on the StorJ charts; every trader and investor should have this area marked on their graphs!
If 0.000185 doesn’t hold as support, the next significant technical area can be found at 0.000164; three instances of 0.000164 acting as resistance in April and May; once as support on the 24th of April.
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_sjcx
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.