StorJ Technical Analysis for 11/30/2015 – Sideways Market

StorJ has been dropping in value for the last few months, but the down trend seems to have now turned into a sideways market. The 0.000028 price level has supported price for the entire month, so this is the bottom of the current range. The 0.000043 level is the top of the range, as this level has acted as resistance about four different times over the course of this month. The level also acted as support at the end of October, so I would consider this level a major pivot area. If price manages to close above 0.000043 and also stay there for a few days, then 0.000043 will likely turn into support, which may usher in the beginning of a new trend. So, watch for a break above 0.000043!

There is another intermediary pivot area at 0.000035. This level has now acted as support about three times during November, and another three times as resistance.

Chart source: https://poloniex.com/exchange#btc_sjcx

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