Cryptocurrency experts name a digital asset that grew by 70% per day

not financial advice — ed.

Crypto industry experts have noted that just a day ago, the Storj cryptocurrency (STORJ) broke through the long-term and short-term downward resistance lines, significantly accelerating its growth rate. Thus, in a little over 24 hours, the token grew by 70%.

STORJ is a token of the Storj Labs project, which bills itself as a «convenient, affordable, and secure decentralized cloud storage». According to the results of the technical analysis of the weekly chart, the price of the coin has been declining along the downward resistance line since November 2021. The fall culminated in a low of $ 0.21, which the coin reached last month. Almost immediately after that, STORJ made a sharp rebound and has only been growing since then.

Then, on June 18, the cryptocurrency made a bullish breakout of the downward resistance line to $ 0.61. However, analysts then warned investors of the digital asset: there is a risk of the coin falling below $ 0.48.

Cryptocurrency experts are convinced that the long-term trend of STORJ is «strongly bullish.» However, the direction of the short-term trend is likely to be determined by whether the virtual coin’s rate remains above the $ 0.48 horizontal area. If Storj (STORJ) fails to do so, the trend will change to a bearish one.

In the first case, we can expect an upward movement to the next long-term resistance at $ 0.90. If trading closes below the $ 0.48 area, it could trigger a drop to the next nearest support at $ 0.36.

According to the CoinMarketCap analytical platform, at the time of writing, Storj (STORJ) is trading at $ 0.3824. The coin’s market capitalization fell by 26.44% to $ 162.8 million. Traders made daily trading deals worth $ 523.3 million.