Storjcoin Double Bottom Formation 10

Storjcoin Double Bottom Formation

Storjcoin, known as a decentralized cloud storage, has very interesting development when it comes to price action. On the 15th of September, after a heavy downtrend, it went as low as $0.3, loosing over 60% in a single wave.

Since then it has been range trading between $0.3 and 0.67. This week it formed a double bottom after it rejected $0.3 once again. This is also a 261.8% Fibonacci retracement level which in conjunction with a double bottom makes it a very strong support.

Following the bounce off the support, SJCX/USD broke above the 200 Moving Average, showing some signs of a potential trend reversal. Storjcoin should continue to move higher, at least to the $0.67 resistance. But, if this resistance will be broken, with a clean break and daily close above, this could indeed be one of the confirmations of the beginning of an uptrend.