Altcoin News

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.

storjcoin

Adrian Mathieu
About author

Adrian is a cryptocurrency trader and writer since 2014. He follows closely coins such as Bitcoin, Ethereum and NEO to little known ICOs, constantly analyzing crypto markets in order to stay informed. Email Adrian directly at adrian@ethereumworldnews.com
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