Storj (STORJ) Briefly Moves Above $1 – Biggest Weekly Gainers

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Be[In]Crypto takes a look at the five cryp­tocur­ren­cies that increased the most from June 17 to 24, includ­ing Storj (STORJ), which near­ly dou­bled in value.

These cryp­tocur­ren­cies are: 

  1. Storj (STORJ): 91.11%
  2. Syn­thetix (SNX): 70.58%
  3. Poly­gon (MATIC): 46.91%
  4. Waves (WAVES): 43.14%
  5. Uniswap (UNI): 39.63%

STORJ

STORJ has been falling since reach­ing an all-time high price of $3.51 in Nov. Since Dec, the price has been decreas­ing under­neath a descend­ing par­al­lel chan­nel. Such chan­nels usu­al­ly con­tain cor­rec­tive movements.

On May 12, the price bounced at the sup­port line of this chan­nel and ini­ti­at­ed an upward move­ment. On June 23, it reached the resis­tance line of this chan­nel (red icon). If a break­out occurs, the clos­est resis­tance area would be at $1.45.

SNX

SNX has been falling under­neath a descend­ing resis­tance line since April 1. The down­ward move­ment led to a low of $1.42 on June 18. 

The price bounced after­ward, lead­ing to a high of $3.72 on June 22 (red icon). This served to val­i­date both the $3.55 resis­tance area and the afore­men­tioned descend­ing resis­tance line. 

A break­out from this line is required in order for the trend to be con­sid­ered bullish.

MATIC

MATIC had been trad­ing inside a long-term ascend­ing par­al­lel chan­nel since May 2021. How­ev­er, it broke down from it in the begin­ning of May 2022, lead­ing to a low of $0.31 on June 18. 

The price has been mov­ing upwards since, so far lead­ing to a high of $0.61. If the upward move­ment con­tin­ues, the pre­vi­ous sup­port line of the chan­nel at $0.95 would be expect­ed to act as resistance.

WAVES

Between May 23 and June 18, WAVES cre­at­ed a dou­ble bot­tom. This is con­sid­ered a bull­ish pat­tern that often leads to upward movement. 

Fur­ther­more, it was com­bined with bull­ish diver­gence in the RSI.

If the pat­tern is con­firmed, the upward move­ment could take WAVES all the way to $12.

UNI

UNI has been mov­ing upwards since cre­at­ing a dou­ble bot­tom pat­tern at $3.40 from June 14 to 18. On June 22, it broke out from a descend­ing resis­tance line.

There is a strong resis­tance lev­el at $5.90, and if UNI is able to move above it, the next resis­tance would be at $7.60.

For Be[in]Crypto’s lat­est bit­coin (BTC) analy­sisclick here.

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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