Bitcoin
BTC$61 243.77

1.02%

Ethereum
ETH$4 109.03

4.38%

Binance Coin
BNB$481.29

0.25%

Cardano
ADA$2.15

0.11%

Tether
USDT$1.000556

0.09%

Solana
SOL$195.86

-3.60%

Storj: Cryptocurrency With the Most Explosive Wicks


While Bitcoin and the rest of highly-ranked cryptocurrencies are stalling, being unable to make a sizable move in any direction but sideways, traders are turning their attention to the underdogs that reside below top 100 in search of profits. Those who are looking for in-and-out trades, which take place over the course of a day or two, have to take a closer look at Storj (STORJ), a cryptocurrency that is far from being a consistent gainer or a fundamental powerhouse but does have a couple of tricks up its sleeve.

Storj fundamental value and current standings


Fundamentally, Storj is a provider of blockchain-based cloud storage - all participants receive an equal amount of storage space and use at their discretion, for example, with the purpose of renting it to other STORJ holders. 

One has to dig deep in the global rankings to find Storj as this coin occupies the 175th position, a characteristic that puts it below the radar of most retail traders. It isn’t standing head and shoulders above its direct competitors: Civic and Vertcoin, in terms of market capitalization, which barely exceeds $12,9 million, having been severely hampered by the devastating market crisis.

But it’s the average trading volume that arouses the biggest interest towards this cryptocurrency since it occasionally goes up to levels far greater than that of the coin of the same caliber. While the customary daily trading volume of STORJ usually makes up for $1,4 million, it shoots up to $20 million or even $70 million once or twice a month. Obviously, such a massive volume spike is converted to an intense price action that leaves the upper wicks as high as skyscrapers. 

1-week STORJ/USDT chart

Check out this collection of upper wicks that is reminiscent of Midtown Manhattan. Each of these shadows constitutes a price increase of at least 30%, with the tallest one hitting the ceiling of 75% on a day. The emergence of this picket fence of price action could be explained by the fact that the overwhelming majority of trades involving STORJ happen on just one, rarely two, cryptocurrency exchanges: BKEX and OKEx. Nevertheless, this coin is listed on many high-liquidity platforms, like Binance and Bitfinex, which provides ample opportunities not only for the spot but also for the arbitrage trading. 

Awaiting the price explosion


The most suitable practice with regard to STORJ would be picking the right moment to enter the long position and then take profit as soon as the price target of +30% to 50% is being reached. The daily chart below shows that one such enormous wick occurred several weeks ago, with price ballooning up to 83% after the open.

1-day STORJ/USDT chart

As we have already concluded, the periodicity of these large spikes is around 60 days, which means that Storj is now close to entering a new cycle of this short but volatile price action. Also, please note that large wicks usually emerge shortly after the price exits the Bollinger Band squeeze, which is presently forming on the daily time frame.

Moreover, Storj has been moving within the borders of the symmetrical triangle, which is likely to be breached to the upside since the price has recently bounced off its all-time low at $0.04. Stochastic is the most appropriate indicator in determining the entry point because those tall wicks usually occur after the crossing on that oscillator. All in all, traders who want to make a quick buck should consider STORJ as it hints at an intention to have a price burst in the coming week. 

Author: Alex Paulson for Crypto-Rating.com

Related

STORJ: At the Onset of Bull Rally
STORJ: At the Onset of Bull Rally

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 60.8% 76 $61 243.77 1.02% 1.11% $1 154 572 840 442 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.4% 57 $4 109.03 4.38% 6.19% $485 054 173 428 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 60 $481.29 0.25% 3.23% $80 279 625 910 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 90.8% 12 $2.15 0.11% -1.89% $70 787 881 107 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000556 0.09% 0.06% $69 612 761 722 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 71.6% 54 $195.86 -3.60% 23.35% $58 918 167 005 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 70.8% 52 $1.088407 0.20% -5.19% $51 096 748 647 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 79 $43.63 -0.29% 3.79% $43 086 190 756 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 56 $0.250784 5.45% 5.27% $33 056 889 048 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000865 0.09% 0.09% $32 551 622 838 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 68.8% 65 $42.68 -0.63% 15.43% $17 137 911 904 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 48 $26.59 3.60% -2.02% $16 261 823 078 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 69.6% 65 $65.13 -0.86% 8.98% $14 346 523 240 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 76.4% 47 $30.61 7.77% 9.88% $14 113 775 739 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.2% 75 $61 285.05 0.88% 1.17% $13 592 575 892 WBTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.