Strorj has been steadily declining since 3rd of may, and already lost 70% to the USD. Price has moved down from $1.33 to the $0.4 low. STORJ/USD almost reached the 127.2% Fibonacci support level at $0.38, but failed to couch it.
In any case trend remains bearish as price still moves within the descending channel, and recently rejected the upper trendline, suggesting the continuation of the downtrend. At the same time it seems that currently price started to consolidate, between $0.4 support and $0.55 resistance.
The range trading could continue, but the interesting timing is the 4th of September, which is 8th period of the Fibonacci Time Zone indicator. Around that day, price might start showing some signs of a trend which could help to reveal further direction.
There are multiple scenarios that should be expected, but only break above the resistance or below the support could be the trigger for the next STORJ move.
If $0.38 support is broken, price is likely to go down further, to test 161.8% Fibs at $0.12. But if the resistance is broken, this might be the first sign of a potential trend reversal.
In any case trend remains bearish as price still moves within the descending channel, and recently rejected the upper trendline, suggesting the continuation of the downtrend. At the same time it seems that currently price started to consolidate, between $0.4 support and $0.55 resistance.
The range trading could continue, but the interesting timing is the 4th of September, which is 8th period of the Fibonacci Time Zone indicator. Around that day, price might start showing some signs of a trend which could help to reveal further direction.
There are multiple scenarios that should be expected, but only break above the resistance or below the support could be the trigger for the next STORJ move.
If $0.38 support is broken, price is likely to go down further, to test 161.8% Fibs at $0.12. But if the resistance is broken, this might be the first sign of a potential trend reversal.