Storj Price Prediction 2024: STORJ Price Analysis

Key Takeaways

• STORJ has performed well in December 2023 but has fallen since then.
• The cloud storage token reached its all-time high price in March 2021.
• Our price predictions suggest that STORJ will begin an upward movement soon.

The STORJ token launched in 2017 and has had numerous ups and downs since. The most recent ones happened in 2021 when STORJ reached a new all-time high but then fell and created a lower high before the end of the year. Since then, the price of STORJ has been mired in a prolonged downward trend.

On August 6, 2024, STORJ exchanged hands for $0.40.

Let’s examine our price predictions for Storj, made on August 6, 2024. We will also examine the STORJ price history and discuss what it is and does.

Storj Price Prediction

Here are the STORJ price predictions from CCN on August 6, 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, are often wrong.

There are two methods used to create our STORJ crypto price predictions. Predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average STORJ crypto price prediction, the more bullish one is used for the maximum price prediction while the more bearish one is for the minimum.

Fractal Method

Between September 2019 and April 2020, the weekly RSI for STORJ created a bullish divergence for the first time. This coincided with the price bottomed and led to a prolonged upward movement, eventually culminating with a new all-time high price.

A similar bullish divergence transpired between January and August 2023 and has led to an upward movement so far.

In 2020, the upward movement had a magnitude of 6,645% and continued for 378 days. However, the magnitude until the first high was a 1,255% increase. In 2024, the move was weaker at 528%. If we keep this same ratio, we arrive at a STORJ price prediction of $5.70 for the top of the current market cycle and $5.50 for the end of 2024.

This high is likely to be reached in December 2024. Then, we project a similar decline as to the one occurring after the 2021 all-time high. Doing so gives a STORJ price prediction of $2.70 for the end of 2025.

Wave Count Method

The most likely wave count suggests that STORJ began a five-wave upward movement in June 2023. If so, it has just completed wave two. We can use the 2.61 and 4.61 wave one extensions to make predictions for the top of waves three and five. Doing so gives a high of $2.96 and $5.07, respectively. The Fibonacci time zone suggests this high will be reached in October 2025.

After this, similarly to the fractal method, STORJ is likely to begin a lengthy correction.

When projecting similarly shaped upward and downward movements, we arrive at STORJ price predictions of $0.65 and $1.82 for the end of 2024 and 2025.

Finally, we use the daily rate of increase for the past year to make a STORJ price prediction for the end of 2030. Since August 2023, STORJ has climbed at a daily rate of 0.15%. Projecting this until the end of 2030 leads to a price of $1.95.  We then add and remove 20% to this target to come up with our minimum and maximum STORJ price predictions.

Storj Price Prediction for 2024

The wave count and fractal methods give very different STORJ price predictions for the end of 2024. This is because the fractal method implies STORJ will increase immediately while the wave count gives more consolidation before an eventual breakout. More specifically, they give STORJ price predictions of $0.65 and $5.50 for the end of 2024.

Storj Price Prediction for 2025

The wave count and fractal methods give similar STORJ price predictions for the end of 2025. This is because they both imply that STORJ will be correcting. More specifically, they give STORJ price predictions of $1.82 and $2.70 for the end of 2025.

Storj Price Prediction for 2030

Finally, we use the daily rate of increase for the past year to create our STORJ price predictions for the end of 2030. Doing so leads to a target range between $1.70 and $2.20.

STORJ Price Analysis

The daily STORJ price chart shows a decrease under a descending resistance trend line since December 2023. Such channels usually contain corrective movements. On Aug. 5, STORJ bounced at the channel’s support trend line and created a large, bullish candlestick (white icon). This took it above the channel’s midline.

A bullish divergence in the daily RSI supported the bounce, increasing its legitimacy. As a result, the most likely future outlook is a breakout from the channel, triggering an increase toward the closest resistance at $0.80.

Short-Term STORJ Price Prediction

The STORJ price prediction for the next 24 hours hinges on an increase toward the channel’s resistance trend line. If this happens, the STORJ price tomorrow will be higher, possibly trading at $0.43. Then, it can reach the channel’s resistance trend line in the second part of the month.

STORJ Average True Range (ATR): STORJ Volatility

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility.

On Aug. 6, 2024, the weekly ATR for STORJ was 0.13, a sign of low volatility. The ATR has fallen considerably since the start of 2022. As a proportion of the $0.40 STORJ price, the ATR is 0.

STORJ Relative Strength Index (RSI): Is STORJ Oversold or Undersold?

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

On Aug. 6, 2024, STORJ’s weekly RSI was at 44, a sign of a bearish trend. The RSI fell below 50 in April.

Best Days and Months to Buy Storj

We took a look at the STORJ price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, indicating the best times to buy STORJ.

STORJ Price Performance Comparison

STORJ is part of the DePin and Storage categories, so let’s compare it with similar cryptocurrencies.

STORJ Price History

Let’s now take a look at the Storj (STORJ) price history. While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting a Storj/USD price prediction.

2017-2021: STORJ was worth about $0.55 when it came onto the open market in the summer of 2017. The crypto bubble of late 2017 and early 2018 saw it climb above $2.50 in January 2018, but it then fell. On March 13, 2023, it reached an all-time low of $0.05.

Things got better in early 2021. The market flourished, and STORJ hit an all-time high of $3.95 on March 28 that year. After that, though, it fell and closed the year at $1.75.

2022: This was a bad year for both crypto and STORJ. A series of market crashes, triggered by the collapses of the Terra (LUNA) blockchain and the FTX (FTT) exchange, saw it collapse. It closed 2022 at $0.25, representing a loss of more than 85%.

2023: This was a year of ups and downs for STORJ. It rose above $0.45 in February but then went down. The market shock triggered by the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges caused STORJ to fall to $0.22 on June 15.

It managed to recover to $0.57 on July 5 but then fell to $0.20 on August 17 after a panic caused, at least in part, by Elon Musk’s SpaceX selling millions of dollars worth of Bitcoin (BTC). The price closed the year on a positive note, briefly moving above $1.

2024: The price of STORJ has corrected for the entirety of 2024, trading at $0.40 in August.

STORJ Market Cap

The market capitalization, or market cap, is the sum of the total number of STORJ in circulation multiplied by their price. On Aug. 6, 2024, STORJ’s market cap was $59.244 million, making it the 497th largest crypto by that metric.

Who Owns the Most Storj?

As of Aug. 6, 2024, one wallet owned nearly 28% of all STORJ.

Richest STORJ Wallet Addresses

On Aug. 6, 2024, the five wallets with the most STORJ  were

• 0xcb1c98a7fbf4fde5f27db695434932a580b8d5b3. This wallet held 137,970,753 STORJ, or 27.59% of the supply.
• 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 49,880,430 STORJ, or 9.98% of the supply.
• 0x0f564a2a5fde73349890e86e9b2aa1639994bf2f. This wallet held 26,026,000 STORJ, or 5.21% of the supply.
• 0xce27fc71139d02f9a3d5cc1356add185750660ac. This wallet held 10.735,983 STORJ, or 2.15% of the supply.
• 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b. This wallet held 10,166,619 STORJ, or 2.03% of the supply.

Storj Supply and Distribution

From the Storj Whitepaper

In its technical documentation, or whitepaper , Storj says that it is innovative and pioneering. It says: “Decentralized storage represents a fundamental shift in the efficiency and economics of large-scale storage. Eliminating central control allows users to store and share data without reliance on a third-party storage provider. Decentralization mitigates the risk of data failures and outages while simultaneously increasing the security and privacy of object storage.”

Storj Explained

Storj  is a platform designed to serve as a decentralized cloud storage platform. It is based on the Ethereum (ETH) blockchain. 

The STORJ token supports the Storj platform.

How Storj Works

Storj splits files into 80 separate pieces which are held on computers, or nodes, on the network. The STORJ token rewards the node operators and people can buy, sell, or trade STORJ on exchanges.

Because STORJ is based on Ethereum, it is a token, not a coin. You might see references to such things as a STORJ coin price prediction, but these are wrong.  

Is Storj a Good Investment?

It is hard to say. STORJ performed well in December but has faltered in 2024 as the market fell.  

On the other hand, Storj is a well-established, professional, platform so, even if STORJ does fall back soon, it has a good base to work from. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in STORJ.

Will Storj go up or down?

No one can tell right now. While the Storj crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Storj?

Before you decide whether or not to invest in Storj, you will have to do your research, not only on STORJ, but on other, related, coins and tokens such as Filecoin (FIL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

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About the Author

Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.

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