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STORJ Price Spikes 18% After Vitalik Buterin Mention — Will It Keep Rising?

Last Updated March 8, 2024 2:16 PM
Nikola Lazic
Last Updated March 8, 2024 2:16 PM
By Nikola Lazic
Verified by Peter Henn

Key Takeaways

  • Vitalik Buterin mentioned STORJ, spiking its price briefly.
  • STORJ shows potential for a larger bull cycle.
  • Its price movement depends on breaking December highs.

Vitalik Buterin, Ethereum’s co-founder, highlighted a cryptocurrency on the Warpcast  social network on March 8. As a result, this to a notable price surge. Buterin’s influence on market dynamics is well acknowledged. This time, his latest discussion focused on DePIN projects. 

He explored the potential for success among these projects, which aim to reinvent longstanding ideas such as STORJ and decentralized alternatives to Uber. Buterin questioned the viability of these projects’ success in the current market. Following his insights, the price of STORJ spiked by 18%. 

Shortly after, it fell by 9% but is still up by 7% from its daily open. Was this just a temporary event or part of a larger rise?

STORJ Price Analysis 

From its all-time high of nearly $4, the price of STORJ has been in a multi-year bear market, dropping to a low of $0.22 in January 2023. After some sideways movement, it retested this one on two more occasions, with its last retest in August resulting in a major recovery. 

Daily chart
STORJ could have started a larger bull cycle.

STORJ climbed to $1.20 in December, which was an interaction with the larger descending resistance anchored at the all-time high. A rejection occurred, with the price decreasing to $0.50 on January 25. 

The uptrend from last August until December showed a typical five-wave pattern. Since it came after a period of consolidation, it could be the starting move in a larger bull cycle. Its following downturn ended at the 0.618 Fibonacci retracement level, yet another typical ending point for the first bull market corrections. 

This is why there is a strong chance that the rise from January’s low will lead STORJ to a breakout above the descending resistance and new highs. Our first target would be around $2. 

It is worth noting that STORJ’s price is currently trading at a lower price than the one in December. Therefore, we first need to see its risin above that before we can expect higher prices. Until this happens, there is an equal chance that the price will be headed below $0.50 again.  

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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