Cryptocurrency

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Storj

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Weekends are generally low-volume and calm days for the cryptocurrency markets, but there is activity within the altcoins. As this article is being prepared, the Bitcoin price hovers around the $42,000 level, yet many altcoins continue the day with double-digit gains.
<h2 style="text-align: justify;" id="why-did-storj-coin-rise">Why Did STORJ Coin Rise?</h2>
About an hour ago, the price of Storj Coin rose from $0.92 to $1.09. Following this rise, a few minutes ago, a total of $23.7 million worth of tokens were withdrawn from the Binance and OKX exchanges. If the price rises this quickly following excessive buying and is then followed shortly by million-dollar withdrawals, it brings one thing to mind.
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-290208 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/storj-1-scaled.jpeg" alt="" width="1179" height="384">
Yes, probably two big whales have switched to accumulation mode, and due to their rapid purchases, we saw the price increase by over 15%.
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-290210 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/storrj-2-1-scaled.jpeg" alt="" width="1179" height="313">
Whales especially make aggressive purchases in altcoins with strong short-term upside potential or that are expected to release news during such periods. It would not be surprising to see a development in the coming days that triggers more buying.
<h2 style="text-align: justify;" id="analysis-of-storj-coin">Analysis of STORJ Coin</h2>
On the weekly chart, with the recent buying, STORJ Coin has surpassed an important price region. We had seen that the price, unable to overcome the $1.03 barrier during the week of June 20, led to a sell-off down to the $0.22 region. However, the altcoin has managed to stay strong since the week of November 6 after recovering from the bottom.
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-290211 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/STORJUSDT_2023-12-17_06-38-49.png" alt="" width="1232" height="567">
If the closes above $1.03 continue, we could see the peaks of $1.38 and $1.64 being surpassed. The journey aiming for the all-time high (ATH) price of $3.83 could only be possible with closes above $1.64.
The fact that whale demand comes in a critical region is important; normally, whales purchase near local bottoms in significant volumes. Moreover, despite the time that has passed, we have not seen profit-taking in the purchases within the $0.95-$1 range; on the contrary, the exchange withdrawals are encouraging.
On the daily chart, a critical support is found at $0.88, and a loss of this region could lead to a drop to $0.6. The price, having surpassed its daily peak on November 9 and combined with whale demand, now suggests that the popular altcoin may be ready to make a move.
<img loading="lazy" decoding="async" loading="lazy" class="wp-image-290212 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/STORJUSDT_2023-12-17_06-42-55.png" alt="" width="1227" height="565">
It’s risky, but as the day progresses, we could see this whale demand make noise and push the price to even higher levels with individual demand. Continue Reading: <a href="https://en.coin-turk.com/the-cryptocurrency-markets-total-value-drops-by-100-billion-in-a-single-day/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/the-cryptocurrency-markets-total-value-drops-by-100-billion-in-a-single-day/</a>

The Cryptocurrency Market’s Total Value Drops by $100 Billion in a Single Day

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