- Storj surged over 100% in the last two days to reach a new all-time high of $3.81.
- However, the price surge is due to listing on Coinbase.
Moreover, the price rose after listing on the Coinbase exchange on March 26, 2021. Also, Coinbase listed two other cryptos namely Ankr (ANKR), and Curve DAO Token (CRV) at the same time. Moreover, the pump in asset prices after getting listed on Coinbase is commonly known as the ‘Coinbase Effect’.
Storj Stays Bullish Despite Doubling in Price
Storj is an Ethereum-based token that provides a decentralized network called Tardigrade. So far, the Storj price has increased a whopping 100% after the Coinbase listing and shows no signs of slowing down.
According to CoinGecko, the STORJ price is $3.16 with a 24-hour trading volume of $3.814 billion, at the time of writing.
The above chart shows that STORJ has performed great over the past few days. Moreover, the STORJ price is over 350% in the last 7 days. If this trend continues, STORJ will run along with the bulls, overtaking its $10.4 resistance level and climb higher.
Conversely, if the investors turn against the crypto, the bears might take over and dethrone STORJ from its uptrend position. In simple terms, the price of STORJ might plummet to almost $0.22, a bearish signal.
Meanwhile, the Relative Strength Index (RSI) is above 70 indicating that the crypto is already in an overbought state. Thus, traders need to trade wisely as STORJ might trigger a major price reversal.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.