STORJ Eyes Massive 381% Upside as Bullish Breakout Targets $2.95, Says Analyst

• STORJ breaks out from a prolonged downtrend, targeting a 381% upside with strong bullish momentum, says analyst.
• Momentum indicators show STORJ’s bullish divergence, with a key $3.0 resistance level in focus for further upside movement.
• STORJ’s price is above critical EMAs, signaling bullish strength; however, the high RSI indicates possible short-term correction risks.

Crypto analyst JavonTM1 on X says STORJ has confirmed a hidden bullish divergence and is now showing strong signs of recovery. He emphasizes that this breakout could point to big upside potential. According to JavonTM1, the asset’s upward momentum may push its price to $2.95574675, an impressive 381% increase from its current levels.

Price Reversal and Key Resistance Levels

STORJ’s price action has shifted from a bearish market to a neutral one in recent months. After a prolonged downtrend that started in 2022, recent movements indicate a clear breakout from the descending trendline, suggesting a reversal. 

This breakout marks a potential bullish trend reversal as the asset pushes towards key resistance levels around $3.0. If this level is breached, STORJ could see a further rise to higher price targets such as $4.5 or even $5.0. Notably, the price has already broken through $1.845, and the next resistance is just ahead at $2.8 to $3.0.

If momentum remains strong, the asset could aim for a long-term target near $12.86, a level that remains speculative but highlights potential upside. However, monitoring how the price reacts around the $3.0 resistance is crucial, as failure to break through could result in a pullback.

Momentum Indicators Supporting Bullish Sentiment

The current upward movement is supported by the divergence observed in the asset’s momentum indicator, which shows weakening bearish sentiment as buyers step in. The indicator, Relative Strength Index (RSI), reflects stronger momentum aligning with the price breakout. With the price gaining momentum, buyers may continue driving the price upward, though caution is advised in case of a pullback.

STORJ Moving Above Key EMAs, Strong Bullish Indicators

The 4-hour chart for STORJ/USDT highlights the asset’s bullish momentum. Notably, STORJ is trading above both the 50 Exponential Moving Average (EMA) at $0.4641 and the 200 EMA at $0.4164.

This positioning confirms the ongoing bullish sentiment, with a golden cross already having taken place. The Relative Strength Index (RSI) is at 87.60, signaling that STORJ is in overbought territory, which might indicate a short-term correction. However, the bullish trend is clear, and the next resistance lies at $0.6162.