The blockchain network Storj (STORJ) experienced an unexpected surge in prices last weekend as the cryptocurrency gained 157% to reach its highest trading point since April at $0.6660. The blockchain network which focusses on decentralized graphical processing units and crypto storage was one of the best crypto tokens in the market as this week began.
As of Friday, STORJ trade volume exceeded $128.8 million with daily volumes on Thursday and Wednesday being $174 million and $238 million respectively, a stark contrast to the previous daily volume of less than $30 million. This marked the highest trading volume for Storj since February this year. As of Monday, October 21, Storj is trading at $0.632282, up 4.30% in the last 24 hours with a market capitalization of $213.87 million and a trading volume of $123.9 million.
The digital asset’s open interest reached the highest since December last year as it touched $63 million on Friday. This movement was due to crypto investors concentrating on AI digital assets and stocks over the weekend. Storj is regarded as an AI cryptocurrency because its GPU and storage leasing solutions which lets users earn money when they share free storage with others, which is cheaper than those offered by cloud computing platforms.
Earlier between July and September this year, Storj experienced a triple button at $0.3145 but last week the AI coin increased much above the $0.5310 neckline which was its highest trading point on July 29. STORJ is likely to achieve a golden cross as it inches closer to the 50-day and 200-day crossover. The AI token is also nearing the 50% Fibonacci Retracement level.
Storj’s least resistance graph is going upward with the next point to look out at $0.7130 with a 50% retracement point. It can also retest the $0.5310 support level before following the bullish trend again.