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Kriptoteka > Market > AI > Storj crypto surges nearing golden cross pattern formation
AI

Storj crypto surges nearing golden cross pattern formation

marcel.mihalic@gmail.com
Last updated: October 19, 2024 8:43 pm
By marcel.mihalic@gmail.com 3 Min Read
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Storj, a blockchain ecosystem concentrating on storage and decentralized graphical processing units, has maintained its impressive rally.

The price of Storj (STORJ) surged to a peak of $0.6660, marking its highest point since April and establishing it as one of the top-performing tokens in the crypto market. It has increased by more than 157% from its lowest point in August.

This upward movement was accompanied by significant trading volume. According to CoinGecko, the 24-hour trading volume exceeded $128.8 million. Previous daily volumes were $174 million and $238 million on Thursday and Wednesday, respectively. Prior to this, Storj’s daily volume had been below $30 million, representing its highest level since February.

Furthermore, the open interest in Storj’s futures contracts has been gradually increasing, hitting $63 million, the highest point it has reached since December 2023.

This rally coincided with a renewed interest in artificial intelligence assets in both the cryptocurrency and stock markets. Companies like Nvidia and Palantir have surged, driving their valuations to over $3.2 trillion and $100 billion, respectively.

Similarly, AI-related cryptocurrencies such as AI Companions (AIC), Akash Network (AKT), and Bittensor (TAO) have also been on the rise.

Storj is regarded as an AI-related coin due to its offerings, including storage and GPU leasing services. Its storage solution enables users to contribute their available storage and earn income when it is accessed by others. As per its official site, this solution is considerably more affordable compared to major cloud computing services like AWS, Azure, and Google Cloud.

In addition, Storj operates Valdi, a platform through which users can lease GPUs such as NVIDIA H100, A100, and GeForce RTX. Users can lease the 8x NVIDIA H100 SXM5 80GB, valued at over $260,000, for only $2.29 per GPU hour.

Potential for a golden cross in the Storj token

Storj price
Storj chart by TradingView

The price of the Storj token established a triple-bottom pattern at $0.3145 between July and September. It has now climbed beyond the neckline at $0.5310, a peak noted on July 29.

The token is on the verge of forming a golden cross as the 200-day and 50-day moving averages are nearing their crossover point. It is also approaching the 50% Fibonacci Retracement level.

Thus, the most probable trajectory for the token appears to be upward, with the next significant level to monitor being the 50% retracement target at $0.7130. Alternatively, there may be a retest of support at $0.5310 prior to a continuation of the bullish trend.

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