Image Credit: StorJ
Bitcoin and other cryptocurrencies have reached a point of critical action. Under these circumstances, Storj coin has exhibited a rise over the weekend. The rise was fuelled by FOMO (Fear of Missing Out) and the rumors of Coinbase listing.
The price of Storj Coin rose from $0.139 to $0.269 in a very duration of time; any positive fundamentals did not influence the price. It is likely that the sudden surge in buying volume for Storj Coin was influenced by market manipulation or incidental rise.
1-Hour chart of STORJ/BTC (Poloniex)
The move was fuelled by a quick rise in volume; however, the 1-week chart for STORJ/BTC does not look promising at all. Furthermore, due to the lack of strong fundamentals to justify the price rise, the HODLERs of Storj have resorted to profit booking.
The price of Bitcoin and Ethereum exhibited a small rise over the weekend too, while XRP stayed in the $0.294 – $ 0315 which was partially affected by the release of the ‘JPM coin.’
Moreover, Ethereum has exhibited a rise of almost 40% in the past one month. Ether which was trading at $105 at the beginning of the month has surpassed the resistance of $125, and $130, the next target in sight is $145. Ethereum is trading at $139 at the time of writing. The rise in Price of Ethereum can be attributed to the Constantinople update which is to be rolled out in the last week of February.
1-Hour char of ETH/USD (Bitfinex)
The Technical Indicators for Ethereum suggest that the MACD is placed in a bullish zone with a positive bias. The RSI index on the hourly chart suggests it is, however, nearing overbought levels (Above 70). A fall below the $125 level would trigger the bears, however, heavy buying pressure expected at $128 level.
The total market capitalization of the cryptocurrency market rose slightly over the weekend with Bitcoin hovering around the $3700 resistance line. The bearish momentum has still not ended, however, a break above $4100 would bring short time relief in the market.