Jun 24, 2022 14:48
The top cryptocurrencies were anticipated to be driving the rise when the cryptocurrency market passed the $900 billion threshold today.
Storj managed to seize dominance, overtaking every other significant cryptocurrency with its ascent despite the fact that it turned out to be a relatively unknown coin.
Indeed, Storj. The asset is, as it sounds, the native token of a cloud storage platform supported by cryptocurrencies, which until today was merely another coin.
However, the altcoin's one-day increase of 55.08 percent succeeded to place it on the map both literally and figuratively, as it joined the top 100 cryptocurrencies list.
Due to the price increase, the asset's market value increased by approximately $100 million during the course of the previous day. This increased the asset's overall growth over the preceding nine days to a total of 156.7 percent.
More than half of the losses that the cryptocurrency sustained during the May 65 percent fall were also nullified by this rebound in addition to the losses registered by the altcoin this month during the June 9 crash.
The green candle, which closed above both the 100-day SMA and the 50-day Simple Moving Average (red line), insured that the gain was sustained (blue line). The 200-day SMA (purple line), which would effectively transform this into a bullish run, is also getting closer.
Additionally, after more than two months, the Awesome Oscillator switched the active trend's direction from bearish to bullish, with the green bars climbing above the neutral.
Now, it has to be seen if the asset will be able to sustain this growth moving forward or if it will just be another one-day wonder.
The king currencies have been moving slowly, essentially not at all, as the altcoins have taken the lead.
BTC has made little progress at all during the past week, hovering around the $20k to $21k level, whereas ETH recently broke the $1.1k threshold.
However, Bitcoin's recovery has been so sluggish that the king currency has not yet reached the upswing stage that every other altcoin is presently in.
Additionally, the Relative Strength Index (RSI), which has been signaling a trend reversal for more than two months, shows that BTC is still trapped in the negative zone.
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