Market Overview for Storj/Tether (STORJUSDT) – 2025-11-08

Summary
• Price dropped from 0.241 to 0.1906 over the 24-hour period, forming bearish patterns.
• Volatility remained elevated, with volume peaking at 9.5 million.
• RSI approached oversold territory, signaling potential for a short-term rebound.

Storj/Tether (STORJUSDT) opened at 0.2188 on 2025-11-07 at 12:00 ET, hit a high of 0.241, fell to a low of 0.1855, and closed at 0.1906 on 2025-11-08 at 12:00 ET. The 24-hour total volume was 44.6 million, while total turnover (notional value) came to approximately 8.48 million.

Structure & Formations

The price structure revealed a strong bearish bias, with a key support forming around the 0.1855 level following a large bearish engulfing pattern. A doji at 0.2036 on 2025-11-07 at 03:30 suggested indecision, though this failed to spark a reversal. The subsequent breakdown past 0.1900 confirmed a continuation of the downtrend, with resistance levels appearing clustered around 0.2000 and 0.2100.

Moving Averages

On the 15-minute chart, the price has consistently remained below both the 20-period and 50-period moving averages, reinforcing the bearish bias. Daily moving averages (50, 100, 200) have not been provided, but based on the extended decline, it’s likely the price remains below all three, suggesting further bearish momentum ahead.

MACD & RSI

The MACD line and histogram have turned negative and remained in the bearish territory throughout the session, confirming the downward trend. RSI has dipped to the low 30s, indicating potential oversold conditions. While this could hint at a short-term bounce, the broader bearish momentum may suppress any meaningful reversal.

Bollinger Bands

The price has spent most of the 24-hour period near the lower Bollinger Band, indicating a period of low volatility that has now given way to a sharp contraction. The break below the lower band at 0.1855 suggests a new low volatility phase may follow, with price potentially testing new support levels.

Volume & Turnover

Volume and turnover surged during the initial decline in the early hours of 2025-11-07, peaking at 9.5 million and 1.5 million, respectively. Subsequent price action saw a drawdown in both metrics, suggesting a lack of follow-through in the bearish move. A divergence between price and volume may indicate exhaustion at the lower levels, but this remains to be confirmed.

Fibonacci Retracements

Applying Fibonacci retracement to the 0.241 high and 0.1855 low, the 38.2% level is around 0.2097, while the 61.8% level is 0.1957. The price closed near the 0.1906 area, slightly below the 61.8% level, suggesting it may test the 0.1855 level as a stronger support zone.

Backtest Hypothesis

The RSI-based backtest strategy involves identifying RSI(14) oversold conditions and holding for five days to capture potential rebounds. The recent RSI dip into the 30s aligns with this signal. However, the ongoing bearish momentum and lack of strong bullish confirmation suggest the effectiveness of this strategy may be limited unless a clear reversal forms. A valid ticker symbol for RSI data would allow for a more accurate simulation, particularly in confirming how such signals have historically performed in similar market conditions.