Market Overview for Storj/Tether (STORJUSDT): A 24-Hour Summary

• Price opened at $0.2545 and closed at $0.2552, gaining 0.28%.
• Volatility increased with a 68-basis-point intraday swing.
• Volume spiked after 18:00 ET, confirming bullish momentum.
• RSI hit overbought territory, suggesting possible near-term correction.
• Turnover surged in the evening session, indicating heightened interest.

Storj/Tether (STORJUSDT) opened at $0.2545 at 12:00 ET-1 and closed at $0.2552 by 12:00 ET, with a high of $0.2562 and a low of $0.2495. Total volume over the 24-hour period was 1,154,577 and notional turnover reached $296,503. The price trended higher in the evening session, with confirmation from strong volume and price action.

Structure & Formations

The 15-minute chart showed a bullish breakout above the prior high of $0.2545, confirmed by a closing candle above this level. A bullish engulfing pattern emerged around $0.2540, with a strong close at $0.2544 following a prior bearish move. A doji formed at $0.2505, signaling indecision and a potential support level. Key resistance appears at $0.2557, and support is likely to be tested at $0.2535.

Moving Averages

On the 15-minute chart, the price is above both the 20-EMA and 50-EMA, indicating short-term bullish momentum. The daily 50-EMA sits at $0.2539, and the 200-EMA is at $0.2528, suggesting the pair is in a rising trend. The 100-EMA is currently at $0.2533, aligning with the broader upward bias.

MACD & RSI

MACD turned bullish in the last 3 hours with a positive crossover and rising histogram. The RSI reached overbought levels above 68, suggesting a potential correction. However, divergence between price and RSI was not observed, so the strength in momentum appears genuine.

Bollinger Bands

Volatility expanded during the evening trading session, with the price reaching the upper band at $0.2562. The bands are currently wider than earlier in the day, indicating increased market participation and potential for a breakout. The price has remained above the 20-period moving average, suggesting continued momentum.

Volume & Turnover

Volume spiked after 18:00 ET with a 15-minute candle showing 13,933 contracts and a high of $0.2561. Turnover also increased sharply in the same period. Price and turnover are aligned, confirming the bullish move. No notable divergence was observed between price and volume.

Fibonacci Retracements

Applying Fibonacci levels to the last 15-minute swing from $0.2540 to $0.2562, the 38.2% level is at $0.2554, and the 61.8% level is at $0.2558. These levels may act as resistance for the next 24 hours. On the daily chart, the 38.2% retracement from the recent swing low at $0.2495 is at $0.2534, and the 61.8% level is at $0.2546.

Backtest Hypothesis

The backtest strategy involves entering long positions when the price closes above the 50-EMA on the 15-minute chart and RSI confirms above 50. A stop-loss is placed at the recent swing low. Given the current price above the 50-EMA and RSI above 60, the conditions for entry are met. The Fibonacci 61.8% level at $0.2558 may act as a target. If the RSI fails to confirm or the price breaks below the 20-EMA, the position should be exited.