- Storj crypto price has jumped to the highest point since July.
- It has jumped by more than 115% from its August low.
- The Federal Reserve will deliver its interest rate decision on Wednesday.
Storj price has been in a strong bullish trend in the past few weeks as demand for the coin rose. The token rose to a high of $0.45 on Tuesday, the highest level since July 5th. In all, it has soared by more than 115% from the lowest level in August, making it one of the best-performing cryptocurrencies.
Why is Storj soaring?
Storj is a leading company that aims to solve some of the biggest challenges in the industry. It is one of the top players that is disrupting the file storage sector. Others are platforms like Filecoin, Sia, Ocean Protocol, and Bluzelle.
Storj aims to be a decentralized version of platforms like Box and Dropbox. Instead of relying on centralized data centers, Storj stores its data in thousands of computers that are provided by its users. Anyone with free computer or smartphone storage can provide their data.
Storj then receives the files, encrypts them using AES-256-GCM encryption technology, splits them into pieces, and distributes them to nodes spread around the world. By using this technology, Storj aims to be a reliable and cost-efficient player in the storage industry.
Storj competes with two main types of companies. It competes with direct-to-consumer projects like Dropbox and Box. It also competes with projects like Amazon’s AWS and Microsoft’s Azure.
It is unclear why the Storj price has jumped in the past few months. A likely reason is that investors love its overall growth trajectory. Another reason is that this price increase is in line with that of other cryptocurrencies like Bitcoin and Bluzelle.
The next key catalyst for Storj price will be the upcoming Fed interest rate decision scheduled for Wednesday. Economists believe that the bank will decide to leave rates unchanged, as I wrote here.
Storj price prediction
The daily chart shows that the Storj price has been in a strong bullish trend in the past few days. It retested the important resistance at $0.4338, the highest point in April this year. Most importantly, it has moved above the 50-day and 200-day moving averages. And the two are about to have a golden cross.
The Relative Strength Index (RSI) has moved close to the overbought level. Therefore, the outlook for the token is still bullish, with the next level to watch being at $0.5360, the highest point in February.
