STORJ Bearish Diamond Breakout Analysis and Bull Trap Risks! | 3/30/2024

In today's analysis of STORJ (Storj Alt Coin), we've observed a breakout from the previously identified bearish diamond pattern, leading to a decline to around $0.60. Currently, we're in a phase that could potentially be a bear trap. I'll maintain a bearsh stance on STORJ until we see a breakout above $0.95 and ultimately the psychological level of $1.00.

Projected levels include $0.60 (derived from the .618 Fibonacci Golden Mean), with a possibility of retesting this level. Further downside targets include $0.44 to $0.45, representing the .786 Fibonacci Level. I estimate a 40% probability of retesting $0.60, 30% chance of reaching the $0.44 to $0.45 level, and a 10% probability of dropping to the low to mid $0.20s. There's a remaining 20% probability that the bearish diamond pattern is invalidated, leading to a continued rise towards $1.00 and beyond.

Stay informed with our analysis! 📉 #STORJ #BearishDiamond #TechnicalAnalysis

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