The price of StormX has pumped by more than 40% in the past 48 hours. This rapid increase has brought some attention to the token.
The spike was triggered by a breakout from a descending trendline that had been a resistance to price since March.
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Show more +STMX price closed above the trendline 2 days ago, and this brought a lot of buy pressure that spiked the price up.
This rush to push the price up could have been motivated by the project’s reputation of being one of the first global crypto-based solutions to get launched.
Following the breakout from the descending trendline. The price broke out of price resistance at $0.006961. The price has also retested that point as support and is now aiming for the next major resistance at around $0.0082.
If that resistance breaks, then we could see another spike to $0.0088. The value of RSI is currently 80, which means it is overbought. We could see the price retrace back to the support at around $0.006961 before it continues.
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