STORJUSDT Sell | S6T3 - Team Trading Post for Fredquantum-Kouba01 Traders Team.
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the name and introduction of the project token, and which exchange can be traded on, project/team/technical background etc.
The Storj Token
Introduction
The Storj token which is known to always have some misleading pronunciation by different individuals is actually pronounced storage is an open-source cloud storage platform. The platform is known to use a decentralized network of nodes in hosting users data. The first concept of the storj token was based on a decentralized peer-to-peer encrypted cloud storage.
The main uniqueness of this platform comes as we have the storj platform runs on a thousand of different independent computers. When we compare this to the real world, we see that other platforms or other traditional cloud storage stores data in huge data centers. On the amount of storj coins in circulation, we have about 500 million of the stoj token which were minted on the Ethereum Blockchain and 75 million of the token were burned after the storj labs hosted a token sale.
Where to trade the Storj token
We have numerous different pairs which we can trade with the storage token. Some of them include: storjusdt, storj btc, storjrth and many others. Some of the exchanges where we can find these token include; Binance, Bitstamp, Gemini, Coinbase, Mercado, Kraken, Bitstamp and many others. We can see them as below.
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Team behind Storj token
The main team behind the storj token is the founder and his co-founder; Shawn Wilkinson and John Quinn in the year 2014. The software was actually developed in the city of Atlanta USA. Also, the founder, Shawn Wilkinson is known to have served as CEO in the company before he finally stepped down and gave the wheel to Ben Golub who is currently serving as the CEO of the platform.
why are you optimistic about this token today and how long do you think it can rise
Why I am optimistic about the Storj token
I will perform a technical analysis on the storj token to show why I am optimistic about this token. The storj token is ranked #138 on the coinmarketcap based on its 0.45 billion market capitalization. With its current price of $1.1 it has an all-time high price of $3.9 which was seen in the last bullish run. Well, the storj token has a low market dominance of 0.02. we can see other statistics below.
From the well provided fundamental analysis above, it is therefore proven that the storj token is worth trading and investing on.
how to analysis the token
Technical Analysis on Storj Token
Performing a technical analysis on the storj token, I will use the aspect of the double top formation and confirmation the signal using the relative strength index indicator. Beginning by explaining this strategy, the double top formation is seen when we have the formation of two swing high points which the prices later breaks a neckline level and making a structure like that of an M shape.
The stochastic normally shows overbought and oversold levels. Using the aspect of the 50% level, when we have the prices above the 50 level it indicates a strond bullish trend and below the 50% level indicates a strong bearish trend.
From the above formation, we have a double top formation as we wait for the price to come down and break the neckline support level. The signal is validated by the break of the level and as the relative strength index indicator moves above the 50% level and approaches the overbought level.
Trade Execution
The trade execution will be done using the #Binance Exchange. Since I used the 5 minutes timeframe, I will use a cross margin of 10X and an initial margin of $53. The stop loss level is set at 1.179 and the take profit level at 1.6. we can see the set up in the screenshot below.
your plan to hold it for a long time or when to sell
My plans on the storj token
I do not actually plan to hold this token for a long time. This is because I am using the 5 minutes timeframe and I therefore plan to exit this trade in less than 2 hours.
As seen on the shot below, we see the trade hitting the take profit level in just less than 2 hours which is just as I planned.
do you recommend everyone to buy and the reason for recommending this token.
My Recommendations
I actually recommend the storj token purchase for long term holding. Based on the fundamental analysis I just carried out above, it is therefore seen that the utility is the token is pronounced based on its decentralized peer to peer encrypted cloud storage which is such a unique something.
Also, the token is listed among the first 200 token on the coinmarketcap and has a very high market capitalization and daily traded volume which therefore proves for its high volatility which increases its volatility which turns to be profitable to retail traders.
Hello @santosbass2. I've checked up your profit summary and it's quite good. As for why your grades are low, I think the professor is looking out for something more than your profits. Maybe try to put a little more effort into your posts. Is there any way I can contact you on discord?
+237650289740
WhatsApp
Alright. Thanks 👍
Hello @santosbass2,
Thank you for choosing our team to participate in the 3rd week of Season 6 of our trading competition, hoping that you will make gains during this period, you deserve a Total|5.5/10 rating, according to the following scale:
My Review on your choice of pair:
My Review on your trading style:
We thank you again for your effort and we look forward to reading your next article.
Sincerely, @kouba01