Sharing is caring!

Storj bumped over +27.5% and closed at Ƀ0.00014590 yesterday boosted by the news on securing new angle capital. From the low of Ƀ 0.0001102, the SJCX/BTC shoot up as much as +90% at the peak price of Ƀ0.0021

According to the official release, angel investors in the blockchain-based cloud storage platform include venture capitalists from Qualcomm Ventures and Techstars, as well as security executives from Ionic Security, Cockroach Labs and Pindrop Security.

Together with the latest round of funding, Storj had officially accumulated $5.4 million of VC investment in the span of three years. See the breakdown below,

– $500k of Non Equity Assistance in August of 2014
– $1.8M is seed funding in May of 2016 from TechSquare Labs.
– Iterative Instinct invested an undisclosed amount in October of 2016.
– $100k Grant from the Utah Governor’s Office of Economic Development in January of 2017.
– $3M from Google Ventures, Qualcomm Ventures and Techstars, among other Angel investors and VC firms in February of 2017.

At the time of writing, the latest price is at Ƀ0.00015194 with the volume traded of Ƀ38 or 278433 SJCX compared to yesterday volume of Ƀ387/2270801 SJCX based on market feed from Poloniex. StorjCoin (SJCX) remains the 29th biggest cryptocurrency with market capitalization of $8,944,520 according to coinmarketcap.com.

StorjCoin (SJCX/BTC) Technical Outlook February 24 2017

xxxxxxxx
StorjCoin (SJCX/BTC) daily chart. Data source:Poloniex

StorjCoin (SJCX/BTC) price is trading on the medium term downward slope from the peak on September 2016. Yesterday instant rejection on the biggest price pump of the year highlighted the market is still under substantial holders ready to cash out. Additional, Bitcoin rally is limiting the price performance of most altcoins. However, the broad Storj sentiment remains positive after the decisive upswing from the multiple bottoms at near term support region. The fundamental development on the Storj is supporting the buoyant outlook.

StorjCoin (SJCX/BTC) daily chart.
StorjCoin (SJCX/BTC) daily chart. Data source:Poloniex

From the technical point of view, SJCX/BTC purported breakaway is still vague as long as the price stays below 0.00015200 band (0.618 Fibonacci Retracement Level). Clearly, SJCX need to closed around or above 0.00020980
(0.5 Fibonacci Retracement Level) to verify the turnaround bullish trend.

Otherwise, the price will be expected to be bouncing in lower rangebound channel between 0.00010967 and 0.0002000. The price could find a solid support at 0.00009970 (0.786 Fibonacci Retracement Level) and the price should be able to pull back from this price levels. In another scenario, the floor price of 0.00007930 is only possible with a super bear cycle or flash dump activities. See the simple diagram below for the short term pivot price points.

Parameters based on Ichimoku cloud method,
✘ Conversion Line is looking slightly ahead of Base Line but still reside inside the Kumo cloud.
✘ MACD just crossed above signal line in oversold position indicating inceased of buying activities.

Some Critical Price Levels for the Short Term Based on Fibonacci Retracement Approach


R1 – 0.00015200 (0.618 Fibonacci Retracement Level)
R2 – 0.00017700
R3 – 0.00020980 (0.5 Fibonacci Retracement Level)

Crucial Support Levels


S1 – 0.00012830
S2 – 0.00009970 (0.786 Fibonacci Retracement Level)
S3 – 0.00007930

Trade Idea,


Long Term: Things are looking spot-on for Storj at the moment. For cryptocurrency with the market cap at below $9 millions, funding of additional $3 million is quite a big buzz. Going forward, i believe Storj should challenge and move into top 20 in cryptocurrency ranking.
Short Term: The range is still narrow for the immediate upswing. But any sharp pump will present an opportunity to short, but the possible will be not significant. Therefore, i rather trade the opposite. Long on key support levels.

I still observing and experimenting on short term trade on Storj, will post more soon.

Storj (SJCX) Info

Storj - cryptocurrency, decentralized cloud storage platform

Storj is an open source project that aims to offer a completely decentralized, secure and efficient cloud storage service, while also fulfilling the role of a peer-to-peer payment system, like Bitcoin.

The Problem

It’s no secret that the last few years have been a turmoil for the security and privacy of web users. Enormous file hosting sites like Megaupload have been shut down, government organizations like the NSA having the capability of monitoring any user’s Internet activity and being able to access any files or data that have been put on seemingly “secure” cloud storage hosts like Dropbox or OneDrive, could make any person that wishes to store personal information on the Internet to think twice about doing it, with good reason.

The appearance of Bitcoin and the way it is revolutionizing payments over the world, brings hope for those looking to implement Bitcoin-like systems for all kinds of purposes, because of its complete decentralized nature and security, among other characteristics.

The Solution

Storj is a protocol, cryptocurrency, and suite of decentralized application that allows users to store data in a secure and decentralized manner. It uses Bitcoin features like its transaction ledger, public/private key encryption, and cryptographic hash functions for security.

Storj nodes, or average computers running the software, sell resources to store and transfer information and to earn Storjcoin X (or other cryptocurrencies) in exchange of their services. You in fact could run the software and earn some extra cash for leasing your hard drive and bandwidth.

By modeling after Bitcoin, we create data storage system that can’t be censored, monitored, or have downtime. Furthermore, it is way cheaper (10x-100x), faster, and more secure than traditional cloud storage services.

StorjCoin #SJCX Links


Official Storj Website
Storj Blog
Blockexplorer
Storj Community
Storj Bitcointalk
Storj Network Status
Github
Facebook @storjproject
Twitter @storjproject
Reddit r/storj
Linkedin @storj
How to mine Storj

Conclusion

As you can probably tell if you got that far, we are pretty excited about Storj and about how far ahead the project already is compared to other blockchain-enabled storage plays.

In spite of all the excitement, we must not forget that the basic premise of such projects needs to be proven: that there’s a need for truly decentralized, end-to-end encrypted storage solutions that are farming excess storage space. That there is indeed a need for that is the knee-jerk reaction of almost anybody working with the Internet for as long as we are, but we must not ignore that mass-market adoption of privacy-focused technologies has been slow at best. We see Storj as an invitation to create completely new kinds of services in this domain and hope that a lot of developers with a vision will jump on the opportunity.

We plan to continue this series and to eventually review most of the current crypto projects from a fundamentals perspective. Tell us what you think about Storj, what kind of info you’d like to see in our reviews and of course what kind of projects you’d like us to review.

Storj Facts

Name Data
Project URL https://storj.io/
Network status URL https://dash.storj.io
Company Storj Labs Inc.
Direct/indirect competitors Sia, MaidSafe
Market cap 6’308’512 US$
Announced (bitcointalk.org) July 20th, 2014
Network launch December 2014
Next milestone Autumn 2016: End of TGC, Commercial Launch
Blockchain type Bitcoin-based (Counterparty)
Stored on the blockchain Payments only
Other distributed technologies Kademlia, used for discovery, contracting, negotiation and communication
Coins available 50M SJCX
Coins total 500M SJCX
Listed at ShapeShift, Poloniex, Counterparty, Bittrex

: Storj Review – Altcoin Fundamentals

references,
https://www.cryptocompare.com/coins/sjcx/overview/BTC
https://coinmarketcap.com/assets/storjcoin-x/
http://bravenewcoin.com/storjcoin-x#Trading-Pairs
https://poloniex.com/exchange#btc_sjcx
http://www.razor-forex.com/2017/02/cryptocurrency-storj-spikes-90-on-news.html

Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.

Chart via tradingview, data source from Poloniex, CEX.io and BitMEX.

The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.



Please do your own due diligence before making any investment decision. This article should not serve as investment advice. This post is mainly as reference and tutorial for trading on possible cryptocurrency breakout.

Sharing is caring!