Coins that have actual working products are a minority. Most of the time cryptos are just companies with a great idea and a lot of money. STORJ is different. STORJ is a decentralized cloud storage solution that could be making some major moves in the next week. STORJ allows their customers to store their data in a decentralized cloud that is more secure than traditional options.
The video above goes into a bit of detail regarding the fundamentals of STORJ. Although I go over the basics, it is not nearly enough information for you to make a big decision based on it. Please do your own research and learn more about the project before investing in it.
During the past week, we saw a breakout from a cup and handle formation and now STORJ is currently in a descending triangle pattern. A descending triangle traditionally means that the coin is going to fall below the support level and take a significant hit. I personally am bullish in this situation if we start to see an increase in volume in the next 48 hours. We could see a huge breakout as long as Bitcoin stays as quiet as it has been over the past couple of weeks.
Trading for a potential breakout is much simpler than most people make it. All you have to do is find the resistance level and place your limit buy order a bit above it. Using a limit order is going to allow you to catch a significant gain on the breakout but limit your loss on the downside if STORJ falls below the tested support levels.