[CELO/USDT Buy] - Crypto Academy / S6T4- Team Trading Contest Post for Reminane

CELO is one of the blockchain projects that is working to make cryptocurrencies accessable to everyone by simplifying the payment process. Instead of using complicated long strings of letter and numbers as blockchain addresses CELO user can send and receive cryptocurrencies using their cell phone numbers. The CELO team decided to use cell phone because it is so widespread and understandable.

Some areas of the world did not have internet cables or even landline in 2020, people living in those areas have cell phone, in many cases to use cell phone the seller protocol was easy and fast and with than 6 billion mobile device worldwide. It was scalable most important term of user experience is that cloud is easy to use. The CELO team has has simplified the user experience by getting rid of cumbersome user side public keys and replacing them with cell phone numbers.

The most of us are used to these cell phone numbers and also much easier to remember and enter into a form as an address,using cell phone numbers as address also allowed the team to design a blockchain with much lower resources usage compared to many modren blockchain solutions. This low ratios design is key to increasing usage in areas where wrestler is unlimited the latest addition to the CELO platform is the decentralized algorithm.

We can also stake CELO native tokens to earn rewards. Celo network uses the proof of stake consensus mechanism. The blocks are validated by a set of 100 validator. These validator are chosen by an election which held everyday. Anyone with Celo native tokens can vote in that election. All starker can earn rewards on staking their Celo native token.

Coin Market cap of CELO coin

Price of past market days

AV Market for trading

why we are optimistic about this trading pair

There are some reason why I select this coin for my trading purpose is that CELO app is the preferred way to send celo dollar a stale coin platform. User can also send celo dollar via WhatsApp and receiver has to download the celo wallet to receive the CELO dollar. Mining of the Celo native coin did not harms the environment and these are environment friendly. If we talk about the transaction fee in Celo platform it is very low fee almost $0.001. This is very low fee as compared to other blockchain gas fee

The CELO platform has the c real which is the stable coin is available in celo platform which increase its worth among its users. CELO has the full EVM compatibility potential. Another benefit of the celo coin is tha rewards that we can get from staking the celo coin. It is the part of google launchpad so that is why it is gaining great reputation. As we know that celo can be connected to any mobile numbers so now a days mobile phone is almost present to everyone so they can take benefits of this.

Technical analysis by using Indicators as well as Fibonacci retracement tool (important part)

Now with the help of indicators we will decide weather which position is good to make a trade. These indicator helps us to understand about the trending market so that we may earn profit in this way.

Parabolic SAR
This is trend reversal indicator which indicates with the help of dots that market will move in Bullish way or bearish trending way. When market is going to change its position dots in the parabolic SAR indicator also changes its position.

When dots reverse their position from above the price chart to below the price chart, this means that now market will move in upward direction. Because when dots are below the price pattern,this is the indication of up trend according to parabolic SAR. When dots reverse their position from downward to upward this means now market will moves in downward direction. Because when dots are above the price chart then prices will go down.

Here I select the CELO/USDT pair and I applied the Parabolic SAR on 15 minutes chart pattern. So as we can see that dots are underneath the price chart so here I will go for buy long in future binnance exchange.

Moving Average indicator

Now I will see the market trends by using moving average indicator. It is a single line that indicates the trend in the market. When moving average line is above the price chart than it will be bearish market trend and when line is below the price chart than there will be bullish trend

Here I select 15 minutes chart with CELO/USDT pair and apply the moving average indicator and we can see that MA line is far below the price chart so here I will go for buy long.

EMA with Fibonacci retracement tool
Now I will use EMA indicator that is also represented the average indicator and indicate with only single line. It is different from the moving average in a sense that moving average is lagging indicator while EMA gives less importance to past price so it os less lagging as compared to moving average. When exponential moving average indicator line is above the price movement than market will go down and when exponential moving average line is below the price than market will go up. Fibonacci retracement tool is used to do a trade with in the specific period between the golden ratio. Here I used 30 minutes time frame.

Here I take my trade between two golden ratio where I set my profit at $3.40 and my stop loss below that golden ratio which is $3.29.

My Real future trade on binnance exchange

After analyzing the trade pattern with these indicator I execute my trade in Celo/USDT pair . I did future trading on binnance exchange and 5x leverage.

My plan about this trade and recommendation to others about this trading coin

As I told you above when I was applying the Fibonacci retracement tool that I have set my profit and stop loss According to the Fibonacci retracement tool. So I did the same as my trade reaches my take profit zone i exit my trade and gain my profit of $0.63.

Recommendation for other is that although this coin is of great importance but I am not financial advisor so everyone should do his own research while doing the real trade. Everyone should have knowledge about support and resistance level, price action, Technical analysis including indicator etc.

Extra information about social media accounts

Instagram account

Twitter account

Conclusion

So this article was about the trading competition among the teams. Here I select CELO/USDT pair for my trading purpose. First of all there was a brief introduction about the Celo platform and about its native token. Then the technical analysis was carried out by using the different indicator and in the last trade was execute in future wallet of Binnance Exchange.