REPOST | AVAX/USDT Buy | S6T3 | Team Trading Contest Post for Reminane
This is my previous post’s Link
Hello everyone, welcome to the third week of the newly introduced steemit trading contest. This is my second trade I’m submitting for the week. I did an analysis of the AVAX coin I will be publishing my information in this article.
The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
The AVAX token is the native token of the Avalanche blockchain. This Avalanche blockchain is known as the competitor of the Ethereum blockchain. This blockchain also uses smart contracts in support of the projects within the blockchain.
The Avalanche blockchain was launched in 2020 and it has remained very relevant in the system till date serving as the major competitor to the Ethereum blockchain.
Source
The Avalanche network has low transaction fees as well. The AVAX token is used to pay the transaction fee within the network as it is the native token of the network. Transactions within the network are very fast and this is one of the major reasons why the Avalanche blockchain is competing with the Ethereum blockchain.
Transactions within the Avalanche blockchain are very secured as the security within the blockchain is very reliable. The blockchain is secured through the use of the AVAX token. It is also an open source platform so it is accessible to all users who intend to use it. People can also share their views on the platform because it is open.
This AVAX coin can be found on numerous exchanges which can be traded for other coins or can be kept in our wallets on these exchanges. Some of these exchanges include Binance, Huobi pro, KuCoin etc.
Why are you optimistic about this token, and how long do you think it can rise?
In my personal opinion, I am very optimistic about the future of this coin due the great project of the Avalanche blockchain. I see a bright future in the AVAX token because it is the native token of a very capable network known as the Avalanche blockchain which allows the AVAX to be used as its native token. The AVAX token is also used to pay the transaction fees within the Avalanche blockchain.
The price of the AVAX coin made a very high rise in recent times which is an indication that the coin can still make a significant rise in the future. The Avalanche blockchain also enhances very fast transactions within the network which encourages most users to carry out transactions on this platform hence making it more attractive and displaying a bright future for the Avalanche blockchain.
The Avalanche blockchain rewards members that participate in the blockchain to serve as an incentive to them and also encourages new users to take part of the Avalanche blockchain. New projects that are introduced to the blockchain are also supported properly because the Avalanche network provides the right environment for new projects.
Now let's take a look at the statistics of the AVAX token on CoinMarketCap.
CoinMarketCap
CoinMarketCap
Looking at the screenshots above, we can see that the AVAX token is ranked at #10 on CoinMarketCap. It also has a market cap of $22,962,960,090.94. We can also see that the highest the price has ever reached in it's existence is a price of $146.22 which occurred on the 21st of November 2021 just some few months ago. The AVAX token also has a circulating supply of 267,280,429 AVAX.
Analyzing the Token
In this analysis section, my intention is to use 3 different indicators to make my entry into the market. The 3 indicators include EMA, Parabolic SAR indicator and the RSI indicator. We already have some in-depth knowledge on these indicators so we will go straight to add them to the chart.
Screenshot from: Tradingview
Looking at the chart above, the support and resistance lines were clearly marked out. I saw that at first the price retested the support line and made a bullish trend. Then I waited again and saw that the price is about to hit the support level again. We could also see that the EMA indicator was gradually moving below the price which also signals an incoming bullish trend.
Screenshot from: Tradingview
Then I went on to add the parabolic Sar indicator indicator which also started forming the dots above the price which shows an uptrend. The dots below the price is an indication that there is going to be an uptrend.
Screenshot from: Tradingview
Then finally I finally added the RSI indicator to confirm my entry point. As we can see in the chart above, the RSI indicator moved below the 30 level which confirms my entry point.
Then after this I went to the Huobi pro exchange to place my trade. In this section I used spot trade to place my order. The details of the trade can be seen in the screenshot below.
Screenshot from:Huobi pro
Your plan to keep it for a long time or when to sell it?
My intention is that I will hold this AVAX token in my wallet in order to make some profit in the future. The Avalanche token has a very good project and the foundation of the project is very strong. I held this coin sometime back and I made a lot of profit from it. So this time I intend to hold this coin again as I anticipate that it will make some rise in the future.
Apart from holding this coin in my wallet, I also intend to engage in scalp trading of the AVAX coin when the opportunity arises. This will make me benefit from the short term trade whilst looking to make profit on the token I am holding in my wallet.
I will also keep monitoring the progress of the AVAX coin and will take some profit when I realize that the coin might make some dip. This will help me to gain some profit from it.
Do you recommend everyone to buy? Give reasons for recommending or not recommending.
As I have said earlier, I will be holding this coin in my own wallet for obvious reasons. For this same reason I will also recommend this token to other people as I see a lot of good things in the AVAX coin project. I have a strong belief that the Avalanche will continue to make some growth so people who invest in this coin will make some good profit at the right time.
However, people interested in the AVAX coin should conduct their own research before investing in the coin. The fundamental analysis one will carry out will ensure that he gains more knowledge about the coin before any investment. The trader should also do his own technical analysis so as to know the right time to enter or exit the market to avoid being caught out.
Interested traders can also engage in scalp trade in order to make some short term profit in the market. Technical analysis will help this course and this must be done carefully to make some profit from the AVAX coin.
Any other thing users want to share about the token/project.
There are social media platforms where users can visit to get information and updates on the Avalanche token. The ongoings within the platform are all updated on these social media networks from time to time.
Screenshot from:Twitter
The above screenshot is the official Twitter handle of the Avalanche blockchain. There is usually updates posted on this page that allows Twitter users to know about the latest on going within the Avalanche network.
Screenshot from:Twitter
The above is a tweet on the Avalanche Twitter handle that was posted today. This is a vindication that the platform is still active and more updates are posted there constantly.
Screenshot from:Telegram
The screenshot above is the Telegram channel of the Avalanche network. There usually more updates on this channel too for telegram users to get themselves updated on the issues ongoing within the Avalanche network.
Cc:
@nane15