ZILUSDTPREP Buy | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team

Hello everyone, this is my last post for this week's trading contest. Season 6 of the Crypto Acadamy was interesting, I got to make use of all the knowledge and skills I had gotten from the start of season 2 which I participated in up till now. I'm happy I found myself here and took the lessons seriously. This kind of knowledge is very expensive.

Without wasting much time, let's go!

Zilliqa is an open-source blockchain network that provides a platform for developers to design, build and use powerful DApps easily in a friendly environment. Zilliqa was founded in 2017 by a team of academics at the National University of Singapore (NUS). Most of the credit is given to Prateek Saxena who is an assistant professor at NUS. She and the students worked together to publish Zilliqa's white paper in 2016.

Zilliqa is the first blockchain to bring about the Sharding technology used in improving the scalability of a blockchain network. This was in 2019. Sharding is a process of splitting a blockchain into shards (partitions) to be able to process multiple transactions at the same time. Zilliqa can complete thousands of transactions per second which makes it really fast.

Zilliqa uses proof of work and practical Byzantine Fault Tolerance (pBFT) to achieve consensus on the network. Its consensus protocol is secured using elliptic-curve cryptography. It also uses a programming language called Scilla for creating smart contracts. Scillia allows users to be able to build safer DApps.

The native token of Zilliqa is ZIL. ZIL holders are able to partake in the governance on the blockchain. Users are also allowed to stake their ZIL tokens and earn rewards.

At the time of writing this post, ZIL had a value of $0.1766 and was ranked #57 in the list of cryptocurrencies on CoinMarketCap. Its market cap was $2,224,647,948. ZIL has a maximum supply of 21,000,000,000 out of which 12.60B ZIL were in circulation.

ZIL recorded its all-time high of $0.2563 a year ago. Its highs recorded within the week and month are $0.218 and $0.2281 respectively. These highs are very close to its all-time high. Also, its lowest recorded within the month which is $0.0368 is almost the same as its lowest recorded within the year which is $0.03346.

ZIL is available on many exchanges with different asset pairs. You can trade ZIL on exchanges like Binance, Gate.io, KuCoin, Huobi Global etc. Binance has the highest liquidity when it comes to trading ZIL with USDT.

As usual, on my search to find an asset to trade, I found ZIL on CoinMarketCap as one of the losers in the market. I did a small historical price check and saw that it was nearing its all-time high and so I wanted to know what was really going on with the price on the chart.

Looking at the chart, I was overwhelmed with the movement of the price within the month period. The price had been continually increasing greatly for the past few days. With it nearing its all-time high, I believed it could set a new all-time high.

With its current price behaviour, it is possible it could reach about $0.3 before this month ends.

As usual, I still used my simple analysis methods to analyse the chart. This time, I used Bollinger bands to determine whether there was an accumulation and a possible breakout was about to happen. I also used RSI to check the condition of the market.

I marked the support and resistance levels in the 1-day chart and switched to a lower timeframe.

I marked the support and resistance levels in the 1-hour timeframe and switched to a much smaller timeframe to see what was going on.

I realised that since the start of the day, the price had been moving up and down in a very small range. I added the Bollinger bands and RSI to the chart to see the suggestions they provided.

The Bollinger bands were contracting. Usually, when this happens a break out follows. The updated RSI provided by Trading View has a SMA. When the RSI crosses and goes below the SMA, it suggests that trend is bearish. On the other hand, if the RSI crosses above, it indicates an uptrend. At the time, the RSI was above the SMA which indicated an uptrend. With the Bollinger bands indicating a breakout was about to occur and the RSI indicating an uptrend my confirmation to take a long position was set.

It wasn't long after when the price broke out. I didn't have enough time to set my limit orders before the trade started but because I knew this was a breakout and so I took a market order instantly.

The trade details are available in the next section.

My plan for assets I trade for this competition is the same as always. That is; short trades to take profits.

I bought 200 ZIL at a price of 0.19541. My TP and SL were 0.20797 and 0.18999 respectively.

It took less than 15 minutes for the trade to be completed. This is one of my fastest trades. I earned +100% profits within the shortest possible time.

The image above shows my trade history. I made a profit of 2.606 USDT.

Zilliqa has a strong team of scientists working to make the platform better for its adoption. With a good team behind a project, you can consider that project safe to invest in. Aside from that, its ecosystem is broad. There are a lot of different projects built on Zilliqa. You can find categories like De-Fi, DEX's, Metaverse, Sports etc.

I'd recommend others to purchase ZIL firstly because of its good team and secondly because of its price behaviour in recent days. It shows that it has the potential to set a new ATH.

Please note that this is not a piece of financial advice. If you want to invest in this token based on this information, please make sure you also do your research and invest with risk capital.

This week wasn't that much fruitful for me even though I made huge profits at the start. I took some losses and made profits also but with no regrets. I gained experience with every trade and learnt something to help me get better.

I'm honoured to have been in this team this week. Many thanks to professor @fredquantum for his reviews and guidelines.

Below is a summary of my trade posts within the week.