[DOT/USDT] (Buy) | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team.
Greetings everyone, I am delighted to be part of yet another exciting lesson of the crypto academy season. This week happens to be another week of trading contests where we make trades and then present them to our hardworking professors for remarks. This week , I happen to find myself in the best team which is the Fredquantum-Kouba01 Traders Team where we have our hardworking professors in the people of @fredquatum and that of @kouba01. I hereby move ahead to make my first trade post for the week.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Polkadot is one of the most popular crypto project in the ecosystem. This happens to be an open source multichain protocol or project that makes sure that, the connection and security involved in it's blockchain network are nothing but the best. This protocol also makes sure that, the activities that do occur on the blockchain network take place without any hindrance or attacks. It was brought to the crypto limelight to set pace for a decentralized system of blockchain networks.
The Polkadot project is referred to as the layer-0 metaprotocol. This is as a result of it presenting a network of layer 1 blockchains and these are known as parachains. The Polkadot project works on it own is a sense that, it is able to update it's own codebase through the help of on-chain governance. This process takes place with respect to the own will of the holder of the token of the project. Not forgetting the fact that, the project makes is available to it's users the opportunity to control the affairs of the blockchain network.
We have the founders of this project to be in the people of Dr. Gavin Wood, Robert Habermeier and Peter Czaban. The project is a protocol form the Web3 foundation. This foundation is from the Swiss side of the world which has a main aim of creating an open-source and that of s decentralized network which is very easy to use.
The native token of the Polkadot project happens to be that of the DOT token. This token has in recent time appeared in gainers list for the CoinMarketCap several times. The token of the project which is the DOT token is used for the functions of staking and others.
Moving further, let's look at some of the price statistics of the DOT token, this will be done with the help of the CoinMarket.Cap.com website.
| Token | DOT |
|---|---|
| Price | $22.79 |
| Rank | 11 |
| Number Of Watchlists | On 1,360,141 watchlists |
| Market Capitalization | $22,409,233,313 |
| Trading Volume | $1,247,452,714 |
| Circulating Supply | 987,579,314.96 DOT |
From the table of the price statistics of the DOT token, we can see that, the price of the token is at a value of $22.79 and is in a downtrend currently as it can be seen in the screenshot above with it appearing in a red ink. The Token is ranked in number 11 meaning, it has a good stand in the crypto market. The number of traders that are been monitoring the price of this token is at a good number which can be seen with the number of watchlist where this token is been showed. The market capitalization is at a good value and this can be seen from the table above. The token has a great volume since a lot of traders have their funds invested in this token.
With regards to the exchanges where by the DOT token can be traded for, they are numerous exchange platforms such as the Binance, Poloniex, Kraken, Kucoin and so on. That is, the DOT token is listed in all these and many more exchanges. Provided the trader has a verified account on that exchange. Also, the DOT token can traded with other crypto pairs in these exchange platforms.
Why are you optimistic about this token today, and how long do you think it can rise?
I am very optimistic about the DOT token s a result of the signals this token shows or displays in the crypto market. Thus, it has a possibility of moving in an uptrend as a lot of traders have their attention on this token. In addition, the DOT token has been listed in top gainers in the CoinMarketCap several times and therefore has always been in an uptrend most times in the market. With all these and many more fundamental news about the DOT token, it has made me to be very optimistic about it and hence think it is a good time to go into the trade of this token.
Moving further, looking at how the crypto market is very volatile, it will be wrong on my side to give a prediction on the length of how the rising of the DOT token will take and also how it will stay in that trend for long. But with the pressure this token gets from a lot of traders, it will force the price to move in an uptrend direction for a very long time and that will make a lot of profits for traders that went into the trade of the DOT token.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) - the most important part.
In making the analysis of the DOT token, I will make good use of the TradingView platform. With this website, I will be able to get the chart of the DOT/USDT token and hence make my analysis on the token. I will make an addition of various indicators to the chart to help get the signals that are been showed.
We have the chart of the DOT/USDT crypto pair shown to us above. The chart is been shown with a timeframe of 45 minutes. I used the short timeframe so as to be clear with the signals that are been showed. The token chart is in a downtrend but an uptrend to begin. The uptrend can be seen as the formation of a green candle can be seen. It is therefore a good time to enter the trade as it is a beginning of an uptrend movement.
I made an addition of the Median indicator since it will verify the signal that was been showed. From the indicator, it can be seen that, the downtrend begun but had ended and therefore a trend reversal for an uptrend to begin. I also placed my levels of Resistance and that of Support to as to aid me go into the trade without making loss but profits. This can be seen in the screenshot above.
Moving further, I added the RSI indicator, to help verify the signals that have been showed my the Median indicator. From the RSI indicator, it was seen that, the indicator begun an uptrend as it was above the middle mark. This therefore makes a confirmation of the uptrend signal been gotten. I therefore set my take profit level at the price of $23.8 and my stop loss was set at the price of $22.1.
Below is the screenshot of my real trade with the Poloneix exchange platform.
Your plan to hold it for a long time or when to sell?
With regards to my future plans of the DOT token, I do have plans of trading spot for that matter, will make a good hold of this token for quite sometime before making a release of it. I will also follow up with the Stop Loss and Take profit that has been set in the analysis made above and hence make a purchase of the DOT token when any of these signals gets to these points. But with the case of the resistance been broken out which will be of great benefit of to we the traders. But with plans of holding it for long, it depends of the trend the coin takes with my entry of the trade.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
Looking at the opportunities in the trading of this token, I will recommend it to everyone to make a purchase of this token and hold it for while as there are green lights in the trade of this token. Thus, this token is one of a kind and very popular in the crypto market and for that matter it won't be difficult in recommending it everyone to all traders.
Also, with the majority of traders moving into the trade of the DOT token, this will push the token to move in uptrend and hence will profitable for all.
In a nut shell, I am hopeful to exit my trade with profits at the end of this contest. This DOT token is one which has a lot of opportunities therefore recommend traders to enter the trade. I am grateful to our professors for their great works done.
To the attention of @fredquantum and @kouba01
Thank You.