Repost- [DOT/USD Buy] - Crypto Academy / S6T4- Team Trading Contest Post for Reminane

omsingh11 (64)in SteemitCryptoAcademy • 2 years ago

I am glad to join Team Reminane and I will try my level best to add value to the team so we will win the Contest.

1.) Name and introduction of the project token.

PolkaDot is founded in the year 2016 by Gavin Hood who is the former co-founder of Ethereum Blockchain. Polkadot is the Top project of Web 3.0 and is also famous as Ethereum Killer. Polkadot is the first blockchain that provides Cross Chain Interoperability which allows all the public or private blockchain dapps to communicate with each other under a single decentralized Polkadot Umbrella. These things can be done using Relay Chain, Parachain the new update that came in the market, and Bridges.

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When Polkadot announced its one of the biggest updates Parachain Auction then the price spiked and made a high of 55 USD however due to market sentiments it dropped. I am a long-term holder for DOT and will hold at least 3 years from now and would like to book the profit around 200-300 usdt which is an easy target in the long term if we look at its use.

2.) Why are you optimistic about this Token today, and how long do you think it can rise?

I love its use case in the Market which will make cross-communication easy and also provide apps to connect with another chain with the Trust. Polkadot is one of the top web 3.0 projects in the Crypto space and has given a very good profit to the early investor currently it is ranked 13th as per the market I am a long-term holder of DOT and will sell at 200-300 after 2 years. Some big exchanges like Binance & Kucoin provide staking features as well for DOT where we can stake our long-term holding and get the reward.

3.) Technical Analysis

I would like to do the Multi timeframe analysis.
DOT/USD, 1W
On the weekly timeframe, it is making Higher High and moving in a channel just like BTC. They both move in the same way most of the time. Whenever BTC will create a new high DOT will also make a new high.

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DOT/USD, 1D
Even on the daily timeframe, DOT is looking very bullish, It is about to give the breakout of 22.5 USD resistance area then after taking a retest it is ready to cross 30 usd. It is already given the breakout and now retesting on the hourly timeframe.

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DOT/USD, 1 hr-
It is making Bull Flag on the hourly timeframe also retesting the support level before the next leg up.

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Entry Price: $22.21
Stoploss: $15.75 (Daily close below)
Target: $35.41

4.) Your plan to hold it for a long time or when to sell?

I will hold DOT for at least 1:2 Risk reward and I am pretty sure this will hit the target in next month as per the history April has been very bullish for Crypto. DOT is like a blue-chip stock that will take pullback but eventually, it will go up in the long turn. I do expect some massive gain from DOT and will at least wait for the Given target in the chart. I have a good amount of DOT in my long term bag which I am going to sell after 3 years

5.) Do you recommend everyone to buy and the reasons for recommending/not recommending

Yes for sure, DOT is my favorite coin and one of the Strongest projects in the Crypto Space which has a real usecase. I am holding DOT for the long term and will accumulate on every dip however if you are buying for the short term trade then make sure you follow the Stoploss (Insurance). Dot is a Large cap coin and is currently listed on all the big exchanges like Binance, Kucoin, Coinbase, By bit and whenever BTC will turn very bullish (50k+) DOT can be the first coin to move up. It is on rank 11 as per the market cap.

6.) Anything else you want to share about the token/project.

The team behind Polkadot is super strong and has an active development team. They are working continuously to bring something new and increase the adoption of DOT Parachain & Ecosystem in the Crypto space. DOT has over 1.2 Million followers on Twitter and the team continuously posts updates about the project.