SLP/USDT [Spot Trade] - Crypto Academy / S6T2- Team Trading Contest Post for Reminane
Good day crypto enthusiasts, this is my 5th trade with team Reminane, in the Steemit Crypto Academy Team Trading Contest.
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Information About the Smooth Love Potion Token (SLP)
Blockchain technology has really transformed the gaming sector since the introduction of NFTs. SLP is an ERC-20 token and is used in Axie Infinity, one of the most popular NFT and metaverse projects. Axie Infinity utilizes different tokens on the platform, and the SLP is one of those tokens.
The governance token of the platform is called, Axie Infinity Shards (AXS), and users who play the game on the platform collect an NFT called Axies. These are the NFTs used by the players to breed and establish war against each other. They can further sell them for fiat or other tokens through crypto exchanges. The function of the SLP token on the platform is to ensure efficient breeding of the Axie NFTs. Users who have a significant number of SLP tokens on the platform can breed their Axie NFTs efficiently. It costs users an amount of SLP to breed Axies on the platform, and the amount increases gradually for subsequent breeds. The SLP tokens are generated by the game players as they win adventure games in the metaverse against algorithmically controlled monsters.
Tokens can also be gained by playing games among users which they play in the Arena Mode. There are numerous other ways for users to earn SLP tokens, and game players can also purchase the tokens from external exchanges and deposit them into the platform to facilitate breeding of the AXIES NFTs, which helps them advance in the game. The idea of SLP tokens was implemented to reduce the inflation of the Axies, and there are rules governing the earning and breeding of the Axies with the SLP.
Core Team Members of Sky Mavis| Source
The SLP was developed and managed by Sky Mavis, the foundation behind the Axie Infinity metaverse project. Sky Mavis has a strong executive and development team that monitors the project's progress. Trung Thanh Nguyen is the founder and CEO of Sky Mavis. He is a software developer. Other executives of the company include Aleksander Leonard Larsen as the COO, Tu Doan as the Art Director and Game Designer, and Andy Ho as the CTO. They all have years of experience in their respective fields, and they are clearly stated in the White Paper of Axie Infinity.
Tokenomics of SLP from coinmarketcap.com
| Token | SLP |
|---|---|
| Price | $0.02 |
| Marketcap | $101,761,832 |
| Total Supply | 5,129,907,048 SLP |
| circulation Supply | 5.13B SLP |
| 24 hours trading volume | $513,996,192 |
| Rank in coinmarketcap.com | 363 |
| All time High | $0.4191 |
Screenshot from coinmarketcap.com
I am optimistic about this token today and believe it will hit my profit target within the day. There has been a significant increase in the trading volume of SLP for the past 24 hours, and the token is currently trading above a key support level. Some of the Exchanges where SLP is listed includes: Binance, Gate.io, Kucoin, FTX, OKX, Poloniex, Bitstamp, SushiSwap, WazirX and many others.
Technical Analysis of SLP/USDT
For the analysis, I used the price action in addition to the Ichimoku Clouds and the RSI indicator.
The price of SLP was retesting a key support level. I identified two resistance levels, and the price was able to break the first resistance and the EMA 100 line. With the RSI, the oscillator was rising towards the overbought zone, which is an indication of strong buying at that moment. I then reduced the timeframe to 30 minutes for suitable entry and exit positions.
SLP/USDT chart from tradingview.com
On the 30 minute timeframe, the $0.0200 resistance level was broken and the price was above the EMA 100, the Ichimoku clouds, and the RSI oscillator was ranging above the overbought zone. I then set my entry with a risk-reward ratio of 1:1.5.
SLP/USDT chart from tradingview.com
Order details from Gateio
My plans for this coin and recommendations
Axie Infinity is among the most valued NFT gaming platforms, and it has a larger user community. Despite the current state of the crypto market, the SLP, a token in the Axie Infinity, has performed well over the last 24 hours. I will be holding this token for today as I believe one of my exit positions will be executed at the end of the day.
I will only recommend it for long term investment to someone who is willing to participate in the Axie Infinity game. The token is highly volatile and new SLP tokens are minted frequently on the platform, and the maximum supply is currently unknown, but anyone who wants to invest in this token for the long term should do intensive research on its tokenomics to see if it will actually result in a good ROI in the long run.
Conclusion
This is the end of my submission for the 5th trade I have carried out. Trading with team reminane was a fantastic experience. I would like to thank the professors for this guidance throughout the week, and I also promise to pay attention to all the recommendations that they have made. We really appreciate it.
Some Consolted Sources