[REPOST] DASH/USDT - | Steemit Crypto Academy | S6W2 - Team Trading Contest Post for Investors-Team
The name of the token and introduction of the project. Technical background of the project and the team in charge of the project. In which exchange or exchange can you trade?
The DASH Token
The dash token is known to be an open source Blockchain and cryptocurrency as well which thus offers cheap, fast and global payments network in a decentralized way.
The main purpose of the project of dash platform is to improve on bitcoin which is the first cryptocurrency by actually providing a stronger privacy and faster transactions as well.
Going to the background of dash, the dash launch in the year 2014 which is way behind compared to many other tokens and their platform. Specifically in the month of January, it is launched as a fork of litecoin which is known to include features such as two tier network with incentivized nodes which include master nodes and decentralized project governance like instant send, chain locks and private send.
Now, to the team behind this wonderful platform, the dash platform was founded by a software developer Evan Duffield assisted by Kyle Hagan naming the project initially as XCoin then Darkcoin and finally rebranding it to DASH in March 2015.
Exchanges to trade DASH
We can trade dash on exchanges such as Binance, Kucoin, Coinex, Coinbase, Poloniex, FTX, Houbi Exmo, Kraken and other. The pairs available to trade in this exchanges include; dash/usdt, dash/btc, dash/bnb and others as seen below.
Why are you bullish on this token today? And how long do you think it will increase?
Why I am bullish about dash token
The current price of the dash token stands out as $102 with a market capitalization of $1.08 billion making it have a rank of #79 on the coinmarketcap.
The circulating supply of the dash is 10.6M dash and total supply of 10.6M as well. It has its all-time high value of $1642, showing that the dash has experienced a drastic fall since its last all-time high.
The main reason I think I see the dash going bullish is because it has experience a drastic fall in the past fall and many investors are looking forward to buy the dip which will take the prices up possibly back to its all-time high again.
How to analyse the token for an operation? You must obligatorily use methods and analysis learned in the Crypto Academy.
Selling the DASHUSDT
Performing a technical analysis on the dash/usdt, I will use the exponential moving average indicator and price action to analyse this token.
Firstly, the exponential moving average is trend based lagging indicator which is used to find the trend of the market. The EMA shows a buy order when we have the prices moves above the indicator line and a sell order when we have the prices moves below the indicator line.
For the price action, I will use the double top and double bottom formation. Specifically, I will use the double top formation which is seen by the formation of 2 peaks and break of the neckline to finally form a shape as that of M.
The trade entry will be done using the Exponential Moving Average and the price action formation of double top as earlier explained above.
The first confirmation is the formation of a double top which is seen as the prices comes down and break the neckline level to complete the M shape possibly.
The second confirmation is seen with the EMA as the prices goes below the indicator line showing a sell signal. We can see that in the formation below.
The trade exit will be setting the stop loss and take profit levels. I will set the stop loss level some few pips above the neckline level which the take profit will be set at the foot of the M structure as seen below.
The trade execution will be done using the #Binance Exchange. The leverage system I will use will be the 10X since I have tight stop loss and take profit level.
Stop loss = 101.5
Take profit = 99.9
An initial margin of 34.08 is used which multiplies 304.95 by the 10X leverage. This is seen below.
What is your investment plan? Do you want to keep it for a long time? Or when to sell it?
My Investment plan on the DASH token
When we take a look at the above carried out fundamental analysis, we see that it is worth investing in the dash token for long term. I will not keep it for long since I used technical analysis to find my entry point which is a sell order.
Actually, I used a 5 minutes timeframe and my take profit level was hit in less than 30 minutes. We can see the formation below, meaning I have exited the trade already.
Do you recommend that all people buy it? Detail the reasons for recommending or not recommending it.
My Recommendations about DASH
I actually recommend traders and investors to invest in the dash token. Based on the current price of $102 and its all-time high value of over $1000, it will take a drastic move to its all-time high value possibly in the next Bull Run.
Also, with the use case of the dash token as it comes to improve upon the security and privacy of bitcoin, I believe many people will engage in it making an increase in the active address and increasing the prices as well.