ADAUSD Buy/Sell | S6T2 - Team Trading Post for Team Frontline. by @sonia440
Introduction
Good day steemians, welcome to my 3rd assignment in this great competition. For this week assignment I will be joining the Team Frontline by professor @abdu.navi03, and @shemul21 .
- The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc
ADA is the cryptocurrency of popular Cardano blockchain. Cardano was built in different phase just to achieve its goal in developing the network into a decentralized application (DApp) development platform using a multi-asset ledger and smart contracts.
Cardano was developed in 2015 and the platform was launched in 2017. Cardano is an alternative to Ethereum platform. The two platforms used similar applicationslike : smart contracts and decentralized system. Cardano can be called an upgraded updated version of Ethereum . Cardino blockchain platform has the ability to provide banking services .
Cardano is mainly working with mechanism of Proof of Stake thus miners making use of use of any hardware powers like Bitcoin that are using Proof of Work mechanism are not required.
Cardino (ADA) CREATOR
Charles Hoskinson who is a software developer and also entrepreneur from America is the founder of Cardano platform also a co-founder of Ethereum blockchain image below.
The Cardino token has been listed in exchanges like: Binance, Huobi, and Kucoin and you can trade the token in any of these without any violation of regulation. below is the detail of Cardino obtain from coinmarketcap .
Rank: #9
Marketcap: $31,723,147,696
Volume: $1,240,818,152
Volume/Marketcap: 0.03923
Circulating Supply: 33.66B ADA
- Why am I optimistic on this token today
I'm so optimistic about ADA because the token has a very strong backup and use case and it is one of the fastest growing crypto assists with almost 30% even when bitcoin and Ethereum is at 5% and it among the strongest cryptocurrency in the crypto market today
From my analysis I noticed that the token have been going through a downtrend for sometime which is applicable to almost all the crypto asset . For analysis , I will be using MA 96 and EMA 48 along side RSI and from all indication the token will is going down and also from the RSI indicator that I used, its pointing downward. The crypto market is still very volatile
- Analysis of the Token
I will analyzing ADA/USDT pairs which I picked for this assignment and the analyses was done using a 45min chart,
From the image below, MA, EMA along side RSI which was used to note my position. also note that Whenever EMA 48 and MA 96 meets and you see MA on-top it shows that the trend is in bearish trend but when you see it below it shows bullish trend. I discovered that the market was in a bearish trend movement for sometime and it has not gained it stand in the market.
And also the RSI was in downtrend movement which also signifies that the market is bearish movement. According the image below, I find out that a crossover of the EMA over the MA, I took a sell order with a profit to loss margin of 2:1 , RSI indicator was seen moving upward. So I placed trade with entry price of 0.93410 and I set my take profit at 0.20600 and stop loss at 1.110 after so many hours I have I have to close my order with $0.0416 interest.
The image below shows my sell orders carried out on binance exchange. So I placed trade with entry price of 0.93410 and I set my take profit at 0.20600 and stop loss at 1.110 after so many hours I have I have to close my order with $0.0416 interest.
After some hours I closed the trade with profit of $0.0416
Trade Info
Parameters | info |
---|---|
Entry | 0.93410 |
Take Profit | 0.20600 |
Stop Loss | 1.110 |
Ratio | 1:2 |
Profit Made | $0.0416 |
- Your plan to keep it for a long time or when to sell it?
Due to the volatility of the Market at the moment, I don't intend to the trade for a long period of time because the because the market is not stable, I mostly trade on short time basis just to take profit exit the order .
- Do you recommend everyone to buy? Give reasons for recommending or not recommending
From my analysis the token has a better prospect and use case so I believe the token will still rise in future, I can advise anybody that has the fund to buy and hold.
Conclusion
In this assignment I was able to trade ADA/USDT for the on binance future market and also analyze the ADA token. Like I said ADA is one of the leading token in crypto market with better prospect which anybody can invest in over a long period of time, Thanks.
Am so grateful to Professor @abdu.navi03 for your time.