Hello Professor
@reddileep, Here is the result of my first operation this week..
Image edited by me in Powerpoint
1. Name and introduction of the project token.
AGLD (Adventure Gold) is the native token of Protecto Loot, which we can define as a virtual space to design, exchange and buy NFT items which can then be used in Play to Earn games.
Currently, its price is around 0.9 USD, and it has a market cap of 66,437,189 USD. It was founded by Will Papper (the only member of the team) and launched in September 2021.
AGLD can be traded on Binance, Coinbase, and Huobi, although the version I will trade will be Perpetual Futures which can be found on FTX.
2. Why are you optimistic about this Token today, and how long do you think it can rise?
First of all, I am optimistic because it is a token belonging to the sector with the most boom in the last year, NFT gaming.
I think it is a project which still has a lot to talk about and which is at a very good market price.
Secondly, I feel optimistic about it, because the creator of Ethereum Vitalik Buterin himself has supported and sponsored this project.
Regarding how much it can grow it is difficult to know, however, an important aspect is that its creator is a graduate of Stanford University and has been related to the crypto world since 2014.
So if all goes well, we could see this token at over $2, according to technical analysis with Fibonacci projection.
3. Technical Analysis
For this trade I took a full chartist approach, seeing the trading opportunity on the chart and taking profits from the price change but not by holding the asset. Clearly, you can see a parallel channel in this bearish momentum. It is expected that the price will continue to bounce off the walls of the channel.
Image taken from: Source
Moving down to a 5-minute timeframe I can see more clearly how the price is entering an optimal entry zone for selling.
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I make the entry in my Exchange FTX account. I make a sale at market price with a lottage of 11.6 AGLD.
Image taken from: <a href https://ftx.com/" title="This link will take you away from steemit.com"> Source
I set Stop Loss above the last high (1.016), and take profit slightly above the beginning of the last bullish impulse in order to secure the trade (0.935).
Image taken from: Source
4. Your plan to hold it for a long time or when to sell?
My plan with respect to this token is scalping or intraday, so it was never my intention to hold it for a long time. At most, until it touched the parallel channel wall again.
However, as I said my strategy was to use the liquidity level at the start of the previous bullish impulse as an indicator to close the trade.
As a curious fact, during the trade, the price broke a key level (last lowest low) which I took as a signal to move the stop loss and place it below my entry level, so my new stop profit level is 0.99. I did this with the intention of protecting profits in case the price pulls back against.
Image taken from: Source
Finally, after about 2.5 hours, the operation closed in profit.
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Here is the link to the proof of closing of the Exchange transaction:
https://ftx.com/shareable-pnl/published/1074178
Image taken from: Source
5. Do you recommend everyone to buy and the reasons for recommending/not recommending
To be honest, I do not recommend everyone to buy, as I believe that it is not a project that is going to give good dividends in the short term, so it is not for all types of investors, only for long-term investors.
Although it has great potential, there is still much to be developed and more importantly: public adoption.
On the other hand, I still think it is not a good time to buy, because although I did not use Elliot wave analysis for this trade, everything makes me think that the price is in the middle of a corrective phase, so there is still a little more to go down and find a better entry.
6. Anything else you want to share about the token/project.
One interesting thing about AGLD is that it is destined to become the governance token for a whole host of projects and games that may emerge based on Loot code, or in other words that would have the Loot interface as their base of operations and NFT object exchange center.