ADA/USDT Buy | S6W1 | Team Trading Contest Post for Investors-Team
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Introduction
The Name of Token and its Introduction of Project and the Technical background of the project and the team in charge of the project
Today, I would be trading the ADA token. Cardano Blockchain network is what the ADA token is built onto. Cardano blockchain was established or founded by Charles Hoskinson in the year 2017. The name of the blockchain (Cardano) was named after an Italian Polymath called Gerolamo Cardano. The native token of Cardano (ADA) was also named after a great mathematician of the 19th century who was called Ada Lovelace.
The Cardano Foundation supervises the Cardano blockchain so as to help in its operation. It is an open-source blockchain that helps its users to perform transparent, secured, and scalable transactions on its platform. There are other organizations that partner with Cardano blockchain and they include EMURGO and IOHK.
Cardon blockchain employs the use of a proof of stake consensus algorithm mechanism. This type of consensus algorithm mechanism was developed to help resolve the issues with PoW by evenly sharing powers to the validators via voting.
From the members of the Cardano Foundation, the three main board members include, Jillian MacNab, Beth Mary Buchanan, and Andreas Eschbach. The Cardano blockchain network's architecture is a dual system comprising CCL (Cardano Computational Layer) and CSL (Cardano Settlement Layer).
In which Exchange or exchange can be negotiated.
As shown from the screenshot taken below, there are a lot of listed exchanges where ADA can be traded or negotiated on. From the coinranking.com website, there are 76 exchanges that ADA can be negotiated. They include Binance, Huobi, BTSE, Hotbit, ExMarkets, LBank, Coinbetter, CoinDCX, Mandala, CREX24, FINEXBOX, LocalBitcoins, tokenized, TradeOgre, etc.
Cardano since it was launched has been able to grow rapidly in the cryptocurrency market and it still continues to grow. Also, the ADA currency has a high market capitalization and as well as a high potential market. Through my research, I found out that expectations of cryptocurrencies are predicting the price of ADA to surge higher to the $1 level which I am also optimistic about.
Another individual called Mr. Vyas also predicted the price of Cardano to rise to about the $5 mark in the coming few years which I do have no doubt about that because it's very possible for that to be achieved.
I think the price of ADA would increase or surge for a long because I am sure and optimistic that if the price of BTC shoots high in the next coming years which it would, the price of ADA would also shoot higher as well.
In this section, I would be analyzing the ADAUSDT Chart using TradingView platform by applying some technical analysis on the chart before opening a trade.
Today, I would be using the Parabolic Sar and the MACD indicator together to technically analyze the chart and open trade.
First of all, I would add my indicators to the chart as indicated and then set my support and resistance levels on the chart.
In using the Parabolic Sar indicator, when the dotted lines start to form above the price of the asset then it is a sell signal and traders start to leave trades. Similarly, when the dotted lines of the parabolic Sar start to form below the price movement of the asset, then it is an indication of a buy signal.
As explained in my previous trade, the MACD indicator also functions using its two indicator lines i.e. macd line and the signal line. When the macd line crosses above the signal line, then it is an indication of a buy signal and buyers enter a trade at that time. Similarly, when the macd line crosses below the signal line, then it is an indication of a sell signal, and trades begin to leave the markets.
From the ADAUSDT chart shown above, we can clearly see that our support and resistance levels are set. Also, we can see that the dotted line formation just started below the price of the asset and similarly the macd line also crossed above the signal line after which I immediately entered into a buy trade after noticing that.
After some minutes of entering the trade, the trade is moving towards the target set.
Trade moving positively after some hours I entered into trade. I entered the trade at a price of $0.854243 and take-profit at $0.875 stop-loss at $0.848.
I bought ADA worth $5.01 which was equivalent to a 5.8716 ADA token.
From my trade, we can see that My risk-reward ratio was set at 1:2 meaning that if my target hits I would earn twice the amount invested in. My plan for this trade is to keep it for a long time and I think I might sell it properly when the price of ADA hits $1.
Although my target for this trade was set at $0.875, if it hits I might wait until the price reaches $1 before selling but anything can happen so I can either sell at my target or after the target.
Yes, I recommend everyone to purchase this ADA token because it will surge higher in the next coming years.
I am also recommending ADA token to everyone to buy because the bull of BTC would probably push the price of ADA token higher as well as we saw it fell when BTC's price also fell. This indicates that the price of BTC influences the price of ADA tokens as well.
Furthermore, taking into consideration the price prediction of ADA by the crypto analyst indicates that Cardano has a future and I recommend everyone to buy before regretting it in the future.
Let's look at some statistical analysis of the Cardano cryptocurrency. We would do that using the current data statistics. These statistics were taken at the time of writing this article.
| SN | Statistics |
|---|---|
| Rank | 7th |
| Price | $0.85 |
| Market Capitalization | $28,595,660,996 |
| Fully Diluted Cap | $38,251,496,508 |
| Volume | $3,619,204,758 |
| Volume/Market Cap | 0.1266 |
| Circulating Supply | 33.64B ADA |
| Max Supply | 45,000,000,000 |
| Total Supply | 34,124,387,217 |
From the screenshot shown below, we can also see the all-time chart of ADAUSD.
Conclusion
I would conclude here and see in another day for my next trade. I shall perform my next trade tomorrow. We must note that cryptocurrencies are volatile and we must be very careful in purchasing them. We should make more research about a coin before purchasing it to avoid huge losses.
I would like to say a very big thank you to professors @pelon53 and @imagen for the wonderful lessons they have been lecturing us with.