REPOST | MATIC/USDT Sell | S6T3 | Team Trading Contest Post for Reminane
This is a repost of my previous Task
Hello everyone, this is week 3 of the newly introduced steemit trading contest. This is my first trade I am carrying out of for this week and it will be an analysis on the Matic token. The information I obtained in this token will be discussed below.
The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
The Matic token is the native token of the Polygon network. In 2017, this network was created and was based in India. The Matic token can be used for staking within the network and it also aids in the governance of the network. Those who involve in staking within the network can earn rewards in the form of of the Matic token and this same token is used to pay the transaction fees within the polygon network.
Source
The transaction fee when using the Matic token is very low because it situated on the Ethereum blockchain. This blockchain is generally known for its low transaction fee and that of the Matic token is not an exception.
This low enables users to be able to stake the Matic token in the Ethereum blockchain without losses. It can also be swapped for other tokens that are present on the Ethereum blockchain.
The Matic token can be found of many exchanges. Some of these exchanges include Binance, Huobi pro, Poloniex, KuCoin etc.
Why are you bullish on this token today and how long do you think it can rise?
I have good expectations for this token and I believe that the Matic token has a very good project. The Matic token can also be used to pay for the transaction fee on the Ethereum network and this demonstrates how the token has been accepted and reliable.
Not long ago the price of the Matic token made a very high rise and this is a signal that there is more to come from this token. Transactions on the polygon network is very secure as well so there is no need to have panic of losing assets unexpectedly within the network. The polygon network is also very scalable.
The transactions on the Matic network are also very fast and they don’t slow down like in other networks. This is because the Polygon layer has two different layers which ensures that transactions are very fast within the network.
The statistics of the Matic token can be seen below;
Screenshot from: Coinmarketcap
Screenshot from: Coinmarketcap
The statistics displayed on the Matic token according to CoinMarketCap can be seen in the screenshots above. According to Coinmarketcap, the Matic token is ranked #16 currently and has a market cup of of $11,413,668,149.87. The Matic token also has a circulating supply of 7,696,069,521 MATIC. Three months ago, the Matic token reached it’s all time high of $2.92 on the 27th of December 2021.
Token Analysis
In this section, I am going to engage in the analysis of the Matic token. I will be using three indicators in this analysis. The indicators are the EMA, RSI indicator and the parabolic SAR indicator. We already have much knowledge on these indicators so I will go ahead to add them and continue with the analysis.
Screenshot from: Tradingview
I started by marking the support and resistance level in the chart then went on to add the EMA indicator as seen in the chart above. We could see that the EMA indicator was above the price. We could also observe that the price retest at the resistance level which is an indication of a downtrend.
Screenshot from: Tradingview
After the signal of the EMA, I went on to add the Parabolic SAR indicator to the chart. We can see that the dots were forming above the price which goes further to confirm the signal given by the EMA. Then I had to place my exit order after further confirmations.
Screenshot from: Tradingview
Then I went on to apply the RSI indicator to confirm my exit point. Looking at the chart above, we could see that the RSI indicator was moving towards the 30 level which is a signal of a downtrend. So this confirmed my trade position and I went on to execute my sell trade.
After this, I went to my Huobi pro exchange account to place my sell trade. I use spot trade in this section.
The details of the trade are displayed below.
Screenshot from: Huobi pro
Your plan to keep it for a long time or when to sell it?
In the short term, I intend to sell this token because all the signals in my technical analysis point to a downtrend in the market.
But the Matic token is a great project overall so I will consider buying the token again later, when the signals are good so I can keep for a long term.
And at this time too I will continue monitoring the progress of the coin so I use scalp trade to make some profit from it.
Despite me selling some of the asset, I am still keeping some in my wallet so I can make some profit when the price rises in the future.
Do you recommend everyone to buy? Give reasons for recommending or not recommending.
Like I said earlier that the Matic token has a great project with a bright future and I will like to hold it for the long term, I will recommend this coin to other traders for the same reason. I am very confident that the project of the Matic token will continue to grow and anybody that invest in it will not regret in the future.
Those who engage in scalp trading can also involve in the short term trade of the Matic token. When the opportunity rises, traders can make some good profit from this if they get their technical analysis right.
I will however advise that any trader that is willing to invest in this coin should also carry out their own analysis before investing in it. This will expose them to much more information about the Matic token and they can be sure of the project they are investing in.
Anything other users want to share about the token/project.
The polygon network has a lot of social media handles where users can visit to obtain more information and updates on the proceedings in the Matic network.
Screenshot from: Telegram
The above screenshot is the official Telegram channel of the Matic network. A lot of updates on the polygon network have been posted there and other relevant information have been pinned to be easily identified by users. People who have joined this channel receive daily updates of the current stand of the token and what is expected in the future.
Screenshot from: Twitter
The screenshot above is the official Twitter handle of the polygon network. Like other platforms, information is shared so that the Twitter users can easily get access to the ongoings within the Polygon network.
Screenshot from: Twitter
We can see from the screenshot above that the polygon Twitter handle posted a tweet about four days ago which was about Web and Gaming program coming up. The tweet was pinned which shows the importance of it and all people with interest in the Matic token can access this and many other information on Twitter.
Cc:
@nane15