SAND/USDT - BUY | S6T3 - Team Trading Post for Reminane Traders Team
Image Source Edited via iMarkUp
Hi all,
It's a pleasure to submit my 2nd entry for this trading contest today. I will be analysing the SAND/USDT pair after which I will perform a sell order and I will still continue in the REMINANE TRADERS TEAM which is let by @nane15 this week
1. The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Today, I will be studying the SandBox (SAND) project and I will be applying both fundamental and technical analysis in other to predict the movement of this token at the current market situation
Introduction To SandBox (SAND) Project
Image source
This project was launch in 2011 by Pixowl with two co-founders known as Sebastian Borget and Arthur Madrid. This Sandbox is a gaming blockchain application which act as a play-to-earn Blockchain that was created with a virtual vigorous world in such a way that players could create, build and own their own NFTs on the Eutherum Blockchain which includes things like virtual goods, avatars, game makers and Voxedit. One thing that makes this Sandbox so Unique is that users can also monetize their NFTs by trading with it at at the Exchanges that offers Sandbox token
sourcefrom Sandbox website
source from Sandbox website
While playing this Sandbox game, this blockchain enables players to creat and own an avatar which they can be able to use it to have access to different environments, hubs on the metaverse of the sandbox and so many types of games. This Sandbox was launched in 2011 which could run in mobile gaming application and it hit over 40 million downloads in 2018 because of great the project have been.
Sandbox native token is $SAND. All transactions and interactions are carried out using this native token and users can earn $SAND simply by trading on other crypto currency pairs or simply by playing games on the Sandbox blockchain. The Sandbox project is seriously working on enabling users to be able to create and own their own NFTs so that they can be rewarded by playing games or trading it's token with other crypto currency pairs
In 2020, The Sandbox was upgraded. Emmidiately when it was upgrade, it became the most fastest developing crypto games worldwide alongside with Axie Infinity and Decentraland which are also high level developing games in the crypto world. This Sandbox skyrocket the crypto market worldwide as it raised over $93 million fundings from their investors last year 2021 hence attracting more than 50 partnership such as big companies like CryptoKitties, Atari, other gaming industries such as The Walking dead. It also had a partnership with a great musician known as Snoop Dogg
EOS Exchanges
Screenshot from coinmarketcap.com
As I earlier said, the SAND token is quite popular because of how recent it has rised. It is well traded in so many exchanges such as Binance, Kraken, Bittrex, Uniswap, Bybit and so many others. The screenshot above shows some of the exchanges this SAND can be traded on
Screenshot from coinmarketcap.com
Looking at the screenshot above, we can see that SAND token is ranked #31 with a total supply of 1.14B SAND, a market cap of $3,564,747,582 and a total volume of $663,641,457
Screenshot from coinmarketcap.com
From the screenshot above, we can see that this $SAND token hit an all time high of $8.44 on Nov 25, 2021 which is just 4 months ago. Its time low $0.02894 which occured just 1year ago on Nov 04, 2020. We can see that despite the drastically fall in most crypto currency, this token had to still hit it's all time high 4months ago which indicates that this project has a promising future and shall definitely hit a new all time high in future despite it's fall in value
2. Why are you optimistic on this $SAND today, and how long do you think it can rise?
From the screenshot above, we see why I'm bullish about this token because this coin have been trading with a volume of $663,641,457 and it's current price have dropped to $3.13 which is up by +1.80% as compared to the previous day. It is trading uptrend at a high volume which implies that it is bullish today.
Since the market is rising right now, I'm highly optimistic about a bullish movement. this is the reason why i will follow the major trend in the market which is uptrend. I will use the opportunity to enter the market and trade with this high volume by performing a buy order because I think it will continue rising for sometime.
According to it's white paper, this token have a great project that will do well in future and will hit a new all time high soon
3. How to analyze the token? (Using the analysis knowledge learned from professors’ courses
Buy-Long Of |SAND/USDT pair
I will still be using the knowledge I learned from the academy in other to carryout out a good technical analysis on tradingview.com. I will perform my long order in my verified Binance account. I will also be using but future trading to execute my long order
In this task, i will be using two TEMAs indicator [(one fast(55 period) and one slow(25 period)] together with the RSI indicator to carry out the technical analysis. I will be observing to see if the two TEMA indicator will cross each other from below at thesame time when the RSI indicator is showing overbought zone before I will then execute my Long order
1-hours timeframe
I started by making Analysis the the 1-hrs timeframe as I could Identify the major supports and resistance areas on the chart. After doing that, then drew horizontal lines so as to mark out the areas. After doing that, I had to reduce the timeframe to 1hr. I could still identify the major resistance and supports areas
5-mins timeframe
After identifying major support and resistance levels, I had to wait for the two TEMAs indicator to cross each other from below so that I could execute my buy order
After waiting and received buy signals when the two TEMA indicators as the slow TEMA (25) had crossed over the fast TEMA (55) from below which indicated that it was a good position to execute my long order,
I then navigated to my verified Binance and place a real Buy order. Since I chosed future trading, I entered with an initial capital of $7.5 which i multiplied by 2x for the buy entry and had a buying power of about $15 after doing the calculations
After that i executed a sell order by choosing future trading as my entry was at 3.077 with my takeprofit at 3.20 and my stoploss at 2.263 and my risk reward ratio was set at R:R = 1:2
The market was extremely very volatile, so I had to wait for some few hours and started experiencing progress in my trade
The screenshot above shows that my target was moving successful
After waiting for several hours, my trade finally hitted it's target and I took home a profit of $0.20
The screenshot above shows that my trade was successful which I took home a total profit of $0.20
The screenshot above shows all the details from my trade entry
4. Your plan to hold it for a long time or when to sell?
NO I don't plan holding this coin for long because I'm a scalp trader. I trade using short timeframes, so I never intended to keep hold of this coin for long. Emmidiately it hitted my target, I had to close my position
From the screenshot above, you can see I had exited the market emmidiately my trade reached its target position meaning I didn't intend to keep this token for long
5. Do you recommend everyone to buy and the reasons for recommending/not recommending?
Even though my trade was successful at the end, I won't recommend any trader to buy this token for now due to the volatility of the market. So buying this token at this moment is not really advicable because the market may go against your prediction.
From the screenshot above, you see how I had to close my position after waiting for several hours as the market was playing with my emotions. So it's very risky to buy this token at this moment
So in general, I won't recommend any one to follow me and buy this token because this my analysis is not a financial advice because investing in all crypto currency is usually very risky. So I will recommend every trader to always do his/her research before entering the market by making a proper risk management criteria.
After studying the fundamental and Technical Analysis on the Sandbox token, I was able to successfully execute a sell order in the market as I ended up with a profit of $0.20. I had to carrying out this technical analysis by combining two TEMAs (one fast and and the other slow). I used this strategy together with the RSI indicator which a very good technical indicator that works perfectly with TEMA indicator
CC
@nane15