Trading Competition - Crypto Academy / S6t4 - Homework post for pelon53.
Hello, wonderful people of steemit, hello professor @pelon53, it is another day of the steemit Crypto Academy trading Contest week 3 and as a participant today, I will be trading on NEAR protocol (NEAR).
1.The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
What Is NEAR Protocol ?
NEAR Protocol is a blockchain project widely refered to as Layer-one. It's title implies that the blockchain was built to solve the limitation challenges facing the blockchain industry such as poor interoperability, low transaction speed and low scalability. They have also made their platform easy to use by developers and also user friendly.
NEAt collective is a community of the NEAR protocol that is responsible for releasing updates and updating the initial code. The aim of the community is create a platform that has credibility and qualified enough to manage high value and volume of asset.
Some projects which has been built and resides currently include Mintbase (an NFT mining platform) and Flux (gives developers access to create asset based market).
Founders of NEAR Protocol (NEAR)
Erik Trautman is the founder of NEAR protocol. He is the founder of Viking education and he also has an experience on Wall Street. On his team of founders include Illias Polosukhin (with industry experience of over ten years), and Alexander Skidanov (once a director of engineering at memSQL and also worked at Microsoft). A team of solid developers are also at the service of NEAR protocol. It is claimed that the team has personalities with the vision to create the sole real-world shaded systems at scale.
What is NEAR token?
NEAR token is the native token of the NEAR protocol. At the time of writing, the NEAR token has a price of $13.90. It has a market cap of $9,201,383,219 and a trading volume of $1,115,594,883. It has a circulating supply of 662,127,034.00 NEAR out of a maximum supply of 1,000,000,000 NEAR. It is ranked coin number 20. Below are some other fundamental details
screenshot from coinmarketcap
| Metric | Value |
|---|---|
| Explorer | explorer.near.org, hubble.figment.io, bscscan.com |
| Contract address | BNB Smart Chain (bep20); 0x4338665cbb7b2485a8855a139b75d5e34ab0db94 |
| Link | near.org |
| Rank | 20 |
| Consensus algorithm | Proof of Stake (PoS) |
Market Place of NEAR
Some places where NEAR can be traded include;
| sn | Exchange | Pair |
|---|---|---|
| 1 | BINANCE | NEAR/USDT, NEAR/BUSD, NEAR/BTC, NEAR/ETH, NEAR/TRY, NEAR/RUB |
| 2 | KUCOIN | NEAR/USDT, NEAR/BTC |
| 3 | Gate.io | NEAR/USDT, NEAR/ETH |
| 4 | HOUBI GLOBAL | NEAR/USDT, NEAR/BTC, NEAR/ETH |
| 5 | CRYPTO.COM | NEAR/USDT, NEAR/BTC, NEAR/USDC |
2. Why are you optimistic about this token today, and how long do you think it can rise?
I am optimistic about NEAR today because:
• One major challenge in the crypto space is the fragmentation between blockchain networks. There are very few blockchain projects that can relate with each other out of the thousands of crypto projects that exist. The NEAR protocol has carried upon itself the task to interconnecting blockchains thereby increasing it's relevance in the blockchain industry. With the increasing use of the interconnection which NEAR protocol does, it is certain that it's token, NeAR will see an increase in its price.
• NEAR has a big goal of ensuring that it's services can be used without difficulty or complexity. To achieve this it employs a development kit that bases on modularity. This gives developers the access to build up their projects using chunks of codes that already exist. NEAR protocol popularity will also help boost the price of it's token.
3. How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- important part
For today's trading excercise, I will use KUCOIN exchange and I will trade on NEAR/USDT pair. The analysis tools I will employ are double Exponential moving average cross I will use tradingview for my chart Analysis.
First of all, I open tradingview and then add the double EMA to the chart. Next I customize the EMAs to 10 and 20 periods . The 10 period EMA is blue and the 20 period EMA is black. I have used a 15-hour timeframe.
<screenshot from tradingview
Here, I can see that the longer period EMA (black) has crossed over and gone above the shorter period. This is a bearish signal.
Next, I open a sell/short trade and then set up take profit and stop loss. My risk reward ratio is at 1:1.
screenshot from kucoin mobile app
screenshot from kucoin mobile app
4. Your plan to hold it for a long time or when to sell? / Do you recommend everyone to buy? and the reasons for recommending/not recommending
NEAR protocol is a Blockchain project that aims to solve the basic issues of Blockchain industry such as scalability and interoperability. It's function in the Blockchain industry is a necessity and so it has come to stay. NEAR is also bound to continue seeing an increase as the use of NEAR protocol continue to spread far hence from the fundamental analysis aspect, NEAR has got a solid project behind it and so I could advice someone to buy and HODL today. Before investing, it is important to make your own investment analysis.
However, I do not intend to HODL NEAR token today because it is not the kind of Token I prefer to invest in.
