POLYUSDT Buy | S6T2 - Team Trading Post for Team Frontline
Greetings to you friend and welcome to my trading competition. This week my trading competition will be under Tram Frontline, that is supervise by professor @abdu.navi03 and professor @shemul21. In my day 1 trading for this S6T2, I will be discussing about Polymath and its native token POLY. Let's get started.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Polymath (POLY)
As I have earlier said, in my today S6T2 competition, I will be discussing about **Polymath and its native token called POLY.
Polymath (POLY) is a platform that provides technology to other interested users to create, issues security tokens on the blockchain directly. In a nutshell, Polymath is known as decentralized platform that is founded in the year 2017 to power and support the issuance of security tokens on the blockchain. We all know that security tokens are digital tokens that represent our traditional currencies,or assets like shares equity an so on, that are held and trade in the blockchain network.
The thing make digital assets to be securities, it's how the digital assets like the POLY tokens are being regulated, with governing bodies in all over the world stating how they can be issued out, managed and how they can be exchanged.
Polymath project is built on Ethereum network, although, with a plans to move to Polymesh soonest. Polymesh is the native (local) blockchain of the Polymath that is built based on what is known as Parity Substrate. As of last year March 2021, Polymesh was still in the testnet of Polymath.
Polymath (POLY) strives to fasten the interest and growth of security tokens on the blockchain industry. In has achieved this by setting up a standalized SEC guidelines and framework for the creation and management of its security tokens. The framework and guidelines that is set is what is known as ERC1400 today, which is regarded as Security Token Standard. A lot of companies has been able to tokenize their asset through the helped of Polymath, and in addition to this more than 120 security tokens has been issued out through the used of Polymath technology.
Let's take a quick look at the background of the team behind Polymath (POLY).
As of 2018 the team was led by Trevor Koverko,who is an expert cryptocurrency and Silicon Valley. Trevor Koverko, is also the founder of DAI, a firm that deals with equity. There are more than 30 builders that work along with Trevor as either an advisory with the Polymath.
Trevor Koverko and Chris Housser are the two founders of Polymath. Currently Chris Housser is regarded as the co-founder, whereas Vicent Kadar stands as the CEO and Adam Dossa is the CTO. All these three people are leadership of Polymath.
POLY is the native token that is used to power all the transactions that is carriedout on Polymath. What you should know about POLY token is that it's used to fuel security token ecosystem, meaning that is not a security token. Instead POLY is an ERC-20 token that is created as the utility and native token of Polymath. POLY Is used by issuers/Investors as a utility token to incentivize service service providers for what they are doing on Polymath.
According to the information, gotten from Coinmarketcap, Polymath is traded at $0.489075 USD, with a trading volume of $207,090,038 USD and a market capitalization of $439,458,697 USD with a supply of 898,550,830 POLY coins that is in circulation.
screenshot gotten from Coinmarketcap
Exchange that POLY Can be Traded on:
If you're looking for the top cryptocurrencies exchanges that you can buy, sell and trade your POLY,then you should know that some of the exchanges are; Binance, Exchange, Mandala Exchange, BingX, Huobi Global, Gate etc. From the screenshot below, you can find other cryptocurrencies exchange on the list.
screenshot gotten from Coinmarketcap
Why are you optimistic about this token today, and how long do you think it can rise?
The main reason to why I am optimistic about Polymath (POLY), is the idea that is been put in place it's team making Polymath POLY to be indispensable on on blockchain industry. Polymath has cleared clear road map for security tokens to be their no one priority on the blockchain which is a proof that the team are working so hard to achieve this goal and by doing so POLY will become a top cryptocurrency in future. With Polymath traditional companies can be enables to tokenize their assets on a go.
Further more, Polymath (POLY), is looking for a way that it can rescue token asset fro a large number of initial coin offering (ICOs). Doing this, investors will not get involved into fake Initial Coin Offering (ICOs) and Investors assets will be safe. In my own view, I can I can say that, this is the main reason to why I am optimistic about POLY, and I am sure that Polymath will become the future of the STOs because of Polymesh.
Now how do you think things will be if Polymesh become the mother on which all whole security tokens is build. Now let's take a look at when Polymath was deployed in January 2018 on Ethereum, as of then the ERC-20 token began at $0.79 which went live on February 2 2018. The token started so we'll as a platform and even as a token immediately after it was launched, POLY became listed Kucoin exchange on the same February with a crypto paired of ETH and BTC. Moreover, In the same year, around 19 February 2018,POLY reached it all time high of $1.5669, and fall down to $.36 in April 2018.
screenshot gotten from Coinmarketcap
Looking at this it show that POLY can rise anytime soon.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- important part
RSI and MACD are both Indicators that offers traders value in validating their trade opportunities and timing of our trade to minimize risk. MACD shows the difference between the relationship of two moving average (MA). Looking at the chart below, we can see that the default setting are 12 EMA period which is the fast length, whereas the 26 EMA period is known as the slow length. The 9 EMA period is the MACD line/signal line, which is calculated by deducting the 26 EMA.
On a chart if the 9 EMA line which is the signal line that tell trader when to enter trade. If the MACD moves across above that of the signal line, it trigger a buy signal, but in a case where it fall below the line, it will trigger a sell signal. Let's take a look a the screenshot below.
Now from the screenshot above, we can see that MACD is moving across above the signal line of 9 EMA period which is an indication of a buy signal (i.e market is currently on a bullish trend, and the price of the traded asset is like to continue moving higher. Looking at the chart above, we can also see that the faster MA has crosses above that of the slow MA before crossing that of the signal line. After studying this I then place a buy entry and quickly run to my Binance exchange and execute the order at the current market price.
On the other hand, let's take a look at the RSI is used by traders to know market strength of the traded asset, that is whether that asset is currently at overbought or oversold. In a case where RSI is above 70 line it is an indication of overboard, but when the RSI line fall below 30 line it is an indication of oversold. Let's consider looking at the screenshot below.
Now, from the screenshot above, we can see that the RSI for POLY/USST 5 minute chart is crosses above 60 an even 70 which is an indication that price is currently at the level of Overbought. Now after carefully studying the chart above, I then place a buy order an quickly went to my Binance exchange and execute the order at the current market price.
After, buying this token and check it back in the next 6 hours i discovered the token has increased from $0.3889 to $0.4861 meaning that I have make a profit of $0.0972 of which if multiplier by 30 POLY I will be having 2,653.3 Naira as a profit. Below is the current price after buying the token.
Your plan to hold it for a long time or when to sell?
My plan concerning buying of POLY is go hold it for a short period of time and see if the token will definitely rise before selling it. Although, I will just hold the token for interval of 2days before selling it. Although, after holding the token for the two days interval and I notice that the token has rise up compared to when I bought it, that is when I will continue holding and even buy more of it. For now this is my plan concerning POLY.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Investing in POLY is something that is will say that it should be depends on Individuals prospective and not by my own recommendation. So many experts in the crypto industry has predicted that Polymath (POLY) will rise in the next 2 years. With this whosoever that is intended to buy this tokens must will definitely have a change of mind most especially, the weak investors, but stronger Investors will never have a change of mind because they will love to buy it now that is cheap and wait for that two years to come so they can sell. In this case what I will recommend everyone concerning this token is that their should carried out a research on this token very well before their can buy. This is the only best recommendation that I can give to everyone.
Conclusion :
Polymath (POLY) is the first platform in history to standarlize the issuance of a security tokens on blockchain as a whole. Polymath is now the framework must of the already tokens that are exiting are built on. However, if you want to know more about Polymath (POLY), I will advise to carried out a research on your own and get the information you are looking for. All thanks to professor @abdu.navi03 and professor @shemul21, for they works.
Disclaimer: Please know that all the write up that you have read is not in anyway telling to start investing on POLY, simply because I have invested, and equally is not in anyway discouraging from investing in POLY. All you have to do before making a sound decisions is that you should carried out your own research.
Thank you for your precious time that you have devoted here...
Best Regards;
Cc:-
@abdu.navi03
@shemul21