GALA/USDT Buy - Steemit Crypto Academy - S6T3 - Team Trading Contest Post for Team Frontline

Fellow Steemians,
Welcome to my third trading post for the week. Today I will be trading the pair of GALA/USDT. Am still in the team frontline which is under the supervision of professor @shemul21 and @abdu.navi03

Gaming platform has become one of the most use platform by crypto traders to earn and invest crypto currency. The GALA token is use in the Gala ecosystem which happens to be a game platform. The GALA token in the ecosystem gives users more influence and ownership in the gaming platform. Gaming platform uses NFT and as such most of this NFT are purchase by the players using the native token of the gaming platform in our case it is the GALA token.

The Gala game ecosystems was founded by a man named Eric Schiermeyer in the year 2019. Since the lunch of this game in 2019, about 1.3 million users have become users of the platform. In addition to that, about 26,000 NFT have been sold from the platform and the NFT that was sold the highest was sold at about $3 million.

Some of the games played in the Gala gaming ecosystem include the Town Star, Fantasy RPG etc. The GALA token token can be traded in most of the major exchanges we are having today among which include Binance, FTX, Bybit, Bitfinex, Hotcoin etc. As at the time of performing this task, I went further to get more information about the said token from coinmarketcap.com and the details I found out about the token are seen below.

The data above was gotten from the coin market website as at the time when I was performing this task.

The GALA token is a very useful token which can be use in the Gala gaming ecosystem to reward users who play gamers in the ecosystem. As of today, I saw the asset moving upward and downward and as a scaple trader, I intend to make a little profit at the slightest opportunity.

From the screenshot above, you will notice that the price is moving upward and downward but it is mainly going upward because it needs to get to the overbought region before a reversal since it was last seen in an oversold region. So I am optimistic that the token will rise and that is why I traded it today.

This analysis is carried out on the tradingview.com platform and the RSI indicator along side the median indicator is use to perform this operation. The chart is a piar of GALAUSDT on a 5 minutes time frame. The price of the asset was seen moving in an upward direction and the RSI has left the oversold region and reversing in an upward direction.

The median indicator was added along side the RSI indicator and as it is use normally to identify trend, the median indicator uses the green and purple cloud to identify buy and sell signal respectively. I watched the asset closely and I notice that the asset is moving upward and the green cloud has surfaces then I placed my order there. See screenshot below.

The execution of this order was done using my binance exchange platform and I used the market order to execute the trade. I entered the market when the price of the asset is 0.25346, below is the detail of my buy transaction.

I do not have plans of holding the token for a long time. Been a scaple trader, I intend to make use of any available opportunity and then make a little profit. For that reason, immediately after the buy operation, I decided to place a sell operation using the limit order. I intend to sell the asset when the price gets to 0.25600, below is the detail of my sell transaction.

To me, I will recommend traders to buy the GALA token now that the price is low and then make profit later for long term traders. In the case of scaple traders like myself, they can make use of this opportunity and than buy at this point and sell it when the price rises a bit. I decided in my case to sell the asset using the limit order because am certain that the price if the asset will raise and since I will not always be online to check it I decided to place the limit order for the sell transaction.

One of the gaming platform that users are trooping in today is the gala gaming ecosystem. Users here have more control over their asset and for that reason more users tend to use the platform. The GALA token is use by the platform to reward various users who perform one or more activities on the platform.

Finally, I want to appreciate professor @shemul21 and @abdu.navi03 for your continuous impact of knowledge to me as a student of the academy. I look forward to learning more from the team during this trading week.