A Repost of [ZEC/USDT Spot trading Buy] - Crypto Academy/ S6T4- Team Trading Contest Post for Reminane.
Hello everyone, it's another trading week in the Crypto Academy which allows us to practiced what we have learnt overtime. I am in Professor @reminiscence01 team for this week trading contest. This i my first post for the week and based on this, i will be giving a full details of the trade i took at the beginning of this week being 28/03/2022. I will like you to stay tune as i analyze the asset below.
•The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.
In this task i will introduced to you the name of the Coin i will be trading for this first day 29/03/2022 for the reason of this current trading competition as well as the introduction of the token and the growth achieved so far.
The name of the token i have traded is ZEC. This is a visual token / coin used by trader in buying or in trading the financial market.
Having the knowledge about buying and selling in the Crypto market and what it is all about is of great importance. When we talk of the Blockchain ecosystem, this is where transactions are carried out between two or more persons via a digitally transferable asset and this is what we referred as token. Note that this tokens are mostly issued on a blockchain like the Ethereum, this is depending on the assigned properties to them as well as their classification and uses.
As we all know, Zcash is just like Bitcoin and Litecoin which are digital currencies, but this cryptocurrency has a little improvements in the blockchain technology. This helps in enhancing privacy, zero-knowledge transfers as well as the theory, the state of being Anonymous has differentiated it as a payment system. Here user privacy are enhanced through cryptography. However, Zcash transactions in this manner can either be in a transparent form like Bitcoin, or through zero knowledge proof usually called zk-SNARKs.
For better understanding about ZEC coin, this is also known as Zerocoin. In 2016, the Zcash company which was founded by Zooko Wilcox-O'Hearn created the Zerocoin protocol which became the Zcash cryptocurrency.
For the company to backed up this coin, because of the law enforcement, the Zcash company had to say that the coin was developed to act like fiat currency unlike facilitating any type of illegal activities. All this is because the zk-SNARKs concept sound shady before the law enforcement.
I want you to know that Zcash really stands by its words. Zcash is a digital cash which is convenient because of its tax avoidance connotations. Though various exchanges has limited its uses based on Zero-knowledge proof as its USP. Only transparent Zcash transactions are supported by most exchange and wallets.
The total supply of Zcash cryptocurrency is 22,000,000 ZEC, Which 2032 to come, it will be fully mined. This coin follows the trend of the market of the Cryptocurrency industry. When ZEC initial spike took placed when it was launched, and massive gain of 10x was experienced during the crytoboom of 2017. $200 million worth of ZEC is being traded daily, and it can be traded with the following pairs: BTC, ETH, and USDT.
ZEC can be traded with the various Cryptocurrency exchanges such as: Binance, Lbank, CoinMex, LocalTrade, HitBTC, and Huobi Global. However, its relevance is been classified more with Bitcoin than Ethereum on the general market. The current price of ZEC coin can be seen on CoinMarketCap below:
Market Cap: $2,173,186,261,287
Rank #51
Price: $198.91
Low:$191.66
High:$206.81
•Why you are optimistic about this token today, and how long do you u wish it can rise.
For the sake of this contest, i have to be plain an open to you that i am not planing to hold this coin for long time. All my analysis is based on intraday trading and it's for long position. When the market moves upward higher than the position i bought the asset, i can sell the coin. This is to enable me take my profit from the market based on it's a spot trading.
•How to analyze the token? (This can technical analysis and trading strategies learned from professor's courses) - This section is very important.
Screenshot from trading view
For the purpose of this trade i have bought the ZECUSDT using the Binance exchange.
My analysis was done in trading view chart by opening ZEC/USDT, Using Bollinger band indicator, break of market structure to the upside as well as support and resistance level.
The market was trending downward, and there was a reversal of price from bearish trend to a bullish trend. This simply means that the bulls has taken over price and they are in control of the market.
I was thought in trade psychology that no matter the amount of cash you have, you can not move the market. Here we were told that the market is moved by big banks as well as the big boys. Because of this knowledge, i have waited for the market to break the strong resistance point to the upside, which is an indication that the price want to reverse to a bullish direction. As the market started gaining momentum by making higher high, what i was waiting for is for the break of the market structure structure as you can see that the market has broken the horizontal trend line at the resistance point which became the support. Immediately i noticed this, i open my Binance Application and placed a buy limit order waiting for the market to retrace back to the zone to filled the order which it was executed. You can see the screenshots below.
•Your plan to hold it for a long time or when to sell.
My initial plan for this coin is not to hold it for long as i earlier said, once the market increases more than where i bought the asset, i will sell my ZEC coin off. For now am still holding it because the price went lower than my purchase order.
•Do you recommend everyone to buy this token? Give reasons for your answer.
It's my wish to advice anyone who wishes to hold ZEC coin to do so, this is because the current market of ZEC is under valued (low) and it's Ranked 51 in the Coinmarketcap. Therefore,
i recommend investors to buy and hold ZEC now to sell and make returns in future. The risk involved here is the ability to have patience and hold the coin to raise.
•Any other thing you might want to share about this coin/token.
Looking at this coin, i can see a lot of momentum due to there is always a need in order for the coin to support the blockchain technology. Note that the focus of ZEC coin is to truly served the needs of the unbanked as well as others who need to exchange value in a pinch.
ZEC blockchain can be of great help finding footing especially for those with smartphone and not a bank account. This means that, ZEC coin can serve in the capacity of providing basic banking services to the world. If this is on the move, ZEC will be highly rated in various Cryptocurrency exchanges as listed above, and this will bring encouragement to holders of ZEC coin.
Thank you for your time