[RUNE/USDT TRADING- SELL] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE
About Project
THORChain is a Layer-protocol that enables users to transfer their cryptocurrencies between differet blockchains instantly.
Insight to RUNE
THORChain is a very much autonomous and a decentralized liquidity network that was designed to restored the restore the spirit of decentralization that is to the blockchain and crypto space. The platform was built in a way that volunteers may be able to deposit their native assets into liquidity pools created and have profits doing so.
As such, users that are looking to exchange cryptocurrency assets from different networks may access the liquidity provided without so much as losing ownership of their assets.
In simple terms, this means that those who use the THORChain can exchange Bitcoin for ETH by not going through an exchange that is centralized. This brings us to RUNE; which is the native token of THORChain. THORChain is therefore a technology that lets decentralized swapping between supported blockchain and generates yields from the native assets for those who provide liquidity.
The team behind the founding of this project is anonymous as all what we know is that in 2018, the THORChain was founded during a [Binance](www.binance.com) hackathon. This project has approximately 20 developers and most of its resources are created by the community. Although it is anonymous, their code is open source and reputable firms like CertiK and Gauntlet have audited it. In 2019, RUNE started with a maximum supply of about 500 million and half of that used in circulation. During the ICO of this token, the price was about $0.03 and it hit it ATH of just above $20 in the month of May in 2021.
THORChain plans on designing a protocol that covers all aspects of Decentralized Finance, the borrowing, lending and synthetic services all across various blockchains. It will heavily add support to Dogecoin, Zcash and Monero tokens. And we all know the feat the Dogecoin for example has reached.
Also, THORChain’s treasury is seen to have enough funding that guarantees the protocol’s long-term viability. In short, once the main net is functional in the first quarter that is in this year 2022, the token demand should go up, leading to appreciation for those holding the RUNE.
Exchanges
Some of the exchanges where we can transact the RUNE token are listed below;
Using the knowledge of support and resistance, and additional technical indicators like the RSI, CCI and median indicator, the execution of my trade was done. I will like to list the different timeframes on which I carried out my analysis and give a brief explanation under each;
1-hour analysis
Above, I decided first to identify levels of support and resistance that are found on the chart. It is noticed that prices are bouncing off the support to the resistance and also off the resistance to the support in a consolidation phase.
15-minute analysis
It is seen here that the line in the RSI is trying to go above the 50-bridge line for a bullish move. Confirmed is the presence of a buy order indication in the CCI since it is moving below the -100 region.
5-minute analysis
At the timeframe that the trade is actually executed, the prices have hit the support levels and bounced off, the bullish crossover at the RSI is evident and oscillator line at the CCI is moving up towards the bullish regions. These three indications are sufficient enough for me to execute my trade.
At entry, a stop loss was placed a few pips below the support level at a price of $11.409 and a take profit at a level of $12.476 as seen with the following results gotten.
It is seen that just recently, dating to a few days ago, the THORChain’s RUNE sees a mighty explosive boost, reaching a 21% increase as of that day. Per my point of view, this is proof that the project actually has a future and I think I will like to buy and hold the token, to be sold when it has hit its ATH recorded or even more.
Obviously, research should be done by traders carefully before the embark into the crypto space as it is but imperative.
Any other information that wishes to be found out by the trader can be found on their official website thorchain
Even though I will recommend people buy it because it can likely surpass its ATH OF $20.3, I will just like to list the pros and cons of this project to the knowledge of anyone willing to participate in it for the person to draw out their decision towards it.
| Pros | Cons |
|---|---|
| It facilitates a very much decentralized network | It was founded by a team that is anonymous |
| It incentivizes the provision of liquidity | THORChain in the past has been a target of hacks |
| It is available of many blockchains and interoperable | |
| It is non-custodial and also yields generating token |
Even though the project is one that looks very interesting and promosing, the above information is NOT financial advice and should be considered as the thoughts of a single trader. In this regard, no one should put in money they cannot afford to lose following the suggestions of this post.
CC: @reminiscence01
Hello @ngongha , I’m glad you participated in the 4th Trading Competition at the Steemit Crypto Academy. Your grades in this task are as follows:
Recommendation / Feedback:
Thank you for participating in this trading competition.