VET/USDT - Crypto Academy / S6T4- Team Trading Contest Post for Team Reminane
Hello Everyone...!!!
It is the fourth week of the Crypto Academy Trading Competition, which enable us to implement the knowledge acquire from various professors’ lesson in our crypto trading. This is a very good initiative as it will boost our confidence in trading and our ability to take risk. For week three of this competition, I have joined team, The Team Reminane with professor @nane15 and @reminiscence01.
Introducing the token for the day
VeChain (VET)
VeChin was initiated in 2015 as a consortium chain (working with different blockchains instead of starting from scratch) to gain experience and explore applications of blockchain. In 2017, the network began a transition to move from consortium chain to public blockchain with a native token VEN which was an ERC-20 token mainnet. In 2018, the network established their own mainnet using the VET ticker as the native token.
VeChain creates an ecosystem which solves major data hurdles for multiple global industries from medical to food & beverage, energy to sustainability and SDG goals using distributed governance and Internet of Things (IoT) technologies by leveraging the power of trustless data. The platform makes use of VET and VTHO tokens to manage and create value with regards to the VeChainThor public ledger. VET is used as a token for transfer medium and VTHO is used to pay gas fees.
Sunny Lu is the creator and co-founder of VeChain project. He was also the former CIO of Louis Vuitton China and has been acknowledge within the cryptocurrency industry. Jay Zhang is also a co-founder for the VeChain project and sees to the directs VeChain's global corporate structure, governance, and financial management.
VET can be traded on many exchange platforms like Binance, gate.io, KuCoin, Bitstamp, Poloniex, Bitstamp, OKX, Binance TR ect. I will be trading VET with my Binance exchange account as it is the most popular and reliable exchange with low trading fee.
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Why am I optimistic about this token today, and how long do I think it can rise?
VeChain has been a consortium chain for several years before developing their own mainnet and so has a lot of blockchain experience from diverse blockchain network platform.
VET has shown a great appreciation in price value in recently and has been ranked #33 among the millions of cryptocurrencies available. It has created a lot of trading opportunities recently since the market has been bullish for several days now.
Vet is used as a transfer medium of exchange in the VeChain platform and also used to generate VTHO token which is used in paying of gas fees.
VET Statistics
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From the screenshot above, we can clearly see that VET has a Circulating Supply of 64.32B VET, Market Cap of $5,366,953,079, ranked #33 and have a price of $0.08345 at the time of writing this post.
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Also, on the screenshot above We can see that VET has attained an all-time high price of $0.2782 which was on Apr 17, 2021 and all time low at $0.001678 on Mar 13, 2020. With regards to the current price, has an increment of 4883.10% from the all-time low and 69.95% decrement from the all-time high price.
All time price chart of VET
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I am very optimistic about VET gaining great value in the coming month as price has started breaking resistance into support, creating a volatile market for scalpers to spot good trading opportunities in order to make profit.
VET is a pennycurrency with a lot of potentials and has a low circulating supply and large market capitalization, which make it a great project to invest in for future benefit.
How to analyze the token?
I will Analyze this coin using the VET/USDT crypto pair on TradingView. I have applied the Japanese candlestick chart which connect sensitive information like opening and closing price, high and low swing points. I have also added EMA and RSI to help identify direction of trend and spot entry position.
First of all, I will be doing a scalping trade and to identify the general trend I have used different timeframes of 30 and 15 minutes.
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The charts above are 30 and 15 minutes USDT chart. On both charts we have seen that price has formed a falling wedge pattern which is a signal for bullish reversal trend. Price took this reversal trend to test and break the previous resistance level into support indicating price breakout. The general trend was identified to be bullish on both timeframes.
I will be doing a scalping trade so I have selected a 5-minutes timeframe of VETUSDT chart and marked resistance and support level.
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On the chart above, it can be seen that breakout point was also spotted on the 5-minutes chart as price breaks the resistance level into support. A confluence was seen on RSI indicator as a double top was formed at the overbought region, indicating a bullish breakout. EMA indicator with 20-period was employed to the chart, and as seen the indicator was trading below price in upwards direction indicating a bullish trend continuation. I marked my entry position at this point.
To further confirmed signal, I added the Ichimoku cloud indicator to the chart.
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On the same chart, Ichimoku indicator was added to confirm signal. The cloud was seen to be trading below price and formed green color along, given a confirmation to RSI and EMA for bullish trend and confirming my entry position. I marked a take profit level at 0.08797 and stop loss level at $0.07798 just below the new support formed from the broken resistance.
On my Binance exchange, I open a spot limit order for VET at $0.08254. Afterwards, I placed an OCO order to target my take profit at $0.08797 and stop limit at $0.07798 of which my take profit level was hit. Below are my order details.
My Plan to Hold VET long or Sell
I already have VET in my wallet on different exchange so I have no plants on holding on to this trade, but in case there is trading opportunities in future, I scalp again to make profit. It even a scalp trade and I will exit the market should in case my take profit level is attained or stop loss level is hit. VET has a promising future which makes it a good potential investment.
Would I recommend people to Buy VET
VeChain has been a consortium chain for several years and has also been on the Ethereum network before developing its own mainnet. This makes the project team to have several experiences in blockchain technology to implement features that will add value to their tokens price. VET is still a pennycurrency and so can be purchase for long term benefit.
On VET statistics, it has a significant increase recently, creating a high-highs and high-lows patterns, of which trading opportunities can be spotted by scalpers to make profit before the market turn in different direction.
I will recommend everyone one to buy VET on the bases of their own analysis and findings.
CONCLUSION
For the fourth week of the trading competition, I have selected and traded on VET/USDT as my second trade of the week after carefully making my own analysis about the token.
Hello @sadiqxylo , 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