[Repost][AR/USDT TRADING- Buy] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE
The Arweave Token
The Arweave token with the symbot AR, is a decentralized storage network which is aimed at offering a platform where users can get idefinite storage of data. This is actually described as collective owned hard drive that nevver forgets
As earlier explain abov, the nativee token of the platform is the AR token which has a current value of $36. The project goes way behind 2017 as it ws first anounced in august 20117 as an Archain which was then later rebranded in february 2018 to the name Arweave which remained till present day. The official launching of the platform was actually done june 2018.
The main uniqueness of the platform comes as it has the ability to collect and share information between different individuals across different timeframe and different generations as well. The Arweave platform is forcused purposely on building a sustainable ecosystem around the network. Going to the funding of the platform, the platform received $8.3 million from Andreessen Horowitz.
The main founders of the platform are Sam Williams and Williams Jones with both holders of Ph.D and candidates at the university of Kent. They have both accomplished the development of the operating system HydrOS.
Platforms to trade AR
We can trade various pairs with Ar which include; ARUSDT, ARBTC, ARBUSDT and many others. This can be traded on platforms like Binance, Huobi , Poloniex, FTX, Bybit and Coinex. We can see them on the screenshot below.
Statistics on the AR token
Going to the statistics of the AR token, the AR token is listed #79 on the coinmarketcap based on its $1.229 billion market capitalization. The token has a total supply of 63.19 AR and a circulating supply of 33.39. based on its all-time high value, the token has an all-time high value of $90.9 which can be seen on the screenshot below.
Technical Analysis on ARUSDT
For my analysis on the arusdt, I will use the aspect of support and resistance and the usage of the relative strength index indicator. With the relative strength indicator, it shows potential overbought and oversold areas. When we have the prices goes above the 70 level, it indicates an overbought which is a suitable entry for a sell order. When the prices goes below the 30 level, it is an indication of an oversold which is a perfect entry for a buy order.
From my analysis as seen below, we see the closing of a bearish candle above a support which has seen to be respected twice already. Using the 30 minutes timeframe, we see the formation of a evening star which shows at the near end of a downtrend showing a posible reversals. With this formation I will use the relative strength index indicator for confirmation. We can see as the indicator goes below the 30 level indicating an oversold which thus signals a buy order.
The stop loss is placed some few pips below the support level while the take profit level is placed to a risk to reward ratio of 1:1.2
Trade Execution
My trade execution will be done with the binance exchange using a cross margin of 5X and an initial margin of $50+
Stop loss: 35.38
Take profit: 37.74
Why I am optimistic about the AR Token
When we see the use case of the AR token, we see that the token is worth investing and also based on the fact that the token is listed among the first 100 tokens on the coinmarketcap. With its listing on various centralized and decentralized exchanges as well, the token has really gained a lot of influence in the past year as we can see its percentage rise of up to 5073%
Using the 30 and 1 hour timeframe, I expect my stop loss level or take profit level to hit in just less a day in case we have a lot of consolidation. Therefore, I plan on holding this token in just less a day since I am actually a scalp trader.
For that reason, I will not totally recommend the purchasing or financial advice on this token since my analysis is only based on a short term using the 30 minutes timeframe.