ADAUT Buy | S6T3 - Team Trading Post for Fredquantum-Kouba01 Traders Team.
the name and introduction of the project token, and which exchange can be traded on, project/team/technical background etc.
The Cardano Token
Introduction
One of the most talked projects in 2021 was the cardano proof-of-stake Blockchain platform which actually created in 2017 with the main goal of allowing changemakers, innovators and visionaries in bringing positiveand global change.
The cardano with its native token named Ada is known to be an open source project which aims at redistributing power from unaccountable structures particularly to margins to individuals. This therefore helps create a society which is more transparent, secure as well as fair.
The main surge of the price of the Ada in the said 2021 which I earlier mentioned was after Charles Honkinson announced about the launch of the Alonxo hard fork which made the token gained up to 116% rise the following year.
where to trade cardano
We can trade the cardano in different platforms including; Binance, Bitfinex, Bybit, Upbit, Opex, Coinbase, Kucoin and many others, we can also see the various pairs we can trade with this token as seen on the screenshot below.
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Team Behind the Cardano Project
The main founders of the cardano project in 2017 was the aforementioned Charles Hoskinson who is famously known as one of the co-founders of the Ethereum Network. Charles being a mathematician, his company is known to have donated a sum of $500, 000 worth of the Ada token to the University of Wyoming’s Blockchain Research and Development lab.
why are you optimistic about this token today and how long do you think it can rise
Why I am optimistic about the iExec RLC token
Talking about why I am optimistic about this token, I will perform a fundamental analysis on this token. The Ada is ranked #7 on the coinmarketcap based on its $39.2 Billion market capitalization. The current price of the cardano is $1.16 which has its all-time high value of $3
We can see the other statistics of this token on the screenshot above such as its 24 hour volume and market dominance of up to 2%
how to analysis the token
Technical Analysis on Cardano token
My analysis on the ada token will be based on the support and resistance levels using the 5 minutes timeframe.
Elaborating on this, I will begin by identifying a previous resistance level which the prices break and retesting on this level to act as a potential support level pushing the prices upward l. We can see this formation on the analysis below
The trade exit will be about setting proper stop loss and take profit levels. This is seen in the formation below as the stop loss is set a few pips below the resistance level and the take profit to the swing high level level previously made. We can see that below.
Trade Execution
The trade execution will be done in the Binance Exchange using a cross margin of 10X.
your plan to hold it for a long time or when to sell
My Plan on the Cardano Token
Using the 5 minutes time frame, I do not plan to hold this token for a long period. Though the the token is recommended for long term holding, I will leave my trade for about 1 to maximum 2 hours if we have a lot consolidations.
But we’ll, my take profit level was actually touched in less than an hour as seen below.
do you recommend everyone to buy and the reason for recommending this token.
My Recommendations
I actually recommend the purchase and holding of this token for a long term. Based on the aforementioned fundamental analysis, we have seen the cardano to gain much ground in 2021 and so many people are still optimistic and keeping a watch on this token which I recommend everyone to. With the team behind the project l, especially Charles who is a famous founder of Ethereum blockchain the project will really gain ground.
Hello @santosbass2,
Thank you for choosing our team to participate in the 3rd week of Season 6 of our trading competition, hoping that you will make gains during this period, you deserve a Total|5.5/10 rating, according to the following scale:
My Review on your choice of pair:
My Review on your trading style:
We thank you again for your effort and we look forward to reading your next article.
Sincerely, @kouba01