[REPOST] SUSHI/USDT - | Steemit Crypto Academy | S6W2 - Team Trading Contest Post for Investors-Team.
The name of the token and introduction of the project. Technical background of the project and the team in charge of the project. In which exchange or exchange can you trade?
The Sushi Token
The sushi token is known to be one of the most recent tokens. The token was launch in 2020 as a fork of uniswap. One interesting aspect of the sushi token is that the token is an example of an automated market maker token. Describing the Automatic market makers, they are decentralized exchanges which use smart contracts to market opportunity for a given token.
Going to the founders of sushiswap, the sushiswap was by a pseudonymous entity known as chef nemo. Meaning the sushi token is the native token of the sushiswap. The project actually has 2 other pseudonymous co-founders which are sushiswap and 0xmaki who are known to handle the sushiswap code, the business operation and the product development.
One unique factor about the sushiswap is the fact that it acts as an AMM as earlier mentioned and it thus improves offerings to its parent known as uniswap purposely by increasing the impact users have on the various operations and futures as well.
Exchanges to find sushi
With the ground the sushiswap has gained since 2020, so has its token gained as well. The token can be found on various exchanges including Binance, FTX, BingX, Bitkub, Kucoin. Coinbase, kraken and many others.
Some of the pairs we can trade include; sushi/usdt, sushi/btc, sushi/thb and many others.
Why are you bullish on this token today? And how long do you think it will increase?
Why I am bullish about Sushi
I will perform a detailed fundamental analysis on the Sushi token to explain why I am bullish about the sushi token.
The Sushiswap has a current price of $3.4 with a 2.55% decrease in its prices over the last 24 hours. The sushi token has a market capitalization of $0.43 billion making it having a market rank of #135 on the coinmarketcap.
The total supply of the sushi token is 240.68 million sushi and maximum supply of 250 million sushi. It also have an all-time high of $23.38. Other details can be seen in the screenshot below.
How to analyse the token for an operation? You must obligatorily use methods and analysis learned in the Crypto Academy.
Selling the SUSHIUSDT
My trade analysis will be done using price action. The specific price action here I will use will use here will be the double top formation. The double formation is seen with the formation of the letter M which a sell order is placed at the neckline on the completion of this M formation.
My trade entry will be done using the double top formation as earlier explained above. The usage of the double top formation is quite simple as all you need to point out is the tops and wait for the entry at the break of the neckline of the M formation. As seen in the analysis below, a sell order is placed immediately after the break of the neckline.
The trade exit will be done using the support and resistance levels. The stop loss will be placed some few pips above the neckline formation in case we have a reversal while the take profit is placed at the foot of the M formation as seen below.
My trade execution will be done using the #Binance Exchange. I am actually using the 5 minutes timeframe for this execution, so I will be using a high leverage of up to 20X since I have a tight stop loss and take profit level. Using an initial margin of +$16.13, we have a cross of $159.6. The stop loss is set at 3.5 while the take profit at 3.4. we can see in the screenshot below.
What is your investment plan? Do you want to keep it for a long time? Or when to sell it?
My Investment plan on the Sushi token
Based on the fundamental analysis carried out on the token, we see that it is necessary investing on the sushi token. As for me, I happen to be a scalp trader using the technical analysis to get quick moves in the market and milking out small profits. As seen, I used the 5 minutes timeframe, and in less than 20 minutes, my take profit level was hit as seen in the screenshot below.
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Do you recommend that all people buy it? Detail the reasons for recommending or not recommending it.
My Recommendations
I actually recommend the buying of this token to other traders and investors. The sushi token happens to be the token of a decentralized exchange and many traders and investors are now trying to move to the decentralized systems.
This means that the token will actually get a long bullish strength as the number of active addresses increases.
Thanks for another informative website. Where else could I get that kind of info written in such an ideal way?
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