AXS/USDT Buy - Steemit Crypto Academy - S6W1 - Team Trading Contest Post for Reminane

Hi guys
Welcome once again to my blog. I am so delighted to be in the steemit crypto academy contest for this very season. This is actually the very first of its kind and am happy to be a participant of this wonderful initiative. This week, I will continue to be with the team of professor @nane15 and @reminiscence01. The team name is Reminane. Let's get started.

On this day, I will be talking about the Axie Infinity. Shards (AXS). It is a an Ethereum token. It was launched in the year 2018. The AXS is a blockchain based game token that is used to play and earn more token. To be able to play the AXS game you will have to hold the AXS token as that is the only token that gives you access to the game.

The essence of creating the AXS token is so that people will have access to play the game and win. Reward are given inform of small love portion (SLP) token. So those who play the AXS game and win earn this token which can be converted to AXS to purchase more Axies.

For a player to be eligible for this game, he/she must have at least 3 Axies which can be gotten from the game market. And this can be gotten using the AXS token on coinbase or any other exchange.

There are several ways in which AXS token holders can get rewarded and that include staking their token, playing game (battle and win) building kingdom for their pets etc.

The Axie Infinity game was developed by Sky Mavis and launched it in the year 2018. About 1 million daily players were recorded as at August 2021 and recently the Axie Infinity happens to be the biggest in the Ethereum blockchain.

The headquarters of the Axie infinity is located at Ho Chi Minh City in Vietnam. The CEO of Axie infinity is Trung Thanh Nguyen and 39 others who are full time employees.

From the analysis I have made above about the said coin, you will discover that day in day out more users get into the Axie Infinity game site to play and earn more token. We have many lovers of game and the AXS has provided them with a way of earn while playing. With the number of players dropping into the platform, the AXS token will continue to sell as that is the requirement to get Axie which one can use while playing the game.

From the chart above, which happens to be a daily chart on the said asset, the price has been going bearish the whole day and the indicators used on the chart has proven same. The RSI has shown that the asset has reached it oversold region and then it is reversing to the opposite direction and that is the reason I am going long on this asset today.

From the chart below, I used the 15 minutes time frame to analyse and then purchase my asset. I applied two different moving average indicators I.e the slow and the fast moving average. And also I added the RSI indicator to confirm my position. When the MA is seen above price it implies that the trend is bearish and when the MA is seen below the price it implies that the trend is bullish.

From the screenshot above, slower MA is seen above faster MA which signifies a buy entry position. The RSI indicator on the other hand too is seen moving in an upward direction. I entered my trade at 51.02000 and then I set my take profit at 51.50000 and my stop loss at 50.70000.

I used the binance exchange to execute my trade. I make sure I was able to use the isolated type of trade so that my entire future account won't be tempered with if the analysis goes wrong. As I have earlier said, I used the isolated 1x to execute my trade just as it should be on my spot account. See screenshots of my positions and my orders below.

After about few minutes of my placing of the trade, the trade was filled but this time the stop loss section was filled and the take profit expired. Well, it may be due to the fact that I did not wait much longer for the position to be very clear. But I notice the price still moving upward after my trade was filled, if I had adjusted the stop loss a bit I could have made my profit. But never the less, I didn't lose much and that is my joy about the trade. See screenshot below.

Seeing that almost every one is going into holding the token because of the game it is associated with, you will believe with me that the coin has a future rise. My plan is that I will like to hold at least 10 of the AXS token and then be optimistic that the price will rise soon. I intend to hold the token for like a month and see the profit or loss I will make. Though I believe it is going to be a profit as the coin is already experiencing a bullish rise already.

Yes of course I recommend that traders should go ahead to purchase the AXS token because the token has a potential rise. As people troop in to the game system day by day, that alone will give the token more weight to rise even higher. So any trader who wish to make long time investment should try and get the token know that it is less expensive and then hold it and sell it much later when the price rise.

The AXS/USDT buy order is been executed using my future trading account on binance. I used the isolated 1x method to perform my transaction this is to avoid been liquidated in case the transaction goes wrong. In this way my account was protected. I recommend all new traders to adopt this method as you only have to loss a fraction of your asset if the trade does not go as plan.

My sincerely appreciation goes to the professors @nane15 and @reminiscence01 and the entire crypto professors for their lectures and share of knowledge. This couldn't have been possible without their share of knowledge. I do hope you will continue correcting me as I begin my journey in real trading.