[XLM/USDT Long Position]-Steemit Crypto Academy | S6T3 | Team Trading Contest Post for Reminane

Hello, Steemians. I am yet again happy to come back to writing about the second token I am trading in the competition for this week. At the beginning of the week, I have joined the team of professors @nane15 and @reminiscence01, Team Reminane, and I will be writing the trading post to be submitted to the leadership of the team.

Stellar protocol is a payment protocol that was created in the year 2014, and the protocol's native cryptocurrency is Lumen (XLM). The stellar protocol allows the exchange of cryptocurrencies for fiat currency at the low cost of exchange and also, it allows the cross-border exchange of currencies on the protocol which makes Stellar a more tolerable and accommodating one for the transfers/exchange in the crypto space.

Stellar payment protocol being one based on the blockchain also connects conventional banks to extend the merits of blockchain to them and other payment systems in different parts of the world. This protocol is adapted to use for payment locally in different parts of the world and to make International payments that is payments through the Stellar protocol is not limited to local use but can be used for cross-border payment purposes.

Furthermore, Lumens was originally called Stellars before it maintained the name, Lumens. Lumen (XLM) cryptocurrency is one of the biggest coins in the crypto space. Lumen (XLM) cryptocurrency is a utility token used for paying transfer fees on the Stellar network and at a very low cost. The protocol works in a way that funds sent from any part of the world are immediately converted to XLM and converted back to the currency of the receiving owner.

The protocol works in a way that if a user from the USA sends US dollar (USD) to his friend in Nigeria, the USD will be converted to XLM and then to Nigerian naira (NGN) which is the domestic currency of the nation, this process takes just some seconds to complete and the same way for every transaction on the protocol. Lumen (XLM) is available for trading in many popular cryptocurrency exchanges.

On July 31, 2014, Jed McCaleb who is a co-founder of Ripple protocol, founded Stellar protocol to make it a payment system that makes domestic and cross-borders payment easy and at low cost. The protocol at the beginning received donations from Strife, Google, BlackRock, and others. The funds are what that are used to develop the protocol as a decentralized open source payment protocol that connects even banks and other cross-transfer of assets.

Stellar raised $39,000,000 in initial coin offering in July 2014 when 1 XLM was sold at the price of $0.002, the ETH cryptocurrency was used for the participation in the ICO. As of the time that I am writing this post today, XLM is trading at the price $0.2062 and ranked as the 31st cryptocurrency in the crypto space with a market capitalization of $5,077,373,846.78. The circulating supply of XLM is 24,650,264,742 XLM and the total supply of this cryptocurrency is 50,001,788,061 XLM, this means that just about half of XLM is currently in circulation.

XLM cryptocurrency can be traded on many cryptocurrency exchanges and some are, Binance, Kraken, KuCoin, Bitfinex, Bittrex, Bithump, Huobi Global, Coinbase exchange, and many other cryptocurrency exchanges available in the crypto space.

The utility of XLM is the first thing that got me attracted to Lumen, this cryptocurrency is actively trading on different exchanges plus it is used for paying for transfer costs on the Stellar protocol which is a payment solution that connects the banks, other payment systems for easy assets' transfer. The use of this cryptocurrency goes on and on, which will help its economy. Furthermore, XLM is ranked at 31 at the moment and its market is bullish on most time frames today. For the aforementioned reasons, I am very optimistic about XLM today and even in the coming days for profitable investments.

The analysis of XLM cryptocurrency is going to be based on technical analysis and I will use a multi-time frame analysis which will begin at 4-hourly, hourly down to 5mins. My trade in the XLM market today is going to be short term and TradingView will be used for my chart analysis.

In my practical analysis image of XLM on a 4-hourly time frame above, the XLM market was in a bearish phase before the trend was reversed. The bullish phase breakout of the former resistance zone, that zone was retested and a bullish candlestick showed up for a possible continued breakout.

In my practical analysis image of XLM on the hourly time frame above, the market of XLM was in a bullish phase, and the market structure has higher highs and higher lows. A breakout above of a previous resistance occurred and the market continued in the bullish phase. I want a lower time frame that would suit my short-term trading and I switched to a 5mins time frame.

In my practical analysis image of XLM on 5mins time frame above, the market of XLM was in a bearish phase as it entered the sideways phase, there was a breakout of the sideways phase as a lower low was created. A pullback of the XLM price occurred and a higher low was created before the bullish trend. The price of the XLM cryptocurrency moved bullish again, created another higher low and I made an entry as bullish candlesticks showed up.

I entered a long position at 0.20602 USDT, my stop loss at 0.2046 USDT and my exit trade in profit at 0.2086 USDT, this makes my risk-reward ratio 1:1.5. For my trade today, I used Binance XLMUSDT Perpetual leverage 10x to enter my trade in the market of XLM.

The Long position trade that I entered in the XLM market is still running on Binance.

The position I entered in the market of XLM has closed in a profit of $0.12672. It's another profitable trade for me today.

Stellar Lumens (XLM) is a cryptocurrency that is worth buying for long term holding, this utility token was created by a group that has a legit background and its use-case will help its economy in the soonest future. Looking at the market of XLM again after I had entered its market, it has entered a bullish phase which means the reversal I spotted on the chart is true.

The market structure has been higher highs and higher lows. With the aforementioned points, I highly recommend that investors should buy this cryptocurrency for both long term and short-term opportunities. If you enter a long position in the XLM market today, you will still make profits but also make sure you maintained a proper position in its market.

It is my second trade of week 3 of the trading competition and I have traded the cryptocurrency, XLM, this is the native cryptocurrency of the Stellar protocol that is used to pay for transaction fees on the protocol to make money transfer easy at low cost. XLM is currently on the number 31st rank among other cryptocurrencies in the crypto space, only half of XLM is in circulation at the moment. Furthermore, I have applied trading strategies that I acquired from the professors in the academy to enter the XLM market today. I humbly submit my entry to Team Reminane.