[GDB/USDT TRADING- BUY] Steemit Crypto Academy Trading Competition [TEAM FRONTLINE] - S6T3
Hello Friends, today I wish to enroll into this week's trading competition to assert my trading prowess which I have learned so far from this academy, moreso I'm happy to participate in TEAM FRONTLINE for this week.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Today, I'll be discussing on the DGB (DigiByte) project token
This token project was founded as an asset creating Blockchain which was developed in October 2013 by Jared Tate and his team though he is also called DigiMan while its Genesis block was mined in 2014.
This project consists of three major layers which are: public ledger, smart contracts and an app store. It also accommodates a means through which different nodes can communicate with each other.
The governance of this project token are operated on a voluntary basis in accordance with the thesis that it should be operated as an open source project as its transaction fees are remunerated to miners for validating blocks on the blockchain.
The DGB has 21 billion hard supply of tokens and as of January 2014, ½ % of the coin was premined with ½ of the premine being reserved for development purposes, while the rest of the proceeds were given away and currently the block reward for this coin reduces by 1% per month.
Finally it is noteworthy that this project uses a proof-of-work mechanism (PoW) where miners are remunerated for validating transactions in the blockchain.
Technical View of This Project
A statistical and technical overview of this token, even as can be seen from the screenshot above asserts that it has a market cap of $328.81m, 24hr trading volume of $23.24m, a total supply of $15.19Bn, an all time high of $0.1825, an all-time low of $0.00002028 and finally a current price of $0.02164.
Finally from the chart movement above we can see that the GDB market is currently in a bullish position after striking a good support level from the deep.
The following exchanges below are places we can easily make purchases of this token;
Bilaxy, Binance, OKEx and Sistemkoin as can be viewed from the screenshot above.
Why are you optimistic about this token today, and how long do you think it can rise?
I'm very optimistic about this token because the trend today is precisely on the bull and not only that I would be trading on the bull but it has a clear bullish position where both spot, futures traders etc can enter and make a great profit.
Although no trend has ever been in a perpetual position of which it may rise now and fall in the next minute or hour, this token precisely will keep rising until it hits a strong resistance point where it will reverse to the bear again.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) - the most important part.
As a future trader or scalper, I don't normally use a long time frame because of my liquidation point so as to either exit or enter the market as at when due. Secondly, I normally trade using MACD and the RSI.
It is noteworthy that at 30% and below of the RSI, a bullish reversal of price action should be expected while at a position of about 70% and above, a bearish reversal should be expected by default.
Next when the MACD takes a down volume chart, it is believed that the current trend is in a decreasing price movement and hence a bullish trend should be expected while when did volume chart of the MACD is in the upper position it is obvious that the current trend is in a bullish position and hence a downward movement of price action should be expected.
Moreso, the 24hr technical chart analysis I took from coin market cap has indicated that the DGB token has and would be in a bullish direction within this period in view so it is analytically prudent to trade in the bull direction for today.
Do you intend to keep it for a long time or when to sell it?
Because of the rate of volatility in crypto assets, I have resorted to trading on futures as a scalper as to always observe the market action at each time I'm set trading. so for this, I don't keep coins with a relaxed mind except the USDT. So I don't intend to keep this token for a long time although the current trend is on the Bull. Hence, from the example below, I have shown the time I was able to keep this coin for today.
Let's now take a clear illustration using the actions below.
From the price chart above, although I made a late entry into the market because I didn't spot the Bull trend on time, but as a scalper, well! The trend was in a bullish direction, so I made a market entry when the MACD was making a greenish upper chart and also the RSI taking a bullish position, after which I set my take profit and stop loss position which was later validated.
My risk management position
BINANCE
Trade position
BINANCE
Trade history after trade
BINANCE
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
I would recommend everyone to buy this token because the GDB market today was able to strike a good support position which led to its bull trend. Although this is not going to be perpetual but within the limited time frame every trader that entered for an uptrend position will actually make a good profit from trade today indisputably.
Moreso the rate of volatility of this asset is very minimal as compared to many other crypto assets I have ever traded except the Bitcoin. Nevertheless, a trader can make a good profit while trading with this token as one can easily spot the trend which will require him to either make an entry or exit position while the asset makes a less sequential volatile movement.
Anything other users want to share about the token/project.
I have traded many crypto assets and realized that there are some assets that leaves traders orders unfilled even at getting to their positions which is as a result of inadequate market liquidity and for this, traders are left stranded without a filled order which is highly annoying but contrary to this observation, the GDB has a very good liquidity to fill a high volume of traders orders, so for this I would advise my fellow traders to always trade assets a good trade volume and market cap. Finally always trade with indicators you can easily analyze against taking an opposite direction from the market trend.
It is trade-wise to always take a technical if not fundamental analysis of any trade that one wishes to engage in, since a good use of indicators can yield credible returns to investors. Moreso, time frames are good tools that shouldn't be deferred while considering trades, against making a good analysis of indicators and wrong time frame analysis because time frames in trading are as important as any trading tools against missing out on strategic entry and exit positions in the market. Thanks to Professor @shemul21 and professor @abdu.navi03 for this wonderful privilege.