MATIC/USDT Sell -Crypto Academy / S6T2- Team Trading Contest Post for Reminane

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Hello steemians, I would love to join Prof. @reminiscence01 to welcome each and everyone of us to week one of the crypto academy trading competition. Today, I will be trading MATIC/USDT pairs on spots trading to make some good profits. If you reach the requirements, you could join me to do same by reading up the competition rules on this link.

Introduction to MATIC

Matic is the native token for the Polygon network. For those who don’t know what a native token is, a native token is the official digital currency and on chain governance token of a cryptocurrency project. Polygon was launch in October 2017 and at the time it was formerly called the Matic Network. This was below it was change to Polygon in 2019.

If you know so much about blockchains, you must have heard about the blockchain trilemma and the Ethereum blockchain suffer from its poor scalability nature. This is why polygon was created. The polygon network serves as a layer 2 scaling solution for the Ethereum blockchain. This increases the throughput on the platform, although for now it is not fully in operation.

Polygon was founder by three co-founders, Jaynti Kanani, Sandeep Nailwal and Anurag Arjun. From the three, Jaynti Kanani is the current CEO.

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Tokenomics of MATIC

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_{coinmarketcap}

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MATIC is ranked 16th with a market cap of $12,442,132,520 and a circulating supply of 7.56B BTC. It’s current price is $1.65 and if we look at the above image, in the last year, MATIC has attained a high of $2.92 and a low of $0.185. That's more than a thousand five hundred percentage increase in its value. We can say that early investors in this coin most be so rich.

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Exchanges MATIC can be traded on

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Exchanges are platforms were cryptocurrencies can be traded on. Here are the exchanges which trade MATIC.

1. Binance
2. Huobi
3. Coinbase
4. Bitfinex
5. Okex
6. Kucoin
7. FTX etc.

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Why are you optimistic about this Token today, and how long do you think it can rise?

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While looking at the charts, I saw some indicators that the price would fall and I saw this as an opportunity to sell my holdings for the token. It's just an intra-day sell trade.

Aside that, MATIC has great use cases and I plan to buy again at the support level. Any one planning on making crypto currency investments can still hodl long term.

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How to analyze the token?

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_MATIC/USDT

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From my analysis chart above, I used the parabolic SAR and the Stochastic with some price action support and resistance lines.

Using the stochastic, I waited for the indicator to enter the overbought area but while waiting I noticed the formation of a second shooting star candlestick pattern. This candlestick pattern simply means that there is about to be a bearish trend reversal so I prepare a sell order.

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_{The Binance App}

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• First, I made a sell trade at the market price on spot trading MATIC/USDT.

• I changed the trade type to an OCO trade in order to include my take profit price and stop loss. We should all note that, when using the OCO feature, for buy trades, you trade on the sell side and for sell trades, you trade on the buy side.

On the trade,
Take profit: $1.622 (above the support level)
Stop loss: $1.666

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The Binance App

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Here is the confirmation of my trade. If you look at the image on the right, you would notice that my trade filled on the take profit level meaning my analysis were correct.

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Do you recommend everyone to buy and the reasons for recommending/not recommending

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I would recommend everyone to buy MATIC long term for so many reasons.

Use-Case: Ethereum is the bigger smart contract platform currently with a lot of DeFi applications and metaverses. As we all know, the world is moving into web3 and most of these metaverse platforms will function on the Ethereum blockchain. Being that Polygon will serve as a layer 2 chain on the Ethereum blockchain, this will surely increase the demand for MATIC in the near future.

Burn Mechanism: The developers of the Polygon platform designed an annual burn mechanism of 0.27% of the total supply of MATIC which is about 27 million MATIC. The will help control inflation of the token and gradually increase its value.

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Conclusion

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Today, I made a sell trade on MATIC/USDT trading pairs and I made some profits after all. I so much thank all the Profs for teaching me all I know

CC: @reminiscence01