1. The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The project token i shall be trading on is the DENT token. It was first launched in July 2017. The DENT token has as founder Tero Katajainen, and developed on Ethereum with the aspiration of being the best mobile data cryptocurrency on the platform. This project is an ecosystem which is built on the Ethereum blockchain with the aim of creating a mobile phone, as well as a smartphone user community.
The developers of this project came up with this goal so as to have an influence over mobile service companies in future, so as to realize a better deal than what they presently have. DENT is seen to be a data exchange platform, created on the Ethereum blockchain with no middle operator like other tokens. DENT token holders are free to buy mobile data directly, and can also share their data at their own convenience through a systematic manner on the platform.
The smart contracts that operate on the Ethereum platform are used to store data; as such, DENT's main function on the platforms is to purchase mobile data from other users on this same network.
The DENT token App is available for both Android and iOS operating systems. The App allows DENT users to purchase and/or sell off their mobile data with ease. As such, any DENT user can sell his or her unused mobile data to other DENT users via the DENT digital eSIM.
The DENT eSIM is a digital SIM provided to DENT users, enabling its users to contact other users quicker, or use up the mobile data within 50 countries. DENT users need not worry about the data roaming charges. If a user chooses to request for the DENT eSIM, he or she can retain current mobile numbers activated since the DENT eSIM manages the traffic simultaneously.
The Dent exchange is the first marketplace to get Telco assets, and powered by the blockchain technology.
DENT Exchange Platforms.
As you can clearly see, the DENT token is exchanged on so many different platforms such as Binance, Biconomy Exchange, Gate.io, KuCoin, ZB.COM, Bitrue, FTX, CoinEx, Upbit, ZebPay, HitBTC, Deeocoin, and many more.
From the screenshot above, we have the following information
| CATEGORIES | VALUES |
|---|---|
| Rank | 172 |
| Value | $0.003362 |
| Watchlist | 204,876 |
| Market Cap | $332,900,875 |
| Fully Diluted Cap | $336,237,049 |
| Volume (24h) | $52,521,241 |
| Volume/Market Cap | 0.1578 |
| Circulation Supply | 99.01B DENT |
| Maximum Supply | N/A |
| Total Supply | 100,000,000,000 |
2. Why are you optimistic about this token today, and how long do you think it can rise?
It should be noted that i took a sell/short position for this trade since i intended to trade within minutes, and my analysis showed a possible bearish move to come.
From the introduction and brief history of the DENT token, and speaking with respect to how long it can rise, you can agree with me that it is full of optimistic promises. We all must first establish that we are in an android evolving era (technology and advancement is inevitable), as such, communication has become as vital and necessary as the food we eat. Everyone uses mobile service from telecommunication companies every passing day. We increasingly have a need for data consumption and as such, we will always see the need to buy.
Its goal to build up a data mobile user community that use DENT tokens to purchase and sell off data which isn't needed, as well as link up users to potential buyers throughout 50 countries, will see the DENT token rise tremendously over the years as it is the first token to be powered by the blockchain technology. The demand for DENT tokens will most definitely increase over the years, and ts value will rise due to increase in demand.
I believe this token's value will gradually keep rising until the day a better project comes up, because we will never stop needing and using mobile data as far as this technological era is concerned.
3. How to analyze the token? (using the analysis knowledge learned from professors’ courses) - the most important part.
The trade was done for DENT/USDT crypto pair.
Screenshot gotten from Tradingview App
On the chart above, I used a TRIMA 5 indicator alongside an RSI indicator. Looking at the illustrated RSI indicator, it can be seen that the signal is in the overbought region and as such, a bearish reversal is evident to set in. Now, i waited for the price signal on the chart to observe a bearish run that would cut through the TRIMA 5 line and go beneath to approve the start of a bearish reversal. Waiting for all these indicators to align, helps eliminate fake signals as much a possible.
Once the signal moved beneath the TRIMA 5 line, i entered the market at asset price 0.003079 USDT, with a sell/short position. My TP was placed at 0.003045 USDT and my SL was placed at 0.003090 USDT, a risk management ratio for TP to SL of 7:2.
I carried out my trade on Binance Exchange Platform and within the shortest possible time because like i said, within the long run, the price is inevitably going to experience a bullish trend, so it is always good to carryout perfect analysis before you trade.
Screenshots gotten from Binance App
| Categories | Values |
|---|---|
| Entry Amount | 434.240607 |
| Exit Amount | 429.445485 |
| Realized PNL (USDT) | +4.79512200 |
The transaction was a success with a +4.79512200 USDT profit.
4. Do you intend to keep it for a long time or when to sell it?
For this trade, i do not intend to keep it for a long period because i am expected to close my entry and present my final result. Also, i took a Sell/Short order because my analysis at that moment favored the position.
However, the DENT token can be held for a durable period with an assurance that it will make an overall bullish run throughout the coming years. This is because the DENT token is linked up with mobile data transactions as it primary use, as such, it will be very difficult for its relevance to run out. There will always be a demand for mobile data.
5. Do you recommend everyone to buy? and the reasons for recommending/not recommending.
Just as i have rightly said throughout this post, the relevance of the DENT token will remain present throughout the coming years since our demand for mobile data is increasing every passing year.
I recommend everyone to buy this token for the long term trading period. For a short term trade, i would recommend that traders carefully analyze the movement of signals throughout the chart and make a good trading strategy before venturing into the market. Make sure to carryout research too and be informed about new developments.
My regards to Professor @pelon53.