Here is the link to the original post
Hello everyone, How are you all doing? I welcome you to the second week of the crypto academy trading competition. This week, we as well will be focusing on what we have learned so far from our previous lessons to carry out real Crypto trading. I will be joining professor @reminiscence01 and @nane15 team of "Team Reminane".
In today's, I get to explain to you how I was able to execute a SELL trade order of GALA/USDT from Binance Futures Using the 15 min chart with the help of support and resistance level.
I will also explain the token analysis(Fundamental and Technical) which I made before I carried out my SELL trade of GALA/USDT. HAPPY READING!!!.
The Name of the token which I will be trading today is the GALA Coin which is a coin utilized on the Gala Games Platform.
GALA Coin is the native token of the GALA game ecosystem, the Gala ecosystem is a gaming platform that runs on the Ethereum blockchain, the platform permits individuals to own capacity on the platform where it allows its users to have full control over their assets, the platform as well boasts of play to earn system, whereby players get to purchase avatars on the network giving them full control of there assets without any intermediaries between. Unlike the traditional games we play where users play with no returns and as well with the risk of trusting data with third parties, the gala ecosystem gives users full control over their game with no data being required of them, users have their own private keys which automatically gives them access to the network, Players as well get to own Non- Fungible Token on the platform, which can then be traded with and still make profits as returns.
The GALA ecosystem was founded in 2019 by Eric Schiermeyer, who has the idea of redefining the whole gaming eco-system, we should note that the gala platform is not just utilized on a single game, its a platform where different games dApp are utilized where users can coreference their assets between other gaming networks.
GALA Analysis:
The GALA token is ranked 56th on coinmarketcap, at the price of $0.2599, and a market capitalization of $1,813,325,145, and the market has been up by +2.00% since the past 24hrs, GALA has a circling supply of 6,977,205,436 GALA, and a Total supply of 35,240,112,493 GALA while the Maximum supply data is not available yet.
The GALA token can be traded on several exchanges which are listed in the order of top exchanges the coin has been traded in the image below;
- Binance
- Coinbase Exchange
- Huobi Global
- Gate.io, and others...
I am not optimistic about the GALA token today, rather, I could use the word pessimistic regarding GALA Token today, for the past few days we have been witnessing some great uprises in the assets of crypto, despite the crypto crisis some weeks ago, some assets are already recovering which this kind of optimism is not found in the GALA Token just as I said earlier, the coin has only been up by +2% which thus speak low quality of the assets as some assets that are not as unique as the Gala token has shown more positive than that.
I as well believe the gala token can still rise for as long as possible, it is a blockchain gaming system, meaning, it will forever be in need of, and that is exactly what pushes the crypto market, the law of supply and demand, so for those who might decide in holding the GALA token might not be a bad idea, but for now, the coin has not been showing the expected profits of it.
I would simply be analyzing the Token on a 15min chart, where I get to see the market movement with the help of identifying the support and resistance level.
First thing first, I marked out the support and resistance level, from there on, I was able to get the Double Bottom Pattern forming the "W" structure, it has been studied that when a market formed the W structure a bearish trend is most likely to occur or a bullish, but the scenario for the bullish is when the market break the neck area of the W pattern, but this is not seen in the case, which means a bearish trend it is.
After getting my position, I did set the Stop loss and take profit level, after that, I figured out the second resistance level, which that point is even to the previous resistance level which the market is currently on, in this case, a bearish is still expected to occur.
Before I made my entry to sell, I added the MACD indicator to strengthen my position, as we could see from the macd that the market is about to move to the zero line which means we might catch an early bearish trend, in this case, I executed a sell order and set my Risk reward in 1:1.
After getting my level of trade, I launch the Sell order on Binance futures of cross 20x!!! leverage, I entered the sell order at the entry price of $0.25893, at the Take profit of $0.25334, and a stop loss at $0.26536.
After the execution of the sell trade on binance Futures, I went back to the chart to see what the market has been doing with my analysis, which I did figure that the market is moving in my direction and I was already making a profit.
Some minutes later, the market is now moving in my favor as I was already having an ROE of 24.23% with a profit of $0.94.
At the moment, I do not plan to hold the GALAUSDT for long, what I would basically be doing with the token is just scalp trading.
But I could still recommend other users interested in holding the coin to let it dip a little bit before considering buying the assets with the idea of holding for long.
Yes I could recommend everyone interested in gaming to buy the coin as the GALA token as said earlier is utilized on the gala gaming ecosystem, which means whoever has the coin has a chance in participating on the platform, the chance of voting, and as well contributing in the policies of the network.
The platform as well permits the investments of staking, though the gala ecosystem uses three different consensuses, the one that is useful best to individuals is the PoS Consensus whereby as a token holder, you get to participate in the validity of block as well.
Other information regarding the Gala platform can be found on the official website https://app.gala.games/, where you are required to register first , From there, you get to witness the store, the nodes, and other useful information from the page.
Here comes the conclusion of my analysis on the gala game ecosystem and its token, I was also able to get the fundamental analysis of the GALA Token which thus proves that the GALA token is a real investment one can plunge assets into as the coin is likely to increase in the future since its a gaming platform, which means the more people tends to participate and the awareness it gets, the more we get to see a future uprise in it.
Special mention to professor @reminiscence01 and @nane15, for carrying on the #teamReminane, it's an honor to be part of your team this week.
Steemit Cryptography Student:
CC: @steemcurator02