Repost [BAND/USDT] - Crypto Academy / S6T4- Team Trading Contest Post for Team Reminane

Hello everyone, welcome to week 4 of this season's competition series. I'm very happy to be a participant in this competition. I joined Team Reminane led by professors @reminiscence01 and @nane15 for this week's trading competition and I hope to make the best of this competition.

_{Image was designed with PowerPoint}

Asset Traded - BAND Coin (BAND)

For today's trade, I chose the BANDUSDT pair which has the Band protocol coin cross. BAND is the native token of the Band protocol which is a multi-chain oracle platform that collects real-world data and translates it to usable on-chain data that is exchanged between different connecting blockchains using smart contracts. The project primarily provided Ethereum based developers with a collection of real-world data ranging from finance and insurance-related data, weather-related information, sports analytics data, etc. utilized in the development of Decentralized Apps (DApps) and also exchanged between blockchains. The band Protocol project was first introduced on the Ethereum network but with the rapid growth in the number of users and their service, the Band protocol developers launched their network called Bandchain.

The Band protocol and the BAND coin were introduced in 2017 by Soravis Srinawakoon, Paul Chonpimai, and Sorawit Suriyakarn, they're a team of software developers based in Thailand, with remarkable contributions to the growth of cryptocurrency acceptance within the Asian continents. Soravis Srinawakoon is serving as the CEO, with the other two serving as CPO and CTO respectively.

The developers of band protocol held a series of private and public sales in which they raised over $28M in funded revenue. The initial coin offering sale (ICO) of the BAND token was held between the 16^th to 29^th of September 2019, where the price of the BAND token was $0.30 and over $10M was generated. Other rounds of private and public sales were held which totaled the generated sales revenue to over $28M.

The BAND coin has proved to maintain a positive ROI against the Dollar as its first public listing price started around $0.30 in 2019, a significant hike in the price of BAND was encountered in September of 2020 when its price traded up to $15.46. But an all-time high price was encountered in April of 2021 when the price of BAND traded around $21, followed by a reclining effect on the price of BAND before the bearish rally of 2022 first quarter started.

_{Screenshot was taken from Coinmarketcap.com}

Band protocol's cryptocurrency BAND is ranked 306^th on coinmarketcap's official website and as of the time of this publication, it has a unit price of $4.52, a market capitalization of $159.13M and fully diluted market capitalization of $454.14M. BAND has a market dominance of 0.01%, which is calculated based on traded volume and supply of the coin, the volume traded in the last 24 hours is $34.95M and a circulating supply of 35.19M BAND

_{Screenshot was taken from Coinmarketcap.com}

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Trade Analysis

I analyzed the BANDUSDT chart using the tradingview platform. I analyzed on a short-term basis for me to capitalize on the intraday movement of price. I combined the RSI and the EMA indicators with price action to capitalize on a Buy position via margin trading on the Binance exchange.

Looking at the BANDUSDT chart on tradingview, I observed the following;

BANDUSDT 15 MINS CHART

_{Screenshot was taken from Tradingview.com}

Observing the chart, the current trend is bullish, as the price made a new high point, followed by a pullback movement of price. I noticed that the RSI indicator line crossed above the 50 midpoint, and also the 20 EMA crossing and trading below the 50 EMA line, which both are indications of possible bullish movement of price. Observing the chart, the price pulled back to form support, and with the bullish momentum in play, I anticipate the further upward movement of price after the formation of a bullish engulfing candle at the support level.

Following the formation of more bullish candles signaling the presence and willingness of buyers in pushing the price upwards. I executed a buy order at $4.561, with stoploss placed at $4.500 and take profit placed at $4.650. The risk to reward on the trade was executed at ratios of 1:1.5 RR. I executed the trade via futures margin trading on my verified binance exchange account, using the leverage of 5x.

_{Screenshot was taken from Binance.com}

After a period of waiting, I observed that the preceding development of price moved in the intended direction, as the price was maintained above the EMA lines and the RSI stayed above the 50 midpoint. Price eventually moved into profit.

_{Screenshot was taken from Tradingview.com}

I closed the entire position when the price approached and reacted around a minor resistance level, I closed with a 5.46% profit.

_{Screenshot was taken from Binance.com}

Based on the above trade, there are no suitable recommendations as the trade was based on short-term analysis and margin trade.

Thank you team Reminane for this opportunity.