Crypto Academy Season Two Week 6: Homework Post For @pelon53

Greetings everyone, I am much honored to be part of yet another exciting lecture of professor @pelon53

This week we have been given a great lecture on the concept of Penny Cryptocurrencies and what they are about.

I hereby start my entry my giving solutions to the questions asked my professor @pelon53.

Explain the Penny cryptocurrencies in your own words. Advantages and disadvantages.

Before explaining the whole term I will like to explain the words coming to form the whole term.
Penny is a word used to describe anything small be it money or any asset. Where as cryptocurrencies is any digital form of currency that is decentralized.
Penny cryptocurrencies therefore are coins that are less than one dollar ($1). These are cryptocurrencies are very low in price in the crypto market. These coins are very good to invest because when they are traded together and there is an increase in price, the profit increases. Coins that are refereed as penny cryptocurrencies are very unstable in price meaning they can be a spike and fall in their price value.

Some screenshots are taken from CoinMarket Cap from my phone an I identified some Penny Cryptocurrencies

Now let's look at the Advantages and Disadvantages of Penny Cryptocurrencies

ADVANTAGES OF PENNY CRYPTOCURRENCIES

• Due to the low price of these cryptocurrencies, the risked involved in investing in them is very low. That is small amount of money is required before one can invest in these currencies so in a situation where the investment goes wrong, the investor does not lose a lot.

• Also, when huge amounts of these cryptocurrencies are traded together, they can produce great profits. The large amount can also be gotten because of the low price value of these cryptocurrencies.

• In addition, a lot of these coins can be invested at a particular time. This will help increase the value of the investor's wallet. Thereby enabling the investor to acquire a lot of assets in the wallet.

• Last but Least, the volatility rate or nature of this cryptocurrencies brings a lot of trading rewards. That is, the price of a penny cryptocurrencies can increase with a high amount of percentage. This will go in a long run to bring high amount of profits.

DISADVATAGES OF PENNY CRYPTOCURRENCIES

• Penny cryptocurrencies sometimes turn into shit coins, so investors who put money into such coins do into deep loss.

• Most cryptocurrencies are long term investments policies. That is, they really do not really go well for investors who prefer short term investment policies.

• In a Bearish Market season, when there are fluctuations in price most investors really go into real deep loss. Because most of these penny coins become irrelevant.

• Lastly, most of these Penny Cryptocurrencies really do not have buyers in the crypto market thereby giving them a low liquidity.

” For you: What will be the best Penny to invest in this 2021? Explain and show evidence

There are a lot of Penny Cryptocurrencies in the crypto market of which most are good to be invested in. But among these the best Penny Cryptocurrency to invest in is Dodge Coin. That is, with the current state we find ourselves in with regards to the crypto world, Dodge Coin is the best coin to be invested in. Dodge coin has been my favorite coin in recent times so I study it a lot and follow the trend.

The current price of Dodge Coin as at the time I was making my homework entry is at $0.3384 with a market cap of $44,174,090,215.51. The Volume of Dodge Coin is $6,783,928,834. These can be seen in the screenshot below. This Penny Cryptocurrency in the past few decades after its introduction to the market had it's price ranging from $0.002 to $0.0023, but in with some few days passed this coin gained much liquidity and other factors increased the price at a very high range percentage.

This brought Dodge Coin to be place the sixth most valuable cryptocurrency in the crypto market. This can be seen above from the above screenshots. Most prominent investors also saw the potentials in the price value of Dodge coin there by making great investments in this coin. The few days that passed by saw the spike in Dodge Coin getting it closer to $1. The price rose to $0.7 before it fell again.
Also, in cryptocurrencies most coins get investors from various news from such prominent personalities. One of which people is Elon Musk. He has been referred to as the Dodge Father of our time. Most a times, he makes tweets on about this coin and it has caused an increased in the price of this coin.
These and many more are the reasons why Dodge Coin is the best Penny Cryptocurrency to invest in this 2021.

Do a Ripple (XRP) analysis. Show screenshots. Would you invest right now? Explain

Ripple(XRP) is a cryptocurrency with much potential in terms of price value. The Current Price of XRP coin is at $0.9004 at the time I was doing my homework entry. The Market Cap of the XRP is at $41,524,548,294 with a trading Volume of $10,595,834,206. The total supply of XRP to the crypto market is 46.14B XRP. It is ranked number 7 in the crypto market. These can be seen in the screenshot below.

The analysis of XRP is going to be in two folds. That is the Technical and the Fundamental analysis.

From the graph chart above it can be seen clearly my support and resistance level set for my fundamental analysis and the MACD indicator added for my Technical analysis.
The resistance level is set at $1.9579 and the support level been set at $0.9000. This shows that the price of XRP will spike in a situation when it crosses the Resistance level. And on the other hand if the price moves towards the support level, it is a good position to enter the trade and make a purchase.

Technically, the MACD indicator been added shows from the chart that, there is no crossing between the MACD Line and that of the Signal Line. This shows a downtrend in the price of XRP. Also shows there is still going to be a great reduction in the price of XRP.
Therefore, with regards to the question been asked as to weather I will invest in this coin I will say Yes. Because even though the price of the coin is continuing to drop, it has not cross it's support level but rather getting closer to it and which will surely rise. This makes it a very good point to enter the trade of this crypto coin.

Present in detail a possible investment of 5 penny crypto assets. Explain and present data confirming your choice

From the above screenshots, it can been seen that I made a possible investment of these 5 cryptocurrencies above. The Penny crypto currencies I invested in are Dodge Coin, WINkLink, SHIBA INU, Dent and Stellar. The total price of my trade was equivalent to.

DOGDE COIN
Dodge coin is the first among all the penny cryptocurrencies in the market. The coin gained a good price value after most prominent personalities tweeted about it. Elon Musk as stated above is said to be the Dodge father of this crypto coin. The price of the Dodge Coin is currently at $0.3384 and has a possibility of rising to $1. Dodge coin has market cap of $44,174,090,215.51.

STELLAR(XLM)

This is another penny cryptocurrency coin that was created in the year 2014. Stellar coin current price is at $0.4066 and a market cap of $9,404,776,536 with volume of $1,862,563,779 .
This coin is added to my choice because of how recent news heard about it. This coin price was at $0.2 in the start of this year but was able to spike with so many investors trading in this coin. Stellar coin has been predicted to see a spike of price of more than $5 to $6 in the coming years.

DENT
This is another penny cryptocurrency of a possible investment to be made. The current price of Dent is at $0.00361 with a market cap of $357,255,584 and a volume of$42,561,056 . This coin is also another potential coin in the crypto market. Dent is ranked at number 124 among the cryptocurrencies in the market. It is seen to be a coin of having a spike in price potential and lately, most investors attention have been drawn to it.

SHIBA INU

This is a penny cryptocurrency with a potential also of gaining a good stand in the crypto market. The price of this coin is at $0.00000792 with a market cap of $3,119,486,101 and a volume of $1,063,512,644 . In recent times, this penny crypto coin has been the talk of most social media platforms. This has also drawn the attention of most traders and investors. It is ranked at number 34 even though it has been long in the crypto market. This coin has also been part of the highest ranked exchanges in the crypto market with contracts.

WINkLink

The last but least penny crypto coin to be invested in is WINkLink. It is currently having a price value of $0.0005048 with a market cap of $158,899,598 and a volume of $58,022,153. It is ranked number 185 in the crypto market. This coin has gained support from Tron in recent times. It has not been long since it was introduced to the crypto market but has been a popular exchange in crypto market. It has been created with the aim of granting solutions to it's problems. This coin also has potential of spike in price and a good crypto coin to invest in.

Show an investment (starting at $ 5) that you have made this week in Penny cryptocurrencies. List the steps you took

I am going to make my investment on Dodge coin even though I have some number already in my wallet. There are steps to be taken in the making of my investment of more than $5 in Dodge coin.

Step 1
Open Binance and log in successful.

Step 2
Move to trade which can be seen at the bottom area. Before that this is a view of my wallet showing I have some Dogde coin alerady but I am investing more.

Step 3
I am trading Dodge coin with that of BTC so I searched for DODGE/BTC and clicked on that pair.

Step 4
I put 18 as the number of Dodge to be bought which is worth $6 and I place the order.

Step 5
As seen and verified in my wallet the number of Dodge coin has increased.

The screenshots of my investment process are shown below

CONCLUSION

In conclusion, I much grateful for this wonderful lecture from our noble professor @pelon53. Penny Cryptocurrencies are coins that are very great and have higher potentials and in which most successful traders turn to focus on.
My knowledge has been broaden once again from this wonderful lesson.
I hope my homework entry will be reviewed.

Thank you for your humble attention