REPOST OF MY PREVIOUS TASK
Greetings everyone, I am delighted to part of this week's crypto academy which involves a new set of requirements and a contest as well. I hope we are all doing good and hoping for the best in life. I will like to thank our great professors in the people of @dilchamo and @shemul21 for giving us such a great opportunity to be part of this week's contests. The Team which is called Team Frontline is the best team and I encourage all to join and may the best contestant win. I will therefore move ahead to make my trade post for today.
Shiba Inu is the token which I will be making my first trade on. This token or coin is known in the crypto market and has gained a lot of attention of various traders in recent times. This coin came into existence and brought down the shine of the Dogecoin some time ago. Many traders regard it as a 'shit' coin since the price has no value in the market now. It was brought to the limelight of the crypto market in the year 2020 in the month of August. This coin was brought up by Ryoshi. The initial stages of the Shiba Inu coin saw the price to be at zero and later gained some value that's numbers as the days went by. The Shiba Inu coin can be traded on the following platforms; Binance, Coinbase, KuCoin, Uniswap, Atomic Wallet and so on. We have various crypto pairs for the Shiba Inu as well which includes that of; SHIN/AUD, SHIB/UAH, SHIB/DODE , SHIB/USDT and so on. But I will be using the crypto pair SHIB/ USDT.
Let's Look at some Fundamental analysis of the SHIBA INU token
From the CoinMarketCap website, these are the fundamental analysis made on the Shiba token which I have tabulated below.
| Token | SHIBA INU |
|---|---|
| Price | $0.00002658 |
| Rank | 14 |
| Market Volume | $1,888,035,617 |
| Market Capitalization | $14,247,998,049 |
| Circulating Supply | 549,063.28B |
| Maximum Supply | 589,735,030,408,323 |
From the analysis made which was gotten with the help of the CoinMarketCap, the SHIBA INU token even though has so many zeros in the price value has a very good rank in the market of the crypto academy. It also has a great amount of market supply meaning there a lot of traders purchasing this token.
Let's now make some technical analysis on the SHIBA INU token with the help of the moving average indicator
With the help of the TradingView platform, I am going to make good use of the knowledge acquired from the previous assignment of our noble professors and then apply it here to carry out certain technical analysis on the crypto token.
From my technical analysis made by using the Moving Average indicator, I used a timeframe of one hour so as to see a clear price change of the crypto asset. Within the day, the price of SHIBA INU saw an increase in it's value during the early hours of the day with a little percentage. The Price went down after some few minutes again and starting moving upward. This was seen as the moving average went below the price of the crypto token. This analysis therefore gives me a good position to trade this token.
I am very optimistic of this token not only today but from the day it gained a lot of popularity in the crypto market. This is because, the SHIBA INU has a very high possibility of overcoming all the zeros it has to become pegged with the dollar with the dollar price. That is the dream of most traders who hare holders of this token.
I am therefore going into this trade with the mindset of making nothing but profits. I am therefore planning to make a long hold of the SHIBA INU token and make much profits before selling it off. This isn't the first time I am trading for this token. I went into trade and made profits and then left in the last days of the past year. I am therefore going with plans of holding it for a long time.
It won't be good on myside if I do not recommend most of my crypto lovers to go into this trade of SHIBA INU token. Buying this token now and then make profits in the future to come. One might say why do I focus on profit and not looking at the other side. As a trader, the main aim for making trades is to make profits as such one should not look at the negative side even though it is also possible. Therefore I recommend this token to everyone so as it will help bull the price to the peak.
Below are the screenshots of my trades for the SHIBA INU token using SPOT trading on the BINANCE exchange platform
With the help of the order book which is been made available in the Binance Spot trading, I bought the SHIBA INU token with the USDT pair which was$10 as the minimum. I therefore bought the token with a price of $0.00002605 and the trade went through successful. This can be seen above.
With my trading style, I will make checks on the rise of the crypto price from the initial $10 to be able to tell weather I made profits or loss. I choose this style because, I am planning to make hold of this token for a very long time because the price will bull in the future to come. I will therefore make my report come Saturday when filling out my google form.
In a nut shell, I am very excited to be part of this crypto trading competition. I hope I will record good profits from my trades to be made in the coming days.
From the analysis made the SHIBA INU coin is a very great token one should invest in. Even though there are so many zeros in the price of the token, there is a brighter future for the price of the coin. I therefore asked a lot of traders to go into this trade.
I am grateful to our noble professors in the people of @diclhamo and @shemul21 for this wonderful lesson.