THIS IS A REPOST OF MY PREVIOUS Work
Greetings everyone, I am delighted to be part of this week's crypto academy lessons which comes in form of Trading contests. I hope we are all doing good and hoping for the best in life. I am honored to be part of the best team which is the Team Frontline and we have our noble professors in charge of this wonderful team. I am therefore grateful to professors @shemul21 and @abdu.navi03 for the opportunity given to us. I will therefore move ahead to make my second post for my trade made.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The UMA token is the token for the day which I will be making my second trade. This project was brought to the crypto limelight in the year 2018 in the month of December. The UMA project was brought to the crypto space for the introduction of synthetic assets on the Ethereum blockchain. That is, these synthetic assets are the kind of assets that are been created by holders of the UMA token and these assets have the same value.
The UMA token was brought to the crypto space by Hart Lambur and Allison Lu. The founders of the UMA project had a degree in Computer from the Colombia University where they met and became friends. These founders brought up ideas together to come with a project where by their users will be able to create assets that are decentralized in nature.
The UMA token or project as stated earlier was to enable the creation of financial contracts and as well as synthetic assets on the blockchain network. All these financial contracts as well as synthetic assets are decentralized in nature. This project therefore enables users to create digitized assets that are decentralized in the Ethereum blockchain. The UMA therefore protects users involved in the network as it use the algorithm of proof of work and also has a lot of security.
The assets been created are decentralized as stated earlier and are open source therefore there are universal in the market.
Let's look at some Fundamental analysis of the UMA project token to get the Statistics of the token
In getting the statistics of the UMA token, it will be done possible with the help of the CoinMarketCap.com so as for as to have a clear view of these stats.
The screenshot above shows the statistics of the UMA token which I will tabulate these stats below.
| Token | UMA |
|---|---|
| Price | $11.29 |
| Rank | 95 |
| Number of Watchlist | On 71,860 watchlists |
| Market Capitalization | $737,733,487 |
| Volume | $1,085,503,481 |
| Circulating Supply | 65,361,983.31 UMA |
The UMA project has seen a massive spike in the price over 24 hours which can be seen there are there has been an increase percentage all the signals shown are in green color. The price which is currently at $11.29 saw a spike as it was low in the last 24 hours. This has therefore made a lot traders to have the price ben monitored as it can be seen in various watchlists of traders. The Market capitalization as well the volume of the token are all high and this shows that there was really a spike in the price of the token. A lot of the UMA tokens are in circulation of the crypto market as traders are going into the trade of this token.
The chart of the UMA/USD can be seen above with the bullish trend of the price within a day. This can be seen from the chart above that, there are been an increased in the price of the UMA token. The timeframe used was just 24 hours and this shows how more the token will rise. Also, looking at the trend of the price, the token has not fall back in price after rising within the last 24 hours. This shows how it is a good time to go into the trade of this token.
The Screenshot above shows the summary of the price statistics of the UMA token. it has increased more than a 100% in the last 24 hours which is very significant. The volume of this token as well has increased with a great amount of percentage. These stats shown tells traders that, it is therefore a good point to go into the trade as there will be an increase in the price the more.
The Screenshot above shows the exchanges where the UMA token can be traded for and together with other crypto pairs. This exchanges are been grouped according to the one that is most used by traders. There are other numerous ones available depending on your choice.
Why are you optimistic about this token today, and how long do you think it can rise?
As an individual that loves to make research and know what is happening in the crypto world, I really make rounds to check about which coin today is most talked of and what is the reason behind it. Therefore from various checks made, I became optimistic that, this token will see a bullish trend in the price after it gained a popularity in the market as been a gainer in the last 24 hours.
Also as the users or holders of this token are been able to create their digitalized synthetic assets an financial contracts in the blockchain network, it has gained a lot of attention from a lot of investors thereby making them place orders of buy of this token. This therefore made the price to spike as there is pressure on the market of this coin.
One can't give a correct prediction of the rising of a coin in the crypto market as a result of how volatile it is. Therefore, I am of the view that, the UMA token will be in an uptrend for a very long time. Also, looking at the analysis and statistics the token has currently, this shows how high the token will rise for a very long time. Therefore, it will be a good time to go into the trade of this token.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- important part
In order for me to make analysis of this coin, I will make good use of the TradingView platform where I can have the chart of the crypto pair to make my analysis of it. I will use the chart of UMA/USDT to set out my points of entry as well as my levels. Technical indicators will be added to the chart as well to help verify the signals of the trend of the crypto.
In the chart above, we have it to that of the UMA/USDT chart which was taken from the trading view platform. The timeframe set was that of 45 minutes so as to help get the signals of the price trend very clear. We could see a sharp increase in the price of the UMA token. This has made a lot of traders going into the trade of this token. The spike occurred within a timeframe of 24 hours as shown in the fundamental analysis. I therefore took as an advantage since the price increase will continue to move and it hasn't fall short after increasing.
The Price as at when I was making this post was $11.29 after it increased with a more than 100%. I placed my resistance level at the price of $17.00 and my take profit at the price of $16.00 therefore should the price get this value I will exit the trade and take my profit away. My level of support was also place at the price of $2.00 with my stop above that level and it was set at the value of $3.00. This means if there should be a bearish trend and the price gets to that, I will exit the trade which I do not hope for that to happen but crypto is volatile and anything can happen. The indicators used above is that of the Moving average and the EMA which was seen way below the price of the asset indicating an uptrend is to occur.
To be sure of the signals been shown, I made an addition of the RSI indicator to help confirm the signal. and it can be seen form the screenshot above that, the RSI indicator went high above the 70 mark showing an uptrend is in the market of the UMA token. Therefore it is a good position to go into the trade of this token.
Let's have a look at the screenshots of my real trade using the Poloneix Exchange
I made my real trade in the spot wallet of my Poloneix exchange where I place my buy order. Since I am using the spot time from trading, I will be checking the price of the token and when it gets to my take profit level I will exit the trade by selling it off.
Your plan to hold it for a long time or when to sell?
The Price of the UMA token is in bullish trend and for that matter since I have placed an order with my take profit price known, I am not planning to hold this token for a long time. Thus, I will sell it off when the price hits my take profit value and then exit the trade. This is because, as a trader, one should not be very selfish and wanting to make more profits if not the trader will turn to lose everything.
Therefore, I am planning not to hold if for long and will exit once my price value of take profit is been gotten to.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
I will also make recommendations to people whenever a token which will be profitable in the market is ben sighted. Therefore, I will recommend the UMA token project to everyone to go into the trade and buy this token. This will be of great benefit to all of us as it will help put pressure on the buy order of the token. It will therefore increase the price the more.
Not forgetting the fact that, all the signals been given signifies that, there will be an uptrend in the price of the token hence it will be nice of me to recommend this token to everyone to buy it.
In a nut shell, The UMA token project was founded to enable users create their synthetic assets and financial contracts in the Ethereum blockchain which are very secured. This token project has been in a bullish trend for the past 24 hours and it has really had the attention of a lot of traders.
I am therefore grateful to our hardworking professors @shemul21 and @abdu.navi03 for their opportunity given to us to take part in this week's crypto trading contest.
Thank you.
@steemcurator02, Please one of my post has paid out without curation, Can you kindly visit the post for me.
Thank You.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit