This is the repost of my homework post prof @fredquantum and here is the link to the original post
The name and introduction of the project token, which exchange can the project token be traded on, project/technical/team background, etc.
The name of the project token is PEOPLE
People token is currently ranked #153 on coinmarketcap and it's market cap is $423,579,794 with circulating and max supply of about 5 billion tokens.
ConstitutionDao (people) is kind of like a failed project really, as of november 2021 some web3- enthusiasts actually has a goal of purchasing a copy of the U.S constitution at an auction out of a possible 13 in existence but despite the effort of this decentralized autonomous organisation their plan to buy a copy of the U.S constitution fell through and was never actualized despite the money they raised and that was because they were actually outbid by Kent Griffin the CEO of citadel so the people token actually stands for this failed bid so to speak, it's represent this DAO movement which ofcourse never succeeded.
The people token or constitution Dao is much similar to what we saw with GameStop they tried to channel the virtual power of the masses, yes in what was a grass root movement and did have recognised symbols due to the cryptocurrency effect, the people token can't really be said to be having any valuable use-case and more or like a shitcoin and has given rise to some other meme coins so to speak like notable ones like shiba Inu and doge coin
List Of Exchanges To Trade People: There are a lot of exchange where people or constitution Dao can be traded examples include; Binance, Gate.io, Huobi Global, Kucoin, FTX, OKX, Lbank, Pholoniex and uniswap(v3).
Teams Behind The Project
Well the Identity of this project is in serious doubt or somewhat unknown it is believed the the team closed the project or abandoned it soon after so it's source is in serious question but from studies we are meant to believe that atleast of its major contributors were Brian Wagner and Liminal Warmth, this is basically all the information there is about any possible development team of constitution Dao
Why am optimistic about this token today, and how long do you think it will rise?
My optimistic nature was purely based on technicals based on my TRIMA indicator crossover i did believe we could see some upside in the token that's why i decided to take the trade, so i do expect to see it hit my target or even slightly move above it as the case may be
Technical Analysis On Peopleusd
My analysis was done on the the 15mins timeframe and from the analysis using two TRIMA indicators i observed a crossover, the small period moving average moving across the larger period now from what we have learned thus far involving the TRIMA indicators whenever the smaller period move across the bigger period it's a bullish indication that the price will likely move up from there so from my support and resistance line drawn i also observe that the price was below the resistance line at this support so following the crossover i was expecting a move to the upside atleast to retest the resistance line again so i placed my buy order on binance with a market price of $0.08162 and a take profit of $0.08228 at the next resistance line and a stoploss of $0.081 my position was opened with $9.957
My order was filled as shown below
binance screenshot
And this was the result of the trade as it hit takeprofit
binance screenshot
Your plan to hold for a long time or when I plan to sell?
I really do not intend holding onto this position for long, this was purely short term trading on the 15mins time and will sell upon my trade reaching either the takeprofit or stoploss level which is automatic and i will then exit the market
Do I recommend everyone to buy? and the reasons for recommending/not recommending
Well in honesty this is not a coin i would recommend for one to buy for the long term, i mean a project whose developers has abandoned and the Identity of its founders are a unknown having no usecase at all, this in other words is a shitcoin or meme coin and doesn't really have any strong fundamentals so i wouldn't really recommend this for anyone to bag on the long-term true at the end of the day we make our own choices through research carried out but personally i won't hold onto this for long neither will i recommend it for others for reasons already stated
Conclusion
As a trader i believe one can easily trade any coin at all whether shitcoin or not as long as it's on smaller time frame like 5mins, 15mins or 1hour to lock in profit and take advantage of market violatility but when it comes to long-term hold then i believe we should really be careful of what we invest in, a coin like constitution Dao (people) whose usecase is in serious doubt we don't want to invest in something that during a severe bear market could become extinct so we should take care and avoid investment in speculative coins without any fundamental