REPOST [DOTUSDT]Crypto Academy Trading Competition - S6Q3 | Homework Post For Prof @pelon53

The repost of my homework task prof @pelon53

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What's the name of the project token and it's introduction, and which exchange can it be traded on, team in charge of the project

source Polkadot

Polkadot do consist of a central relay chain which coordinate parachain, dot unites, secure and facilitate a network of heterogeneous blockchain called parachain, this parachain are special purpose blockchain which are actually designed to serve an intended task. The parachain can actually be built with a framework called substrate which allows developers to easily choose which features the want on their parachain, after the development of this parachain they are then connected to the relay chain and the good thing about this is that the various parachain which are being connected to the relay chain can actually interporate with each other.

In the dot blockchain each of this parachain is actually designed for a specified task which could be social networking, decentralized finance or the execution of contracts and they tend to perform better for that single task than a single general purpose blockchain, the dot blockchain also has the on-chain governance features which allows users of the network to actually vote on the network and the network doesn't really require the massive amount of electricity that some other major blockchain require to mine new blocks.

Dot can be traded on binance, Coinbase, huobi-pro, Kucoin, Okex, Gate.io.

Team behind the project:,

Gavin wood, Robert Habermeire and Peter Czaban are those being this project for they are the founders of this wonderful chain in polkadot

Why Am I Bullish On DOT Today

Well this is a nice project no doubt and there is a whole lot of things going on behind the scenes as the teams are constantly working to better the project and some nice integration as well as other projects which are being built on its blockchain for instance Enjin just recently launched Efinity on polkadot with possibility of more than 100 games and apps to join in also the parachain of polkadot recently also deployed full defi capabilities adding to the fact that Gavin wood its major founder did help us understand that multi-chain nft is now a reality for polkadot and Kusama and polkadot just launch an audacious $250 million in a bid to fund it's stable coin development which is ausd they bid for adoption of a USD pegged stable coin so please forgive me but who wouldn't be bullish at such major news and intent for continuous development on the chain.

Technical analysis on dot

Yes i am bullish on polkadot overall but on the immediate short-term i have to do what all traders do capitalise on market Violatility and lock in profit.

This is an analysis on a short timeframe on the price of dot it was done on the 15mins time frame and on the 15mins timeframe it is observed that the price of dot is forming a nice bear flag which is a bearish pattern and often then to break to the downside which means on the 15mins timeframe atleast that dot is bearish so i was closely observing to see the breakout to the downside to enter my trade which did happen and at one i placed my short order on binance exchange.

My entry was at $20.73 with a stoploss at $21 with my takeprofit at $20.43 and my takeprofit was hit and thus the trade close with a realised profit of $0.27 and my position was actually entered with 0.9 dot

tradingview

Proof of my trade on binance below.

screenshot from binance

What My plan is? Do you I to keep it for a long time? Or when to sell it?

I don't plan on keeping it for the long term i didn't really buy on spot ifnot then we could have that debate i am trading on futures on the 15 mins timeframe which means it is a short term thing actually and will hold as long as the trade hasn't reach either the takeprofit or stoploss so in all its not for the long term rather this is a short term trade.

Do I recommend all people to buy Polkadot? And why i would recommend it or not recommend it.

Personally for dot is a coin i would rather hold on to for long term it's fundamentals are without question and some a coin can't be washed off even in the harshest of them bear market it is one of those altcoin which will survive not just survive but thrive afterwards, polkadot has positioned itself as one of the leading cryptocurrency in our time currently at #11 in coinmarketcap a good position if we compare it with how many cryptocurrency we have today which is in the thousands so indeed it is one of the top altcoin and with all the development going on in the chain the multi-chain nft integration, the ausd integration and also a home for building dApps and such above team constantly working for the good of the project it's indeed a project i would readily recommend to anyone looking to come in to the cryptospace for the long term, yes the long term because hardly has anyone invested in crypto for a considerable long term and not be in profit especially if it's a fundamentally strong coin like polkadot.

Conclusion

Ofcourse in this space i believe there are a lot of good project to invest in but personally i feel we all should carry out our own personal research before investing in any project so as not to blame anyone for any loss because at the end of the day there is always risk associated with any investment no matter how good it seems so that's why we should carry out our own research and invest only what we are willing to lose.