Good day steemians, it feels good to post again and today I will be posting my trade on ALGO/USDT pair.
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Algorand is one of the newest crypto project that has picked a lot of investors' interest. This blockchain project aims at solving the blockchain trillemma (scalability, decentralization, security) through its unique speed and advanced capabilities. This has made it outstanding among other cryptocurrencies because it is fast, processes transactions at low cost, decentralized and uses an advanced smart contract. Algorand foundation is the brain and team behind this project, and it is led by Tal Rabin who happens to be a cryptographer but it was originally founded by Silvio Micali.
Algorand also provides the platform on which other crypto networks and DAPPs can be built. Currently, Algorand can process up to 1,200 TPs and the target is to reach as high as 3000Tps in the nearest future. Unlike Bitcoin and Etherum that have very low TPs, Algorand have effectively addressed this issue with high TPs and also the team is working on adding 'instant finality' to the blockchain which will help improve the scalability of the blockchain.
However, it is to be noted that Algorand uses the pure proof of stake (PPoS) consensus mechanism to help validate blocks on the network. The native token of this crypto project is ALGO.
The image above shows the current market details of Algorand (ALGO) cryptocurrency. ALGO is currently valued at $0.8022 with a trading volume of $262,548,297 and market cap of $5,323,324,095
Without any iota of doubt, it's quite visible that Algorand is a solid crypto project with a clear vision and mission. Also, this crypto project is unforkable unlike some other cryptos due to its capabilities like speed and decentralization it possess. It's low costs of transactions and scalability has drawn the attention of many investors and businesses.
However, ALGO has been doing pretty good in the crypto market within the last couple of years, a crypto which is ranked 29th with a 24hrs trading volume of $262,548,297 should not be underestimated. Crypto analysts have projected the price of ALGO to rise up to $2.008 by 2023 and possibly $4.850 by 2025 which means investors are to expect a rise in the value of ALGO.
When we also look at the chart above, we can see that ALGO is currently in a dip (same as most cryptos) this translates that, the price will definitely rise back when the Bearish market comes to an end.
In this section, I will be using the MT5 trading using multiple timeframes and I will be placing my trade on Binance. To start with, let's check the 4Hr timeframe of the crypto pair ALGO/USDT to have an overview and an idea of the current market situation.
We can see from the above image that the price of ALGO has been in a bearish trend but i noticed an inverted hammer candlestick was formed after the downtrend, this signifies a trend reversal and I noticed two strong bullish candles were formed after the formation of the inverted hammer. Also on the RSI indicator, the RSI was in a oversold zone but is gradually going up now.
As seen in the 30mins chart above, the price is in uptrend now and might want to test the last support turned resistance now. Let's check the 15mins timeframe for a possible entry.
Here, we can see that the price broke the resistance and is forming higher high and higher low, so I quickly placed a BUY ENTRY as indicated on the chart.
As seen in the image above, I made 36.6% profit on this trade as the trade moved in my direction.
The above image is the details of trade of this particular crypto pair (ALGO/USDT) as seen above, I made a profit of $0.3596
It is certain this coin will still go bullish base on technical analysis so I think any investor can hold this coin for as long as possible. But proper research and due study should be carried out first.
I placed a trade on this coin and made some little profit and sold it at a profit, so perosnally, am not planning to hold mine for long.
I will be highlighting below some key reason. Why investors should consider buying ALGO.
One thing investors should look at is the fact that the ALGORAND has the ability to partner with other blockchain networks in the crypto ecosystem which will help develop the ALGO network.
Algorand operates on two layers of the blockchain network which are layer - 1 and layer - 2. Layer - 1 is the actual blockchain on which the network operates while the layer - 2 serve as an operating model that increases the efficiency, output and scalability of the layer-1 assets.
Algorand has an impressive growth potential with a positive price momentum which has further propelled Algorand up in the cryptocurrency rankings.
Let's take a look at the Algoexplorer.io on this site, a user or an investor can check the coin statistics which ranges from latest blocks to circulating supply of the coin, current Algo price, online stake, Total supply and latest transactions.
However, it is important to note that ALGO can be traded on many exchanges like Paybis, SoFi, Bitfinex, coinbase, binance, OKX, FTX etc
In this study, have been able to discuss the ALGO cryptocurrency in relation to its historical background, key informations, benefits, project vision and mission. However, it is to be noted every information provided in this post is subject to my research and findings, hence I implore anyone who wants to invest in this coin to also DYOR.
In addition, I placed a trade on the Binance futures using the isolated margin, I carried out my analysis on the MT5 platform using multiple timeframes before placing my trade.
Special thanks to this team leaders in person of professor @dilchamo and @shemul21 for their support and guidance.
Please permit me to include my 5th trade also in this post as the rule do not enable me to make 2 posts in a day and today is the submission deadline.
So I'm going to briefly post the details of my 5th trade here. I traded ZEC/USDT on Binance, I placed a BUY ENTRY at 104.61 as seen below and made a profit of $0.39% (26.22%)
I exited the trade at 105.99 as seen below.
I want to plead with the team leaders to please note this as I'm trying to abide by the rules of 1 post per day and the video proof showing the full trade details of the 5 trades I took in total will be uploaded on the Google form provided, thanks !