Hello everyone and a warm welcome to all fellow steemians to the season 6 week 3 of the steemit crypto academy trading contest.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Why are you optimistic about this token today, and how long do you think it can rise?
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- an important part
Your plan to hold it for a long time or when to sell?
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Anything other users want to share about the token/project.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
MONERO
In the world of cryptocurrency users have long yearned for secrecy while making transactions on-chain as are most familiar with, most blockchain have a decentralized distributed ledger and all transactions that occur in the blockchain is published publicly to convert transparency for all
Riccardo Spagni created a blockchain that is still fully decentralized but every action performed between users is kept to their knowledge and is not entirely published for the public to see only kept between the users involved in the said transaction
Monero was first launched in the year 2014 April and it is currently ranked on Coinmarketcap.com as number 26 in the rank among cryptocurrencies with a market value of 203.63 dollars as of 24th of March 2022, it has a total supply of 18,097,455 XMR and a circulating supply of 18,097,454.74 XMR, it was worth 0.213 USD at Jan 4th, 2015 and has its peak value so far at 517 USD on May 7th, 2021 I believe it will eventually go higher than that in that the need for privacy coin is on the increase as more and more people are discovering about it.
Monero can be purchased from the following Exchanges screenshotted below
Why are you optimistic about this token today, and how long do you think it can rise?
The need for privacy on an everyday basis is in high demand people don't pay extra just for that added bit of privacy, the coin has been around for quite a while and we have seen significant growth from a very low initial value of less than a dollar it is worth well over 200dollars now even reaching an all-time high of 500dollars
As we can see the coin in the year till date chart although has seen better days but is gradually recovering itsplace in worth and valuation, i believe once this coin gets enough spotlight individuals all around the world who yearn for privacy will chose to transact with this asset instead of the conventional one's. I believe on a long run this coin still has a lot of grounds to cover and a lot of growth is still to be expected as the platform are steadily integrating value to the blockchain
Although in the case of this trade i will be looking for opportunities to make a sell entry
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- an important part
I will be employing the Break and rebound strategy taught by professor @nane15, For the sake of this chart i will only be making my sell entry based on signal i perceive for my resistance line.
I entered my trade with about 50% of my total asset with a leverage of 11x, now seeing that the asset has been in an uptrend for a very long while and has reacted with a particular resistance line failing to break on a few occasions, i would say our entry should not be made on a buy position, rather we wait for a reaction between our line of resistance and a rebound to the bearish side before we make our entry.
As we can see from the image above our asset experienced a rebound after reacting with our support line and after our entry was made @203.60 we carted off our profit at 4.5% and closed our trade, even after exit our asset still kept on experiencing pullbacks but our set profit is around 5%
Your plan to hold it for a long time or when to sell?
For the purpose of this task I will be buying this coin only for a short term period as we can see the analysis I made on the coin was purely done on a very short time frame of 5 minutes, if I had intentions of keeping the asset for long or making research or technical analysis for a coin I intend to keep for long I will most likely be doing it on a much longer timeframe
Analysis for coin one intends to hold for a long time are ideally on a longer time frame like a daily chart or weekly chart so that one can get the scope and general view of how far down or up he is targeting to hold the coin for, In my case, i intend to trade this coin for profit and sell off after the trade target has been met.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
In this phase of the Assignment, i will repeat my self from the last post "In the crypto world i am a big believer in carrying out your own individual analysis and see if the asset is suitable for you to buy individually. The asset might be a suitable investment for me depending on my position and it may not be for you cause you are looking to make a profit ASAP or for other reasons.
So personally i wouldn't recommend anyone to buy any asset cause we all are buying for different individual reasons.The reason i am buying my token my serve me on the long run while you might not find it favorable so in a nutshell the token is good but carry out your analysis to determine if you want to buy it or no"
I belive recommending a crypto asset might be misleading in some cases as we are both buying for different motives and the asset might serve my purpose and be profitable and it might not serve yours so always do your own research and buy coins for reasons known to you not cause others are buying or are recommending it
CONCLUSION
It is always mandatory to enter trades with a fixed or targetted profit in mind, the strategy i used is often very easy and straight forward to follow the most important factor in my trades is usually discipline, one has to have a mind set and a strong discipline to look the other way and take profit when its time to else we might get caught by greed and end up wanting more profit and the market may reverse way faster than we expect and be in loss.
Thanks
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