Hello Steemians you're welcome to my Day 3 Trading Competition post. All Thanks to professor @pelon53 for his leadership in Investors-Team. Here I will be discussing about my trade on ICP/USDT.
1.- The name of the token and introduction of the project. Technical background of the project, team in charge of the project and important data of the project. In which Exchange or exchange can be negotiated.
Internet Computer (ICP) is known as one of the most fastest and the only infinitely scalable blockchain of general purpose that is incubated and launched in May 2021 by a foundation known as DFINITY Foundation with the so aim of becoming one of the world computer hosting Web3 Decentralized application (DApps), Decentralized Finance (DeFi), games, Non-fungible tokens (NFTs) Metaverse and social media accounts that is used by billions of users all over the world. Internet Computer, is also seen as the blockchain innovation that is the third among Bitcoin and Ethereum which supports other fast growing industries. Transactions that is perform on Internet Computer (ICP) are completed within a second (i.e 1 second), with a storage cost that is less than $0.46 per Gigabyte (GB) in a month.
A crypto theoretician called Dominic Williams is the founder of Internet Computer (ICP) and also the chief Scientist of DFINITY Foundation. As a crypto theoretician he was in charge of Probabilistic Slot Consensus, Threshold Relay, another several cryptocurrency techniques which he invented. Dominic Williams graduated with a first class degree in Computer Science in King's College London before he began working with String Labs where he was the president and CTO in the computer. He has founder so many crypto games like Monster.
However, Internet computer was founded by Dominic Williams in October 2016 before it was fully launched by DFINITY Foundation, when the projects started attracting several Investors. Apart from Dominic as the founder they are about 200 + team members working with the founder. It was on May 10 2022 that the internet Computer was fully launched by DFINITY Foundation, to functions as a decentralized world computer with it utility token called ICP utility token. ICT token is the utility token that is used in the internet Computer network to govern the network. Members that own the token are allowed to contribute to the network.
ICP token can be traded in cryptocurrency exchanges like, Binance, Houbi Global, Kucoin, Gate.io and so many be other crypto exchanges that can be seen on the screenshot below.
Screenshot gotten from Coinmarketcap
Currently as at when making this post ICP price is at $22.77 USD with a trading volume of $308,660,355 in the last 24 hour. The price of ICP increase up to 3.41%, with a market capitalization of $4,926,179,818 and a market Rankin of #36 in Coinmarketcap. The circulating supply of ICP is a 216,333,674 ICP coins.
Screenshot gotten from Coinmarketcap
2.- Why are you bullish on this token today?
Internet Computer (ICP) is the fastest and the only infinitely scalable blockchain that is used for general purpose which makes it 100% sovereign in the blockchain. It's the only public blockchain that directly run smart contracts that makes use of Web3 dapp and it cost a very low transactions fees compared to Ethereum.
Well as for been bullish about this token called ICP today is that when looking at the token projects and what the projects is aim to achieve it's of no doubt the token will rise above what it's trading at today. In terms of speed ICP is 10 times faster and less transaction fees ICP is 10 times faster can cheap compared to Ethereum, Bitcoin and Solana.
Internet Computer (ICP) is traded in almost all the cryptocurrency exchanges that one can think of making it one of the fastest growing digital asset in the world. It projects along has attracted a lot of top companies like Google cloud, Alibaba, Microsoft cloud and many others. With this alone it's we can see that the future is already there for the token and it project.
3.- Make an analysis of the token or cryptocurrency that you are going to operate. You must obligatorily use methods and analysis learned in the Crypto Academy.
Here I will be carrying out my analysis on Tradingview before executing it on my Binance exchange.
In this analysis, I will be making used of two Indicators; Median Indicator and Parabolic SAR to carryout my analysis.
The median Indicator is an indicator that is also called trend based Indicator because of how special it is. It's used by traders to measure the market direction and volatility of their traded asset. In a median Indicator the EMA and the median line that is of the length forms a band that enable traders to identify a bullish trend or a bearish trend. The green band usually appears when the median line has crosses above the EMA of the same length which a sign of an uptrend (bullish). Meaning a buy order can be opened. Whereas the purple cloud is a sign of a downtrend (bearish). Meaning a sell order can be opened. Below is chart of Median Indicator.
Screenshot gotten from TradingView
We can see that I have applied the median Indicator on the chart of ICP/USDT. After applying the Indicator above, I then applied Parabolic SAR Indicator that consists of dotted line that move below and above the price of ICP. When its move below the price of ICP is an indication of a bullish trend signal, but when it move above the price it's and Indication of a bearish trend signal. Below is the screenshot of both Median Indicator and Parabolic SAR**.
Screenshot gotten from TradingView
Looking at the above chart, I noticed a bullish trend as soon as I see that the purple cloud color was changed to green color which is a signal of a buy order trade. Following the strategy which said that when the purple color change to green is a trend reversal, which is also a sign that the market has changed from a bearish trend to a bullish trend which means a buy order trade can be open. However, I waited for confirmation by the median Indicator.
Screenshot gotten from TradingView
Looking at the Parabolic SAR, I noticed that the parabolic SAR is moving below the price of the asset which is a sign of bullish trend. Which I then waited for a confirmation, before I then placed a buy order trade and immediately the order was placed,I then went to my Binance exchange and executed the order at the current market price.
*Screenshot gotten from Binance exchange
4.- What is your plan? Do you want to keep it for a long time? Or when to sell it?
Well, let's first look at the price history below from June 2021.
According to the information gotten from Coinmarketcap based on the price history above, ICP was trading at $54.46 in 6 October 2021 , and continued falling down rapidly to $43. Until December where the price started rising back to $45 and even rised above $46.75.
Screenshot gotten from Coinmarketcap
Around December the token was unable to maintain it price moved, rather it fell down rapidly and began a bearish moved untill December 20th when it narrowly hit $21. Apart from that in early January 2022 ICP was trading at $36.55 after the launched of Terabethia bridge. After suddenly after some months ICP token fall down to $22.77 USD which is the current market price today.
Screenshot gotten from Coinmarketcap
Looking at how ICP has been fluctuating up and down beginning from a very high price of $54.46 down to $22.77 USD has make me not to hold the token for Long. Ideally, my plan is to sell the token after the end of this trading competition.
5.- Do you recommend that everyone buy it? The reasons for recommending or not recommending it.
Well as a matter of fact, everyone knows that cryptocurrency is highly volatile and so ICP is not exempted of which we have all seen how the price has been fluctuating up and down. Based on how ICP is rapidly moving up and down I don't think gat I can recommend everyone to buy it. However, it's always advisable that before buying any token a proper research should be carriedout first.
6.- Any other important information of the token/project.
Internet Computer is the number fastest general purpose blockchain in the word that build the Web3 future. Internet Computer (ICP) teams is comprised of about 200+ team members that was picked from other tops companies. However, for more information concerning Internet Computer visit they Website and its social media pages such as; Facebook, Twitter or Dev Discord Channel.
Thank you for your time here....
Best Regards;
Cc:-
@pelon53