Hello Steemians you're highly welcome to my "Steemit Crypto Academy Trading Competition Season 6 Week4". In this week competition I am under "Investors-Team" that is lead by our noble professor @pelon53. In this post I will be discussing about my trade on SAN/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.
Sandbox is known as a game that is play in the blockchain that allows game players to create/build a virtual world through the use of Non-fungible tokens (NFTs). Players can easily create, buy and sell digital assets on the Ethereum blockchain in form of a game. Sandbox is more focused on what is known as play-to-earn allowing players to build their own virtual world using what is known as NFTs. Players get rewarded with it utility token known as SAN.
Sandbox was launched in 2011 by Pixowl, which started as a mobile gaming platform with an intension to change the way Minecraft operate. Sandbox became popular after gaining more than 40 million downloads across the world.
In 2018 , Sandbox co-founders. Sebastien Borget and Madrid Arthur come in an agreement to explore the potential of build what is known as 3D Metaverse on the Ethereum blockchain. The goal of the two co-founders is to allows users be in control of their creations as Non-fungible tokens and earn rewards from participating in contest of playing games In the ecosystem. However,in 2020 Sandbox released another project which is now seen as the number one fastest growing game in the crypto industry.
SAND is the utility token of the Sandbox that is use to facilitate transaction and interactions of game in the platform. SAND token can be earn from playing games and participating in contest in the Sandbox ecosystem, SAND token can be use to vote for improvement on the platform as a decentralized platform. However, apart these two affomentioned ways one can trade SAND token on cryptocurrency exchange like Binance, Houbi Global, FTX, Kucoin and so many other crypto exchanges that can be seen on the screenshot below.
Screenshot gotten from Coinmarketcap
2.- Why are you bullish on this token today?
The reasons why I am bullish about SAND token today is that, Sandbox has previously increase higher above 100%, and it is more likely to increase further due to how Investors are getting interested in the Metaverse. Currently Sandbox has a partnership with top celebrities like Snoop Dogg, Atari and some other companies like Adidas, Kingsway Capital and even other Investment firms which can make SAND token become one of the most highly tradable token in the future.
Another reason why I am bullish about SAND token is that ever since it was launched in the crypto market, it has attracted a lot of Investors which has make the token to maintain a stead increase in price. Let's see the chart on the screenshot below.
Screenshot gotten from Coinmarketcap
Looking at the price of SAND token in August 2021, we can see that the price of SAND token started moving upward and it didn't move downward for over a long time. Now this means that the token can do more than what it did in August, in this year. As at the time of writing this post, according to the information gotten from Coinmarketcap. SAND token is trading at $3.52 with a trading volume of $757,571,466 USD and market capitalization of $4,053,501,460 of which the price is decrease by 2.41% which makes me to be more bullish about this token.
3.- What is your plan? Do you want to keep it for a long time? Or when to sell it?
My plan is to keep this token for a long time before selling it.However,I am not going to hodl the token for so long, I would just hold it for 1 month and if I noticed that after 1 month of holding the token it keep on increasing I will then buy more of it but in a case where the token keep on decreasing I will sell it with immediate effet. So for now these are my plan concerning SAND token.
4.- Do you recommend that everyone buy it? The reasons for recommending or not recommending it.
Well isn't a big deal for me to recommend everyone to buy this token, because it's not differnent from other cryptocurrencies like Bitcoin and Ethereum. Is a cryptocurrency that is also highly volatile. However, even with how the price of crypto fluate people are still investing in crypto day by day. Based on how the price of SAND token has been rising steadily, I will recommend everyone to buy it because it might reached $20 USD before the end of 2022 and buy this token as early as it's now that means by the time it hit $20 USD you have make a huge profits from it.
5.- Any other important information of the token/project.
There are a lot of informations concerning SAND token and its platform Sandbox that I will be sharing here.
How to play Sandbox and Earn SAND token
In order for you to be able to start playing Sandbox and earn SAND token you need to first visit the official website of the games.
Screenshot gotten from Sandbox.game
Once you have landed at the game official website, the next step is for you to register and account in the game by clicking on "Sign on". Note once you have click on sign in you will then see a list of several options for you to used and register yourself with the game. The options are Email, Social Media and Web3 that allow you to connect your wallet.
Screenshot gotten from Sandbox.game
After the process above you will be asked to connect your wallet with MetaMask or Trustwallet select the one that suit you and you and get yourself register with your desire game which you can register using a cryptocurrency wallet like Dapprader.
Screenshot gotten from Sandbox.game
For more information about SAND token/Sandbox you can get them from it official Website or its Facebook page.
6.- 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.com using the signal of Fibonacci extension tool. Before going to my Binance app where I then executed the trade immediately.
SAND/USDT Buy Trade
Screenshot gotten from TradingView
From the chart above, I noticed that the price of the traded asset was moving in an uptrend before before it then create a high at $3.7000. After creating the high the price pulled back to $3.300 before it then reversed back and moved to the opposite direction. Following the strategy of retracement for a long trade (i.e buy trade), I placed a buy position on SAND/USDT as soon as I noticed that the price of the traded asset reversed backed up where I set my stoploss below the low before setting my take profit I first determine the extent at which the price will reach, where I then drew my Fibonacci extension tool which is shown on the screenshot below.
Screenshot gotten from TradingView
At this point now, I drew my Fibonacci extension tool starting from point (a) which is where the trend began to point (b) which is where the trend end. Point (c) is where the pullback end. We can see that the Fibonacci extension tool is shown on the chart below, having a key support level at 0(3.240). After I drew the Fb extension, I then set my take profit at 1($3.7703) Fibonacci level. The reason why I place the level at the Fb level believe it's where the price of the traded asset will reach before retracement. Below is the details of my order and the transactions that I executed on Binance exchange.
Screenshot gotten from TradingView
Screenshot gotten from Binance exchange
Thank you for your time here....
Best Regards;
Cc:-
@pelon53