Here is the LINK to the original post that was reviewed but has not been curated.
Hi guys,
Welcome to my second trading post for the week. Today I will be trading the pair of WAVES/USDT. Am still in the team frontline which is under the supervision of professor @shemul21 and @abdu.navi03
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc
The waves platform was developed in the year 2016. It is a multipurpose block chain which perform functions such as development of DAPPs and smart contract support. A scientist with the name Alexander Ivanow was the founder of the waves platform. The waves platform has it's own native token which is use to perform certain operation on the platform this token is known as WAVES.
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The waves platform is developed using the proof of stake (PoS) consensus algorithm. The development of the platform has created room for users to be employed on the platform. The block reward for waves platform as at the time of performing this task is 6 WAVES.
The waves token is listed on most of the major exchange platform like Binance, Poloniex, Huobi, KuCoin, OKX, FTX etc. As at the time of performing this task, I went further to get more information about the said token from coinmarketcap.com and the details I found out about the token are seen below.
| Rank | #39 |
| MarketCap | $3,435,225,077 |
| Volume | $667,878,966 |
| Volume/MarketCap | 0.1944 |
| Circulating Supply | 107,810,236.00 WAVES |
The above table shows the data obtained from market cap on the token taken into consideration as at the time where the assignment task is been done.
Why am I optimistic on this token today
As a scaple trader, I always look for opportunity to make little profit and opt out of the market immediately. The waves token as of today was making significant rising which made me to buy the asset just to make my little profit. The asset from the little knowledge I have is a reliable asset that is the project won't be folding anytime soon. This mean that the project and it development is very reliable.
Considering the above chart, the price of the asset was showing a significant rise and I took that as an opportunity to make my little profits as a scaple trader.
Analysis of the Token
With the knowledge gain from the lecture I used the median indicator along side the RSI indicator to perform the buy operation. The analysis for this trade was done on tradingview.com but the execution of the trade was carried out on my binance exchange platform. The chart below is a pair of WAVESUSDT on a 5 Minutes timeframe. It's actually an analysis I made on a very short timeframe since I happen to be a scaple trader.
From the above chart, I added the median indicator and the RSI indicator to take my position. The RSI indicator is use to spot region of overbought and oversold whereas the median indicator makes use of the green and purple cloud respectively to spot buy and sell entry and exit position.
The asset was moving in an upward direction and I notice that the green cloud has been formed as you can see in the screenshot below. I entered a buy order when the price of the asset is exactly 32.13, I used the market order so that the transaction will be executed immediately. Below is the detail of my buy transaction.
My Plan to hold WAVES long or sell
The WAVES token is a token I intend buying and holding for a very long time but for the sake of this trading competition, I won't be holding the token for a long time as a matter of fact I have placed a limit sell order to sell the waves token when the price gets to 32.21, below is the detail of my sell transaction.
Would I recommend people to buy WAVES
Yes I recommend my fellow traders most especially those who don't hold the asset for long just like me to make use of the opportunity provided by the asset and make little profit. The project is a reliable one so we need not to be afraid of any crash in the project. This can be use by long term investors to make huge amount of profit in the future if they buy and hold now. More also, for scaple traders they can make profit an exit the market immediately.
The waves platform is a platform that support smart contract as well as the development of DAPPs. The WAVES token as we have seen can be use to perform so many activities on the waves platform among which include staking, rewarding users etc.
Thank you so much professor @shemul21 and @abdu.navi03 for your continuous impact of knowledge to me as a student of the academy. I look forward to learning more from the team during this trading week.
Here is the LINK to the original post that was reviewed but has not been curated.
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