This week Competition I joined "Fredquantum-Kouba01 Traders Team " in Crypto Academy Trading Competition. "Fredquantum-Kouba01 Traders Team" is led by Professor @kouba01 and Professor @fredquantum, This is going to be the 3rd competition of Steemit Crypto Academy contest this week, Today I Trade ALGO/USDT Pair.
The Algorand Mainnet took place in June 2019, held through the Algorand Initial Coin Offering (ICO). Silvio Micali is the founder of Algorand, based on the Algorand Proof-of-Stack (PoS) blockchain protocol. Algorand was invented to speed up transactions as a solution to blockchain slow transactions, allowing Algorand to lower transaction fees on the system.
The Algorand Project is a decentralized blockchain project and a self-sustaining network, through which a very secure, scalable and efficient wide range of applications can be created. Algorand ensures that it promises low cost transactions, low delays and high scalability. One of Algorand's goals is to validate other chains on the basis of smart contracts and to strengthen the defense ecosystem.
| ALGO Price | $0.90 |
|---|---|
| Price Change 24h | -$0.001069 |
| 24h Low / 24h High | $0.879 / $0.9472 |
| Trading Volume 24h | $299,902,427.39 |
| Volume / Market Cap | 0.05041 |
| Market Dominance | 0.30% |
| Market Rank | #29 |
| Market Cap | $5,949,281,498.60 |
| Fully Diluted Market Cap | $8,976,333,483.39 |
| Total Supply | 7,063,100,443 |
Which Exchange can be traded on
ALGO/ USDT, ALGO / USD, ALGO/ ETH, ALGO/ BTC, ALGO/ USDC can also be traded in many more pairs on popular exchange sites like Binance, Huobi Global, Kucoin, Kraken and Gate.io.
Today I have selected ALGO / USDT pair to trade, ALGO is Algorand Blockchain's native tokenAlgorand Blockchain is a very popular blockchain platform. The ALGO token is currently ranked 29th on coinmarketcap.com. ALGO I can call it a very good project. Today I saw the bullish movement of ALGO in the market with short time analysis, so I decided to buy after analyzing and sell at a small profit for a short period of time. I will discuss the technical analysis of ALGO in the next section.
For today's trading I have selected the ALGO / USDT pair and for the trade entry to select the ALGO / USDT pair I will analyze on the TradingView platform. I do technical analysis through TradingView, so today I will enter the trade by analyzing through EMA (Exponential Moving Average), Media Indicator and RSI Index. . I will add EMA (Exponential Moving Average), median indicator and RSI indicator to my chart for analysis.
In my chart I have taken 9 Periods EMA (Exponential Moving Average), I have given green and 25 Periods EMA (Exponential Moving Average), I have given red. 9 Period Exponential Moving Average When I exceed 25 Period Exponential Moving Average, I get a buy order signal. I also added RSI indicator to my chart. The RSI index has 30 and 70, if the RSI index goes below the line 30, it is understood that excess has been sold. The RSI index has moved closer to 30.
Also I see that the median indicator has changed from purple to green, then I understand that the market may rise from here and I have seen it in my chart. I have received indications from the Median Indicator that the market may go up from here.
Today I will buy ALGO for short time, so I have done technical analysis for short time bullish movement. I bought ALGO after seeing the right bullish movement for a short time and I planned to exit the market with a small profit. I didn't buy it today to hold it longtime. Since I bought it for a very short time, I have already selected the Tech Profit and Stop Loss Point. I have set the order at that point.
BUY
The price of DOGE was $0.897 when I placed the buy order, my order is filled.
SELL
Before I bought, i set take profit and stop loss, I set the take profit at$0.9142 and set the stop loss at $0.872.
PROFIT/LOSS
My Take profit is hit.
| Buying Price: | $0.897 |
|---|---|
| Sell Price: | $0.9142 (Take profit hit) |
| Profit: | $0.26 |
I Profit $0.26 this trading, below screenshot.
Although I bought the Algo token for a short time today, as far as I've analyzed it, I think anyone can hold it for a long time. Because Algorand blockchain technology is very strong and ALGO is a very strong project. However, I always say that every trader has a different analysis and it is very difficult to predict the cryptocurrency market. So if one wants to hold it for a long time then one must have his own research.
We've learned a lot about the Algorand blockchain, and I've seen Algo trading live. If we want to know more about this token we can go to its official website, I entered its official website. I've learned a lot about the Algorand blockchain, and I really like its benefits. Its official website address is. https://algorand.foundation/. Here we get some very important information, but I think the Algorand blockchain project they have put together a lot for very fast transactions and low fees and this is a very unique thing.
CC: Professor @kouba01 and @fredquantum