Today I joined "Team Investors - Team" in Crypto Academy Trading Competition. "Team Investors " Team is led by Professor @pelon53, I got many ideas about crypto trading from the Crypto Academy. Today I Trade DOT/USDT Pair.
Polkadot is an open-source shared multichain protocol, founded by Dr. Gavin Wood, Robert Habermeyer, and Peter Javan. The Polkadot blockchain's native token is the DOT that connects and secures the Polkadot blockchain network. Polkadot makes any data cross-chain transfer much easier. Polkadot has a foundation that supports decentralized web which is controlled by users. This makes it easier to create new applications. It started with the Web3 Foundation's goal of making the user-friendly and decentralized web easier.
The Polkadot blockchain could integrate future technologies and allow independent blockchains to securely share information and transactions through the Polkadot relay chain. Polkadot enables blockchain token holders to update their own codebase seamlessly through on-chain governance. The DOT token is primarily used to facilitate operations and security in the Polkadot blockchain, stacking, connecting parachains, and simplifying network governance.
This is a very popular project at present and traders are very much interested in this DOT token. At present coinmarketcap.com's ranking of DOT tokens is also good. The bridge elements of the Polkadot blockchain allow the parachain to connect and communicate with other blockchains and also help to create consistency, interoperability and security across the network of different chains through relay chains.
| DOT Price | $22.13 |
|---|---|
| Price Change 24h | -$0.3493 |
| 24h Low / 24h High | $21.77 / $22.91 |
| All Time High | $55.00 |
| All Time Low | $2.69 |
| Trading Volume 24h | $1,184,043,767.33 |
| Volume / Market Cap | 0.05419 |
| Market Dominance | 1.03% |
| Market Rank | #11 |
| Market Cap | $21,851,244,977.17 |
| Fully Diluted Market Cap | $24,411,765,285.29 |
| Total Supply | 1,103,303,471 |
Which Exchange can be traded on
DOT / USDT, DOT / USD, DOT / ETH, DOT / BTC, DOT / BNB can also be traded in many more pairs on popular exchange sites like Binance, Huobi Global, Kucoin, Coinbase, FTX, Bybit, and Gate.io .
Today I will trade in DOT / USDT pair. Today I will enter the trade by analyzing through 3 indicators. RSI indicator, Median indicator and MACD indicator. Tradingview is one of my favorite analysis platforms, so I will analyze this platform for today's trade entry.
Through the median indicators we get the buy / sell trade signal. The middle part of the median indicator is green and purple. If I change the color from purple to green I get the buy trade signal and if I change the color from green to purple I get the signal of sell trade. In the screenshot I shared above, I saw that the median indicators changed from purple to green and I received a buy trade signal through the median indicator.
Then another indicator of my choice is MACD indicator, through which we get buy and sell signals. This indicator has two exponential moving averages. Here, if the line of blue color crosses the orange color towards the top, then we get the signal of purchase. And I got to see this through this indicator so the indicator I got a buy signal.
In addition to the median indicator and MACD indicator, I have added RSI indicator to my chart for further confirmation. The two parts of the RSI indicator are lines 30 and 70. If the RSI line goes below 30, we call it an overbought zone, a sign that the market is over-selling. In the screenshot above we can see that the line in ISI indicator has gone below 30. So we are getting signals of excess sales through RSI indicator. So the combination of these three indicators I got a buy signal here.
Then I have selected the place of Take Profit and Stop Loss for entry here.
My plan today was to buy DOT for short time, so I found a bullish movement in short time and sold DOT for a small profit. I plan to make a small profit by trading on a short time trading system. I didn't buy DOT for long time hold and now I don't plan to hold for long time. My plan was to find and set a tech profit for a small profit after buying a DOT and set a stop so as not to lose too much.
BUY
Price of DOT was $22.49 when I placed the buy order.
SELL
I set take profit and stop loss, I set the take profit at $22.75 and set the stop loss at $22.25.
PROFIT/LOSS
My Take profit is hit.
| Buying Price: | $22.49 |
|---|---|
| Sell Price: | $22.70 (Take profit hit) |
| Profit: | $0.11 |
I Profit $0.11 this trading.
If one wants to hold the DOT token for a long time, the price of the DOT token may increase even more in the future. Because there is a very strong team working behind the DOT token which means that those who are leading this DOT are very experienced and have a lot of reputation in the field of work.
One of the founders of Polkdot in particular is Dr. Gavin Wood, President of the Web3 Foundation and founder of Parity Technologies and well known in the blockchain world. So I can say that the people behind Polkadot are very experienced and they have a lot of success in this blockchain world. In that case, it is hoped that the DOT token will do better in the future.
However, I would like to warn you that the market of cryptocurrency is very volatile so if you want to hold any token in cryptocurrency for a long time, you should analyze it before buying.
Finally, I would like to say that Polkadot is a very strong project and the founders of Polkadot are very experienced in the world of blockchain and they have a lot of achievements in the world of blockchain. So we can expect them to take this Polkadot project a long way. Polkadot's network is very secure.
Also, if we enter the official website of Polkado, we will be able to know many more important things about Polkado project. Here is the link to the official website of Polkado Network. polkadot.network
