This Week I joined "Team Investors - Team" in Crypto Academy Trading Competition. "Team Investors " Team is led by Professor @pelon53, Today I Trade MANA/USDT Pair. I got ideas about trading from the Crypto Academy.
Launched by Ariel Melich and Esteban Ordano in 2017, Descentraland offered $24 million in initial coin offering, MANA is based on an ERC-20 token, the MANA token, based on the Ethereum blockchain. MANA tokens are used to make a variety of avatars, wearables and payments in the Decentland Marketplace. Decentraland Ethereum is a virtual reality platform built by the blockchain, through which users can create and monetize applications.
Decentland users can create and sell their desired items in the Decentland marketplace for MANA tokens through the Decentland platform. Users can go to create all these items.
This platform is designed to be an advanced platform for content creators to do business. The Decentraland platform is built using the Decentralized Autonomous Agency (DAO) framework. Those who will hold the MANA token will be able to control how Decentland behaves in the world by voting, offering policy updates, and approving content types with metavers.
| MANA Price | $2.66 |
|---|---|
| Price Change 24h | $2.65 / $2.84 |
| 24h Low / 24h High | $0.2616 / $0.2772 |
| All Time High | $5.90 |
| All Time Low | $0.007883 |
| Trading Volume 24h | $506,312,629.50 |
| Volume / Market Cap | 0.09886 |
| Market Dominance | 0.24% |
| Market Rank | #34 |
| Market Cap | $5,121,563,367.29 |
| Fully Diluted Market Cap | $6,103,435,974.31 |
| Total Supply | 2,193,715,027 |
Which Exchange can be traded on
MANA / USDT, MANA / USD, MANA / ETH, MANA / BTC, MANA / BUSD can also be traded in many more pairs on popular exchange sites like Binance, Huobi Global, Kraken, Coinbase, FTX, Bybit, and Gate.io .
Today I will be analyzing the tradingview platform for trade entry in MANA / USDT pair. Today I will enter the trade by analyzing through MACD indicator and RSI indicator. The RSI indicator provides information about the market's excess buying and selling and through the MACD indicator we can get buying and selling signals.
The MACD indicator has two exponential moving averages, one blue and the other orange. If the blue color Exponential Moving Average crosses the Orange Color Exponential Moving Average upwards, we get a buy signal. I saw this on the MACD indicator, so the MACD indicator gave me a buy signal.
Then the two lines of RSI indicator which are 30 and 70, when the line of RSI indicator goes below 30, it is understood that the market has sold excess. And because of the extra sales, there is less pressure from sellers and more pressure from buyers. So the price goes up from here. I got a Buy signal through RSI indicator.
Then I decided to make an entry here and I selected Take Profit for a small profit and also Stop Loss. I have decided to give take profit in the upper resistance zone and stop loss in the lower support zone.
I also analyzed it in a one hour timeframe and saw that Price was inside a support and resistance zone. Price went to the support zone and went up again. There I got the signal in a 15 minute timeframe.
Today I bought MANA tokens for short time, MANA I will hold longtime I did not do any technical analysis, fundamental analysis and I did not have any plan. I will buy MANA for short time, find a bullish movement for short time and sell MANA for a small profit. I don't want to hold MANA long time right now or I didn't buy it to hold longtime.
BUY
The price of MANA was $2.655 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 $2.7 and set the stop loss at $2.59.
PROFIT/LOSS
My Take profit is hit.
| Buying Price: | $2.655 |
|---|---|
| Sell Price: | $2.70 (Take profit hit) |
| Profit: | $0.225 |
I Profit $0.225 this trading.
The cryptocurrency market is very volatile, so it is very difficult to predict the cryptocurrency market. I would not recommend holding this MANA token for long time and I myself did not think of holding it longtime. I only selected it for today's trade and after buying it I sold it for a small profit.
However, if one thinks that the MANA token will be held for a long time, then one should analyze the MANA before buying.
This MANA token is based on the Ethereum blockchain and the Ethereum blockchain is a very popular blockchain to create tokens now. And users here can send and vote on any proposal here. Also if we want to know more details about this MANA token, we must enter its official website.