ORIGINAL POST LINK
This week I joined "Fredquantum-Kouba01 Traders Team " in Steemit Crypto Academy Trading Competition. "Fredquantum-Kouba01 Traders Team" Team is led by Professor @kouba01 and @fredquantum, This is going to be the 3rd competition of Steemit Crypto Academy this week. , Today I Trade NEAR/USDT Pair.
The NEAR Protocol is a layer-one blockchain, the NEAR Protocol uses its own consensus mechanism to solve scaling problems. The name of this consensus process is Doomslug. The NEAR protocol was founded by Eric Trottman and has many experienced developers. NEAR protocol developers have won gold medals in several international collegiate programming competitions.
The NEAR Protocol is an attractive platform for DApps developers, DApps developers can access the user-friendly platform through the NEAR Protocol. The NEAR Protocol lets developers build DApps on resources, products, NFT platforms and more. So DApps developers can create their own DApps using the NEAR Protocol.
The main goal of the NEAR Protocol is to create a platform that will protect the average user a lot in terms of its huge resources and the average user will be able to protect their own resources using bricks. The NEAR Protocol removes most of the limitations from other blockchains. While the NEAR Protocol has always worked well to improve its scalability, the NEAR Protocol has been working tirelessly to improve transaction throughput through the use of nightshade technology. And all these activities of NEAR Protocol and their transaction throughput efforts result in up to 100,000 transactions per second and virtually zero transaction fees.
| NEAR Price | $11.35 |
|---|---|
| Price Change 24h | $0.2668 |
| 24h Low / 24h High | $10.72 / $11.48 |
| Trading Volume 24h | $573,378,424.28 |
| Volume / Market Cap | 0.07693 |
| Market Dominance | 0.39% |
| Market Rank | #22 |
| Market Cap | $7,453,572,777.25 |
| Fully Diluted Market Cap | $11,325,668,122.12 |
| Total Supply | 1,000,000,000 |
Which Exchange can be traded on
NEAR/ USDT, NEAR / USD, NEAR/BUSD, NEAR/ ETH, NEAR/ BTC, NEAR/ USDC can also be traded in many more pairs on popular exchange sites like Binance, Huobi Global, Kucoin, BitMart and Gate.io.
Today I have selected NEAR / USDT pair for trading, NEAR Protocol is the best scalable in Blockchain world. NEAR Protocol is a very popular platform. NEAR tokens are very popular with crypto traders. Its ranking at coinmarketcap.com is currently 22, which is a very good ranking.
So considering all these aspects, today I have decided to trade NEAR / USDT. Also I have analyzed the NEAR / USDT chart and found that NEAR can go uptrend for short time, so I will leave a small profit here with an entry for short time. Today I placed a NEAR Buy order, and saw in the market that the bullish movement of NEAR. I will discuss the technical analysis of NEAR in the next episode.
For today's trading I have selected NEAR / USDT pair and today I will analyze my favorite platform tradingview for taking trade entry, tradingview is one of my very favorite analysis platform. Today I will enter the trade by analyzing through 2 Exponential Moving Average and RSI Indicator. RSI indicator is a very important indicator for every trader. This RSI indicator helps a trader to understand the current situation of the market and so today I will use this RSI indicator for entry along with exponential movie average.
I have 9 period exponential moving average in my chart, color it is green and 25 period exponential moving average I have installed in my chart, color is red. In addition, I have installed RSI indicator for analysis.
Here I see that in my chart I have 9 Period Exponential Moving Average, I have given the color Green and 25 Period Exponential Moving Average has crossed upwards. We know that when we set the 9 period exponential moving average, color it to be green and 25 period exponential moving average will cross upwards, it means we can place a buy order here. Because from here the market can go up.
And when this crossing happened, I saw in the RSI indicator that the RSI indicator was at 35. And we know that when the RSI indicator goes below 30, it goes into the over-selling zone. The market is more likely to go up from here. Through RSI indicator, I realized that I can take a buy order from here. I waited here for a bullish candle to be more confirmed and after seeing the bullish candle I ordered a brother here so I made a decision to place a buy order here, so I placed a buy order in this situation. When I placed the buy order.
Here I have identified the support level and the resistance level. I set the take profit at the resistance level and set the stop loss at the support level.
When I placed the buy order, the price of NEAR was $11.32. I set the take profit at the resistance level above it and set the stop loss at the support level below it. I set the take profit at $11.44 and set the stop loss at $11.18.
I don't want to hold it for long, I didn't buy it for long. Today I traded on the NEAR / USDT pair intraday trading system, bought for a very short time. I have set the tech profit for a small profit, I will leave the market with a small profit. So I followed the money management and set the take profit and stop loss.
BUY
The price of NEAR was $11.32 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 $11.44 and set the stop loss at $11.18.
PROFIT/LOSS
My Take profit is hit.
| Buying Price: | $11.32 |
|---|---|
| Sell Price: | $11.44 (Take profit hit) |
| Profit: | $0.12 |
I Profit $0.12 this trading.
Today I have briefly discussed some issues about NEAR in the above section and as far as I understand about NEAR protocol it is a very good project and the scalability of this NEAR protocol is very good. Which is like competing with any other blockchain. Because 100,000 transactions can be made every second in the NEAR protocol and their system is a little different from other blockchains. So the NEAR protocol is a cryptocurrency like buying and I think it has a chance to do better in the future. Its coinmarketcap.com rank is very good 22 and its market cap is $ 7,477,083,144.
However, the cryptocurrency market is very volatile and it is very difficult to predict the cryptocurrency market. So if one thinks that there is a chance to make NEAR better, he can buy it for long time hold, one should analyze NEAR before buying because anything can happen in the cryptocurrency market.
If we want to know more about NEAR, we need to go to the official website of NEAR Protocol. If I access the official website of NEAR then we will get some more important information about NEAR. I have already shared that the advantages of NEAR protocol are: high speed, low fee and its progressive UX which is very good for a user. And this project is very strong for high speed which can take it to a much higher level.
This Near Protocol also includes a project including a multi-chain system, which allows communication between these networks for improvement. And for Dapps developers, there is a more eco-friendly facility, where different types of developers can create their own Dapps.
CC: Professor @kouba01 and @fredquantum