Good day everyone is my pleasure to be part of the assessments and as well on the practical aspect of crypto academy trading competition, I welcome every on my post, hence since the long run of this week I have be part of the fedkouba-trading team, this is my last trade post of my on the week I will be discussing on the Lumen (XLT), I believe you will find this my article interesting.
As regards to the question above, i will be discussing known the native Lumen known as the XLM token, hence this token is aim on helping user to trade which actually involves the exchange of cryptocurrency to that of Fiat and vice versa, hence this platform was established in the year 2014 which was later launch in 2015, therefore the brain men behind this was McCaleb and former lawyer Joyce Kim, they came up with this agender in order to achieve their aim by creating this token to achieve their aim which is all about by bringing finance to the door step as one network.
Although is known that, the stellar network allows other different network, and as well gives permission for operation of other to operate the network, hence the stellar network which is the Lumen (XLN), hence this token is the core foundation behind the stellar, note that the Lumen you know today was formerly known as the Stellar.
The network of the stellar network is managed by that of the foundation development of stellar, hence this was achieved by the founding which was gotten from different organization, like that of the Google, BlackRock and others, hence with the founds gotten was invested in the growth and that of the development of this project of the stellar.
In the year 2018, the stellar foundation reached an agreement to increase their capacity by signing an agreement with that of TransferT in order to reach the payment to many nations across the border. Hence their aim was to develop the economies and as well to add up individuals who are not aware of this technology.
One other thing about the establishment of stellar was to reduce the transaction cost which has also made transactions so effective with increase in the speed of the transaction, hence the stellar network actually uses the consensus protocol known as the stellar consensus protocol which is able to operate on its own.
As the case may be the Lumen can be stored in hardware and as well in a downloadable wallet, hence this can be stored in the following hardware wallet which are; Ledger Nano S and Trezor. While downloadable are keybase, dollar wallet, and lobstr, which can be store in coinbase as well.
With regards to the Coinmarketcap report has the the Stellar at the rank of #30 which has the trading volume of $346,851,524. This has the market capitalization of $5,800,243,613 with circulating supply of $24.72 Billion XLM.
Hence the below screenshot has the following report about this token Stella.
The Stellar token known with the acronym (XLM) actually has been listed in many exchanges where this can traded with other tokena, hence below are the exchanges this can be found as shown on the below screenshot below as well.
•Bybit
•Binance
•Kucoin
•Bithumb
•Kraken
•Huobi Global
•Coinbase exchange
Hence regards to this am optimistic that token will experience a push up in price based on the technical analysis I was able to carry out on the token.
On this I was to use two chat which are the 15 Minutes and as well the 4 Minutes chart, with that of the 15 was a pure trend of the market of which the Bollinger band and the RSI indicators are all in agreement that the market is on the bullish order with the formation of higher highs and higher lows, with this I use another lesser time frame to justify this.
On this I was able utilized the 5 Minutes time frame in order to make entry, hence on this path I was able to my analysis based on the resistance and Support zones, with this rebounce of the price action within this two boundary after the break in of the price, I was able dictate a break out of the price in the resistance zone which actually lead me to make my entry at that position above my break out point with my stop loss below my entry point and take profit above my entry position of which my indicators use are all in accordance of the price action towards the bullish side as a show below.
Entry price: $0.23612
Stop loss: $0.23520
Take profit: $0.23612
Profit realized: $0.00046000
Here is my trade history of XLM/USDT
I don't actually has the plan to keep this token base on trading with it because the technical analysis I carried out was specifically for a short term trade, As the case may be am using the future trade for this trade which has the capability to leverage you and as will claim your found which is known as liquidation, this occurs when the risk price going against are not managed well. Hence only the short term traders can take advantage of this was whenever the price goes up (Rise) or down (Fall) on a short interval in order to make profit from it, hence this is highly recommended for those on short term trade.
As for recommendations I will definitely recommend it to some set of individuals to take advantage of it in order to make profit from it, hence as the case may be, as we has the price at the Support base, is on the right sense for any spot trader of long term trader to take this opportunity as advantage to buy and sell when the price has gone high, hence I will recommended it for the longer term traders not for everyone because it actually demands patience and long duration in order to actualize the dream of profit as shown on the below screenshot.
In conclusion on this post of my, I was able to complete the following tasks based on the name of the token, the project behind it establishment and as well the individual see behind this, also I was able to list the various wallet this takon can be saved and as well the various and the various exchanges this can be traded as well, I further to show the technical analysis on the XLM/USDT pair before executing my trade on the Binance Exchange which yielded something positive.
Thanks For Reading...
Cc: @fredquantum
Am: @kingworldline
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