Introduction
Hello Crypto Lovers!
It is a great day again at the academy. Today is the 3rd day of the week 4 trading contest for season 6 in the steemit crypto academy. I hope you have been enjoying the trading contest. I am Kehinde Micheal and my username is @msquaretwins here on this great platform. As I have said in my previous post, the team I am submitting my homework post for this week is Investors Team which lead by professor @pelon53. Today, I will be discussing about another interesting project called CHR. Let's take the ride together. Happy reading!
Historical Background of CHR
The full name of CHR is Chromia. It is a cryptocurrency that is new in the crypto space. It is a decentralized blockchain that helps the deployment and development of Decentralized Application (DApps). It is a public blockchain that was developed by a Chromaway AB, a company that is based in Swedish. It was launched in May 2019. The main aim of creating this project is to solve the scalability issues that Decentralized Applications face in the crypto space. The scalability for decentralized is greatly solved by Chiroma platform.
Chiroma blockchain consists of relational blockchain upon which many Decentralized application can be built. The chiroma blockchain operates on Byzantine Fault Tolerance (BFT) consensus mechanism. It also draws security from Proof of work consensus mechanism. The platform allows different kinds of decentralized Apps to be built on it.
The platform conducted series of private and public sale prior to it official launch, and about 11.70M USD was raised for the project. In chiroma blockchain, every blockchain is assigned to some set of validators node which is part of all nodes in the chiroma blockchain.
What is CHR Token
CHR is the native token of Chiroma blockchain. It is a utility token which allows users to pay for the network transaction fee.
The CHR token is an ERC-20 token that helps developers to issue CHR based token. The token is used as block reward for the block validator for maintaining the operation of the platform.
The users can also use the token to pay network fee and it can be used within the DApps for token.The initial total supply of the token is 1,000,000,000 CHR. The current Market capitalization is of CHR token is $322,415,533 as indicated by a red box in the screenshot below, and the circulating supply which is indicàted by a blue box is 567,369,439.00 CHR. The current trading volume is $80,146,912
sourceExchanges Where CHR can be Traded
CHR can be traded on many exchanges. Some of the exchanges where it can be traded are listed below.
- Binance
- Kucoin
- Gate.io
- FTX
- Huobi Global
- WazirX
- PancakeSwap
- XT.COM
- Bitrue
- Bitvavo
- Bitbns
- CoinDCX
- Poloniex
- Bithumb
Technical Analysis of CHR/USDT
The chart uploaded below is a chart of CHR/USDT on a 4 hour timeframe. As we can see from the chart below, this assets has been on a bullish trend as price keeps making series of higher highs and higher lows as seen in the picture uploaded below.
Then I changed the chart to 1hour timeframe as seen in the screenshot below. We see that price has been respecting an upward trendline. Prior to the point where price is currently, we can see that price has made at least to touch of the trendline. And interestingly, price just made a third touch of the trendline, and I am of the opinion that price will shoot higher from this point as projected by a blue arrow in the screenshot below.
Then I changed the chart again to 15 minutes timeframe. As we can see in this timeframe, there was a retracement against the direction of the dominant trend, but at a point, price broke the trendline which price was following, meaning that price is about to continue in it uptrend.
Then I switched the chart to 5 minutes timeframe and I added RSI indicator to the chart. Then shortly after this break, we can see that the RSI indicator entered the oversold region which also confirm the buy signal. Then with this another confluence from RSI indicator, I opened a buy order with;
- Entry = $0.5492
- Stop loss = $0.5303
- Take profit = $0.5835
Then I took the real buy order on Binance future Trading platform. I set the stop loss order and take profit order at a current market price as seen in the picture below.
Then I confirmed the buy order by clicking the "confirm button" as indicated in the screenshot below.
The picture uploaded below shows the running order of CHR/USDT on Binance platform.
Why are you bullish on this token today?
I am bullish on this token because of the popular saying in the crypto space "Trend is always your friend". Considering the current trend, the asset is currently on a bullish direction, so it is wise to join the trend. More so, I believe, the CHR will keep rising as move Decentralized App build their application on the CHR blockchain and consequently, that will cause the CHR to experience a rise in value.
What is your plan? Do you want to keep it for a long time? Or when to sell it
Well, for now, Because I am doing futures trading, I plan to hold it for a short time. However, based on the research I have done, I may look for a perfect entry point to do spot trading and then hold it for a long time. This is because, I believe that the price of CHR is going to increase. Why? The CHR is a new token, and within a very few months after launch, the token increased in value, and as the price will keep increase as many DApps are being built on the blockchain.
Do you recommend that everyone buy it? The reasons for recommending or not recommending it.
Yes. I recommend traders to for a good opportunity to buy this token. Like I have said, the token is a new token in the crypto space and it is in the early stage. Even though the token is very new in the crypto space, it growth has been very wonderful. And price is expected to rise as many Decentralized Application are built on the chiroma blockchain. More so, the trend is bullish and it is advisable to join the trend.
Conclusion
Chiroma is a great project that contribute immensely to the crypto space. It allows the decentralized Application developers to build their project on chiroma blockchain. It makes the deployment and development of decentralized application very easy. In this post, I have explained the Chiroma project and the use cases of the token. I also listed some of the exchanges on which CHR token can be traded.
Also, I did a technical analysis of the token and I took the real buy order based on my analysis on Binance futures trading platform. And lastly, I said my opinion on whether to buy the token or sell it. Special thanks to Professor @pelon53 and the entire members of Investor Team.
Cc @pelon53