Introduction
Hello Crypto Lovers!
Welcome to the 4th week of trading contest in the steemit crypto academy. I hope you enjoyed the past weeks. This week is the 4th week of trading contest for season 6. I am Kehinde Micheal and my username is @msquaretwins here on this platform. Last week, I joined Fredquantum-Kouba01 group. But this week, I am going to join the Team Investors which is led by Professor @pelon53. I have come with another interesting project, and I am confident that you will really find the project amazing as you read through. The project I will be describing in the next lines is called CTK. Happy reading!
Historical Background of CTK
CTK is a short name for Certik cryptcurrency. The crypto currency was developed in 2018 by some set of Professors from Columbia University and Yale University. CTK launched it mainnet in 2020 toward the end of the year. But after a year, it was rebranded and renamed as Shentu Chain. The blockchain is a blockchain that focuses on security and operates on a proof of stake consensus mechanism.
It helps the development and deployment of decentralized application finance and NFT markets. The main purpose of creating the blockchain is to create a very secure cryptocurrency. Also, the project also gives cyber security to other blockchain. Certik uses AI technology and verification for blockchain, smart contract and NFT security.
The name of the founder and CEO is Prof. Ronghui Gu. Professor Ronghui is a Professor of computer science from Yale university. The project was cofounded by Prof. Zhong Shao who is a professor from Columbia university. The project since lauched has had many investors like Binance, Coatue, Yale University, Tiger global, coinbase, light speed and hillhouse etc.
What is CTK Token
CTK token is a native token of Certik blockchain. The total supply of the coin is about 106 million. The token can be used to settle network fee and for paying gas fee. It can also be used to participate in the decision making. The token also provide proof of stake which serves as a security the platform
The current market capitalization of CTK token is $103,281,431 as indicated by a red box in the screenshot and the circulating supply which is indicated by a blue box is $72,794,443.78. The trading volume $14,886,743.
sourceThe All time high of the token is $3.795 and this was attained on 4th of June 2021 as seen in the screenshot below.
sourceExchanges Where CTK can be Traded
The CTK token can be traded on my exchanges. Some of the exchanges where CTK token can be traded are ;
- Binance
- Bitfinex
- Bithumb
- Hoo
- Hotbit
- Pionex
- Bitrue
- Tokocrypto
- PancakeSwap
- Gate.io
- Bingx
- CoinW
Technical Analysis of CTK/USDT
The picture uploaded below is a picture of CTK/USDT on a trading view platform This chary is a daily timeframe as we can see from the screenshot. From the screenshot, we can see that the asset has been on a bearish trend for a while now as price was making a series of lower highs and lower lows which is also confirmed by market structure.
Then as we see, the last low formed and then retraced back to the last buy of the previous high as indicated in the screenshot. This last buy indicated is an order block and it is a good area where market price has a great tendency to reverse back. I have marked this area out.
Then I switched the chart to a 4 hour timeframe as uploaded below. Then on this timeframe, I saw another interesting thing. As seen in the screenshot, I saw an imbalance at this area of interest pointed out on daily timeframe. Imbalance is an unhealthy price action. It is a gap the price leave in market and rice expected to fill the gap whenever it comes back to that area. And often time, when an imbalance got filled in market, price often reverses after fill of the imbalance.
Consequently, it also reinforced my daily area of interest, and as we can see from the screenshot, price has been making a reaction at this area already.
Then I changed the chart to 30 minutes timeframe as seen in the screenshot below. As we can see in the screenshot, the price was making a series of higher highs and higher lows. But a point, we see a break of structure to the downside as price could not make a new high higher than the previous high.
Then I also added RSI indicator to the chart. And we as we can see from the picture below, the RSI entered the overbought region at our area of interest and this also reinforce our sell projection. Then shortly after this, there was a break of structure to the downside. Then I waited for price to name a retest of the broken support. At the retest, I place a sell entry with;
- Entry = $1.423
- Stop loss = $1.490
- Take profit =$1.344
Then the real sell order was taken on Binance future trading platform as seen in the screenshot below. I set the take profit order and the stop loss order at current market price and I hit the sell button.
Then, I confirmed the sell order by clicking the sell "confirm button" as seen in the picture uploaded below, and the order got executed.
The picture uploaded below shows the picture of a running order of CTK/USDT on binance platform.
Why are you bullish on this token today?
I am not going bullish on this token today. According to my analysis, I perceived that the token is going to be reversed to bearish direction from the daily order block indicated in the screenshot uploaded on a daily chart.
What is your plan? Do you want to keep it for a long time? Or when to sell it?
Well, for now, there is no plan of holding this token. In fact, I am selling the token and not buying it. I just want to sell the token to a last significant low in 30 minutes timeframe chart of the CTK/USDT asset. So after price gets to that point, the reaction of price will determine what to do.
Do you recommend that everyone buy it? The reasons for recommending or not recommending it
For now, I can not give recommendation to buy the token. This is because the area where price is, there is possibility of retracement back to the previous significant low. Therefore, the only recommendation I can give is for traders to look for an opportunity to take a sell opportunity to the previous low.
Conclusion
Certik cryptocurrency is a great project that uses AI technology and verification for security of blockchain, NFT and decentralized Application.
In this post, I have explained the historical backgroung of the CTK token and the uses cases of the token. I also listed some exchanges where the token can be traded.
Also, I did a technical analysis of the token by looking at the pair on daily timeframe, 4 hour timeframe, 30minutes and 15 minutes timeframe. Lastly, I took the real order of the token on Binance platform. Special thanks to Professor @pelon53 who is the leader of the investor team.