This is a repost of my first trading task for last week. The link to the original post can be seen below
Hi fellow traders of the Steemit Crypto Academy, I am happy to take part in the trading contest of this week. I will be writing about my ORAI trade which I placed earlier and will be increasing my position size as I’m writing this post. I will be working with Team one which is Team Frontline that is supervised by professor @shemul21 and professor @abdu.navi03. Below I will explain what the ORAI project is all about, the reason for my trade and all that is necessary to understand this trade.
OraiChain was launched in 2020 and since then this blockchain has seen more interest from cryptocurrency fans. I’m simple terms, an Oracle is an intermediary between two entities. The OraiChain blockchain has come to create a link between off-chain and on-chain data on the blockchain technology. This project is meant to create a link between Artificial Intelligence (AI) and the blockchain technology. Therefore OraiChain connects AI APIs to smart contracts on blockchain.
Presently, that’s before the coming of OraiChain smart contracts could not be linked with AI and so the was this lope hole which OraiChain tends to fill. Similar to Chainlink protocol, but the OraiChain protocol focuses more on linking AI APIs to blockchain. This project also aims at revolutionizing the blockchain technology and AI, and DeFi as a whole.
This project uses IA and the blockchain technology as cornerstones to its idea. It had a marketplace, a hub for data request, Dapp hosting capacity, training and as punisher service provider.
Therefytue OraiChain protocol provides a platform and algorithm mechanism for blockchain and AI training. The $ORAI token is the governance token of the OraiChain ecosystem. OraiChain is built on the Ethereum blockchain - BSC and as the OraiChain mainnet.
The ORAI token is available on cryptocurrency market x changes such as KuCoin, Gate.io, BitGlobal, UniSwap (V2), and PancakeSwap (V2)
Looking at the roadmap of the OraiChain project we can see a lot of good news and outstanding activities that will boom the growth of this project such that it will attract more investors into its ecosystem leading to a boom in the governance token ORAI.
The all time high of ORAI is $105.76 as seen from the 30th of February 2022 and an all time low of $3.01 seen on the 29 of October 2020. Following the news flow and price action that follows when it comes to progress on the ORAI project one can see that there’s a possibility of ORAI having a bull run soonest.
This may happen due to the launching or OraiChain mainnet 2.0 which is on the 24/03/2022. Following the announcement of this launching, ORAI has seen some growth in value and market capitalization. This is a green light seen on the ORAI coin. As a utility coin on the OraiChain side ecosystem, ORAI has great potentials in growth as the overall project continues to realize it’s goal. This coin may rise in the coming days of this week.
Using the analysis knowledge (technical analysis) I’ve learnt from the Steemit Crypto Academy, I have done a technical analysis on the price chart of ORAI/USD from Tradingview platform. The screenshots below show will best describe my method of technical analysis which together with the above mentioned fundamentals have given me enough information reasonably to buy and hold ORAI for the short term.
I used the knowledge of trading a range market since the ORAI/USDT chart shows that the coin is trading within a range and I placed my entry at $8.33 and currently I’m in profit even though the price seems to be fluctuating within the bigger range. My stop loss is wet below the all time low and my take profit point 1 is set at the resistance of the range high while the 2nd take profit is set above the range resistance. If this range is broken, I might increase my position and aim for higher highs until the ATH.
The above screenshot is that of the technical analysis carried on the price chart. We can see that the 50-period TEMA is above the 100-period TEMA which is a bullish signal and the price is currently testing the first resistance which is indicative of a possible breakout.
As we can see I did buy the ORAI on MetaMask platform by swapping the token with BNB. In this case you will have to be observing the market from time to time making sure my trade is in success and if price trades to my SL, I will swap back and if it reaches my 1st TP I will swap 50% of my stake.
I am holding the ORAI token for the short term of maybe taking first profits by the end of this week after the big event and then see the market progress before making final take profits.
Strictly this is a short term holding of ORAI and fingers crossed waiting for the market to make its move. When the big news is done, I will use the technicals to know when to leave the coin completely.
I strongly recommend fellow cryptocurrency traders to buy this token for the short term as me or the center for a longer time because this project has too much potential. We can see from the growth of AI and the growth of blockchain awareness in the world. This simply is a dream realization project.
The future holds more for the ORAI token and the value will definitely fluctuate but increase in the future following the roadmap of this project. Holding for the short term is good but when to take profits will depend on individual traders.
Gathering information from Twitter and CoinMarketCap (CMC) comments will show you that the overall ORAI project is bullish. We can see the Twitter screenshots below and the CMC comments by users.
This is no financial advice and I recommend that you DYOR before investing on ORAI