Hello steemian ...
This is my new post in the Steemit Crypto Academy community. On this week, I will be working on a homework from professor @abdu.navi03 and professor @shemul21 with the theme "Trading Competition By Team Frontline ”.
we will discuss it through the homework below:
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
CARDANO
Cardano was founded by Charles Hoskinson, a mathematician and technology entrepreneur from the United States, namely Colorado. Charles Hoskinson is also Director of the Bitcoin Education Project and founder of the Bitcoin Foundation and co-founder of Ethereum. In its development, Cardano is supported by 3 companies, namely The Cardano Foundation, Input-Output Hongkong (IOHK), and Emurgo.
Cardano aims to bring banking systems that collaborate with blockchain technology to be accessible in developing countries. Unlike Bitcoin, which aims to take over the entire financial system. Cardano is also a platform that aims to improve security with smart contract features.
The Cardano roadmap is a summary of Cardano's development, which has been organized into five eras: Byron, Shelley, Goguen, Basho, and Voltaire. Each era is centered around a set of functionality that will ship across multiple code releases. The Cardano roadmap describes a summary of the development of Cardano. Cardano has been set in 5 eras, namely the Byron era, Shelley era, Goguen era, Basho era, and Voltaire era. Each era will be carried out with the development of various aspects based on research and prototyping.
Why are you optimistic about this token today, and how long do you think it can rise?
Same with the previous coins that I traded, the ADA coin also shows the same movement. I am optimistic about this token due to the condition of the chart which shows that it has penetrated the lower band of the Bollinger indicator so that now there has been a price reversal and it tends to go up.
In addition, the 24-hour volume there also indicates that while there is potential there is to reach higher prices. Visually, I am optimistic that the coin has just crossed its closest support point and that the candle has crossed the upper side of the 20 MA line.
Regarding how long it can go up, I'm quite cautious as there is potential that the price will go down. For this reason, I recommend always monitoring your assets 24 hours a day. But if it breaks through the near resistance, then you can hold it for much longer.
How to analyze the token? (using the analysis knowledge learned from professors’ courses)
I analyzed this token using technical analysis, namely with the help of the Bollinger band indicator and the Ichimoku cloud, which I observed with a 1-day timeframe.
From the screenshot above, we can conclude what is displayed by the Bollinger band indicator. it shows that the price has just oversold (candle penetrated the lower band) and is now reversing direction and we can use this momentum as a place to open entry positions. In addition, the MA 20 line of the Bollinger band indicator also shows that the candle is above the line which means an uptrend is in progress. Based on that information, I am confident to implement the purchase at this time.
Then, from what the Ichimoku cloud indicator shows, it can be seen that the price is below the cloud which means that the price is in a downtrend coupled with a narrower cloud indicating a saturated market condition. The Ichimoku indicator shows concern for us that we should wait a little longer for the candle to touch or even enter the cloud. In this case, I use the Ichimoku indicator as information that shows the direction of the trend. With the collaboration of the Bollinger Bands indicator, I am optimistic that the price will rise, but here I will not be trading in the short term and will continue to monitor the price movement.
Your plan to hold it for a long time or when to sell?
I bought it for 14,150 IDR (0.98 USD) with a purchase of 18,330 IDR (1.27 USD), and I got 1.29540636 ADA assets. in my plan will only hold in these 24 Hours and maybe less then. I am only optimistic in 24 hours because there is no strong signal to buy indicated by the Bollinger band indicator or the Ichimoku cloud indicator.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
For now, I still do not recommend people to buy. The reason is that the price of the ADA coin is a little worrying because of several signals from the Bollinger Band and Ichimoku Cloud indicators which indicate that the market is in a state of saturation.
However, that doesn't mean 100% I don't recommend you. You can try using some things like support and resistance analysis because I base my buying on seeing that the price may touch a higher resistance level.
Conclusion
Cardano tokens (ADA) are tokens with promising potential, they have shown very good development. The data shows that Cardano ranks -9th as the best coin. We can see many brilliant projects that they are running and this makes them one of the very important blockchain projects. You can make Cardano a long-term investment.
For day trading with this asset, we can use the help of more than one indicator and also the help of candle patterns. It's good for us to pay attention to the direction of movement as well as possible, you should not be in a hurry in using indicators, and you should confirm with the help of other indicators so that you can be more confident.