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 @kouba01 and professor @fredquantum with the theme "Trading Competition By Fredquantum-Kouba01 Traders Team ”.
we will discuss it through the homework below:
Name and introduction of project tokens, and which exchanges can be traded, project/technical/team background, etc.
Ontology Gas
The Ontology blockchain is a high-speed, low-cost public blockchain that provides a decentralized identity and data solution to WEB3. Ontology can improve privacy, transparency and trust for investors.A layer 2 blockchain designed to build and deliver blockchain-based solutions that in accordance with what is needed by the user and also ensures compliance with existing regulations. Through the Ethereum Virtual Machine (EVM), ontology can ensure compatibility without being involved with Ethereum, this step is a step in the creation of a Multi Virtual Ontology machine.
Based on data obtained from coinmarketcap, the Ontology (ONG) coin is ranked 198th as the best coin, with a current price of $0.8416. The market cap is $254,523,449.25. The circulating supply of coins is 304,060,227 ONG out of a total supply of 1,000,000,000 ONG.
With Ontology's current position in the top 198 of the best coins, it is certain that Ontology's presence in the market can increase the competition in the ranks of the best coins and can be counted on and they have an influence on the crypto market.
ONT ID
ONT ID aims to protect user identities and data without repeated supervision and maintenance. ONT ID can prevent criminals from hijacking user identities or accessing users' personal information, so with ONT ID, users can find out who can access, and use data and the user's identity.
ONTO Wallet
With this ONTO Wallet, user data are fully protected by encryption and controlled 100% by the user himself.
which exchanges can be traded
Today, Ontology GAS (ONG) assets are widely traded on leading exchange platforms
- Upbit
- Gate.io
- Binance, etc.
Why are you optimistic about this token today, and how long do you think it could last?
As I mentioned earlier, that With Ontology's current position which is likely to rise to the ranks of the best coins, it can be ascertained that Ontology's presence in the market is very calculated and they have an influence on the crypto market and I am quite optimistic about that.
In addition, the ONG coin also shows an Up Trend movement on the 4H timeframe. I am optimistic about this token because the chart conditions show that the candle has touched the 90 EMA line and indicates that it will continue its Up Trend so that the coin has a high chance of continuing to rise.
In addition, on the 4H timeframe it also shows that when the candle touches the 35 EMA, the candle is seen reversing again so there is a potential for the coin to continue to rise. Visually, I am optimistic that the ONG coin which has not broken through the 35 EMA line will continue its uptrend.
Regarding how long it can go up, I see there is a possibility of going up in the next hour because no candle has broken the 90 EMA line. To maintain money management I recommend always watching your assets in this 24 hours. But if the candle doesn't break through the EMA line, then you can hold it any longer.
How to analyze tokens? (Using the analytical knowledge learned from the professor's course)
I analyzed this token using technical analysis, namely with the help of EXPONENTIAL MOVING AVERAGE and RSI, I observed with a 1 hour timeframe.
From the screenshot above, we can draw a conclusion from what the EMA line is showing. It shows that the price has touched the 90 EMA and is now reversing direction and we can use this momentum as a place to open an entry position. In addition, the EMA 35 line 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 RSI indicator shows, it shows that the RSI line is heading to the overbought area and this indicates a very good time to buy. With the collaboration of these two indicators, it is confirmed that the market is in a bullish trend and this is the right time for entry buys.
Do you plan to hold it for a long time or when to sell it?
In buying it at a price of 12,500 IDR (0.87 USD) with a purchase of 9,944 IDR (0.69 USD), and I got an asset of 0.79552000 ONG. In my plan I would only prioritize keeping it within 24 hours. However, if the chart continues to show an uptrend, I may hold it for a bit longer. For a clear and safe profit, it is better to sell in the near future.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
For now, I still recommend people to buy. The reason is because Ontology's asset movement are very good and both indicators are showing buy signals. However, for tomorrow I do not dare to recommend unless the charts and indicators remain supportive. I'm not completely instinctive in trading, but rather referring to the signals given by my mainstay indicator.
In addition, you can try using things like Fibonacci analysis or with chart patterns, because with that you can base your purchases because you see that the price can give a signal to sell the assets you own.
Conclusion.
Ontology Gas (ONG) is a token with promising potential, they have shown very good development. The data show that Ontology is in high demand by traders. We can see many projects developed by them and this makes them one of the very important blockchain projects. You can make Ontology 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.