[SHIB/DOGE BUY]-Steemit Crypto Academy | S6W1 | Team Trading Contest Post for Crypto-Empires

I'm excited to join this team Crypto Empire for week 1 of the Team Trading Contests. My regards to the leaders and professors of this team Professor @reddileep and Professor @abdu.navi02

SHIB/USD PAIR

I will be trading with the SHIBUSD pair. Shiba Inu is an Etherium-based altcoin which is known to be an alternating coin to the Dogecoin. It was named after a Japanese dog breed named Shiba Inu. Shiba was created and hosted on the Ethereum blockchain because Its already secured and already established allowing the project to be decentralized. It is said to replace dogecoin in the crypto market although both coins are meme coins. Dogecoin was created in the year 2013 in December while Shiba Inu was created in August 2020 by an unknow individuals or group of people called Rhoshi. Shiba Inu is been able to be traded on Binance, KuCoin, Coinbase, Uniswap as well as their official website through shibaswap.

2020 and 2021 have been a good year for the Shiba coin even though cryptocurrencies have been a roller-coaster for the said years. The initial stage of the coin had no value which in no time the coin started to gain attention worldwide and the reason for its recognition was based on two primary reasons;

1. Elon Musk who is the founder of Tesla tweeted how interested he was to own a Shiba pup. This got the attention of the public since he has millions of follower all around the world.

2. Shiba price fell up to 40% after Vitalik Buterin, the founder of the Ethereum Blockchain donated 50 trillion Shiba Inu coins to India Covid Relief Fund.

According to CoinPage.com an anonymous Etherium whale has purchase an additional 47 bullion shiba token with an already existing $100 million worth of shiba tokens. It said to be one of the largest holding investors of the token. This is one of the main reason i choose to trade with this coin. This news will get to more traders and just like me more traders will try to get hold of $SHIBA to take advantage of the market through their fundamental analysis.

_{Screenshot from CoinMarketCap}

Token	SHIBA Inu
Price	$0.00002423
Rank	11 on Binance
Market Volume	$1,843,677,336
Market cap.	$13,277,146,470
Circulating Supply	549,063.28B SHIB
Maximum Supply	589,735,030,408,323

In as much the low value of the token, it has a good rank on so many exchanges. It is 11th on Binance, 7th on Coinase, 5th on Huobi Global and so many other exchanges. This shows how well the token is doing in the crypto space. To look at the circulating supply as well, it has a quite good one with about 549,063.28B SHIB. This statistics shows the coin is making progress as the years goes by.

TECHNICAL ANALYSIS


_{Screenshot from TradingView}

From the screenshot above I used the combination of Relative strength Index and Ichimoku Cloud to make my analysis.

From the RSI indicator, the price is around 35 with the potential of moving downtrend. This is the reason i placed my stop loss just below the support level incase the price go deep into bearish even though i don't have much trust with the indicator. It usually shows a lot of false signals which makes it hard to detect a true signal. That's the reason i added the Ichimoku Indicator to filter the false signals

The Cloud of Ichimoku starts to increase in size which indicates that the volume of Shiba starts to increase in the market which then tends to rise the price in the market. The cloud also serve as resistance of the price so therefore the reason i place my takeout profit below the cloud. Has the possibility to reject the price back into downtrend.

I intend to hold the coin for days to check it's movement. I'm confident even if the price doesn't break the cloud into uptrend but then at least it reaches the cloud for my takeout profit to be executed. The ration of profit to loss in this trade is 3:1. This is because i didn't wanna take too much risk.

I would personally recommend anyone who has the ability to HODL this token. The reason is its popularity. People only purchase goods if they only know about it. The larger the number of people hear about it the more people tend to hodl it.

_{Screenshot from Binance}

I purchased $9.56 worth of $SHIBA which gave me 391,122 SHIBA at the price of 0.00002441. My takeout profit is set at 0.00002769 and stop loss at 0.00002327

This is the trade of the day, see you the next day...