This is the repost of my previous post which has not curated.
I am going to take part in the trading contest and I have traded the LUNA/USDT token. This is my first trade and I am showing the details of trade below.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Terra Luna (LUNA) is basically a native token of the Terra platform. Terra is a blockchain platform which is open source. It is for coins which are stable algorithmically and are pegged against the traditional fiats and this platform allows users to trade its coins effectively.
The LUNA token as created by Terraform Labs which is a cryptocurrency developer founded in 2018 by two entrepreneurs Do Kwon and Daniel Shin who belonged to South Korea. The Terra blockchain on which luna operates was also created by Terraform.
Terra blockchain was created to temper the infamous volatile cryptocurrency assets. There are algorithms used by terra for generating cryptocurrency assets and there values are made stable by pegging them to the external coins like, gold or fiat. Luna was made mainly for the purpose of Governance and mining. It is used to pay network fees and to take part in governance votes.
In the year 2021, Luna was became one of the cryptocurrency of best performance cryptocurrencies. Also, after Ethereum, Luna has now became the second biggest smart contract platform.
In the above image, it is shown that that current price of Terra (Luna) is $87.31. This token also has a fast recovery as in the bear market, it went down to around $45 but in a little bullish market, it has recovered itself and reached at this price. It's rank is #7. The market Capitalization of Luna is $32,778,465,821. Its fully diluted market capitalization is $68,860,660,677. In 24H, it has traded a volume of $5,271,736,778 and the circulating supply of this token is 375,447,508. 17 LUNA.
LUNA can be traded on various exchanges and some of the exchanges where it is listed are Binance, Huobi, Bitfinex and Upbit. Here, it can be traded against stablecoins and fiat currency.
Why are you optimistic about this token today, and how long do you think it can rise?
Actually I am optimistic about the token because of its statistics which i have already mentioned. This token is used for paying network fees and also in governance votes and this token is growing much fast in recent days. Recently, it has made an all time high of 94$ and now it is trading at 87$. It is also in the top 10 cryptocurrencies.
In recent days, the price of luna has recovered much faster than other cryptocurrencies because it is triggered by investors who are buying Luna. The analysis that I have done for this token made me to become optimistic about it and it think it will rise much in some days.
How to analyze the token?
I am going to trade Luna token on Huobi Exchange as I am trading in huobi pro exchange for some months. I have first analysed this token and then I will trade.
I have provided an image in which I have analysed chart of Lunausdt. Here, I have found a support level and resistance level and I can predict that Luna price will definitely touch that resistance level and after that, It can make a reversal. So, That resistance level will be my take profit level.
I have also take help from Moving Average Indicator. You can see that Moving Average Indicator lies below the price which also tells us that price will move upward. Hence, I have opened my trade at that entry point.
I have bought Luna coin at the price of $90.5 and as from the chart, My take profit level is at $99. So, I have set a sell order at $99. .
Your plan to hold it for a long time or when to sell?
The Luna token is very useful in paying network fees and mining. Also, the year 2022 has became positive for LUNA and it is increased its price in a faster way. I think this project will continue to make bullish movement in in this year and at the end of year or in 2023, it will exceed its another all time high.
The project is definitely good for long term investment and it can gives huge return if I hold for long. That's why I am going to hold it for long term untill it make its new all time high.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
This token is very strong it is has very trend in recent days. The project has also performed good in past days and it is good for those who want to hold for long.
If traders want to hold for short term, this can also a good option because its price increases faster in short time but they should do a profer analysis before going in trade.
Thank You.
Cc----
@abdu.navi03
Hello prof. @abdu.navi03. Please go through my post as I have got marks but still it has not voted.
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