Introduction

Greetings, fellow steemians! I'm delighted to be a part of such a wonderful tournament. For this week's challenge, I'll be joining Team Investors, which is led by teacher @pelon53. My fourth entry will be about the Algorand (ALGO) project. So let's get started.

• The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc

Algorand is a decentralized self-sustaining blockchain that was founded five years ago (2017) by Silvio Micali, a brilliant computer professor. It obtained its mainnet in 2019 after its token (ALGO token) was officially launched and could be traded across several exchanges. It's a decentralized blockchain that's built on top of a network that helps a lot of Blockchain applications.

The goal of the Algorand blockchain is to make transactions exceedingly quick and efficient, as opposed to the sluggish and inefficient early transactions found in Bitcoin and other blockchain . One of the features that distinguishes the Algorand blockchain from other blockchain is the high level of security, flexibility, and scalability it provides to its users. It usually contributes to the development of trust within a Blockchain by enhancing its processing performance.

Algo is the algorand blockchain's native token, which was launched in 2019 with an initial price of $2.4 and reached an all-time high of $3.28 after 21 days. It was created to aid in the improvement of scalability without sacrificing decentralization, which was also a goal. Its acts as a pure proof-of-state system, with validators chosen as they stake their ALGO token in the Blockchain. Since it was built and designed to work as a payment processor when users stake or carry out transactions, the Algorand blockchain has served as a payment processor for its users.

Algorand Creator

Silvio Micali is an Italian computer scientist and the founder of Algorand. He is a professor at the Massachusetts Institute of Technology.

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The Algorand token has been listed on numerous exchanges, including Binance,coinbase, kucoin, gate.io etc. The following is information about Algo that was obtained from coinmarketcap.

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Price: $0.9478

Rank: #28

Marketcap: $6,291,726,287

Volume: $276,407,379

Volume/Marketcap: 0.04437

Circulating Supply: 6.64B ALGO

• Why am I optimistic on this token today

This token is used for staking, in which users can be selected as block validators, and its blockchain also acts as a non-custodial wallet, in which users can be rewarded at any time when a new blockchain is created, making this token a good token for long-term investors. I observed on my technical analysis chart that the currency just experience an uptrend for some time, which is true of practically all crypto assets. The median and RSI indicators were employed in this study. The median indicator is a trend-based, trend-catching indicator. It can be used to predict market direction and volatility to some extent. Simply put, it displays the median value of the chart's high and low points during a specified time period. This is accomplished by the use of ATR (Average True Range). It's a thick median line that works as a moving average and changes color based on whether the market is in a bear or bull market. Actually, When the median line crosses the same-length EMA, the green band appears, whereas the purple band appears when the median line crosses the same-length EMA.

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I also study market with using another time frame (15mins)

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• Analysis of the Token

The Indicator was taught in the academy before now, as evidenced by the thick median line that works as a moving average and is colored purple or green depending on whether the market is in a bear or bull market. When the median line crosses the same-length EMA, the green band appears, whereas the purple band appears when the median line crosses the same-length EMA. I saw that the market has been in an uptrend using a 5min and 15min time frame and it's about to experience a downtrend

I spotted the RSI indicator at the overbought zone which is always follow by a downtrend , and that the price has crossed resistance a few times and the median indicator was showing a spike in the price with confirmation from RSI indicator( I also spotted a purple band) , I placed a sell trade with a 2:1 profit to loss margin and RSI indicator was in a downtrend So I entered a sell trade at 0.9331 and set my take profit at 0.9210 and my stop loss at 0.9386

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The image below shows my orders carried out on binance exchange. So I entered a sell trade at

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After some time I discovered the market hit set my take profit at 0.9210 with profit of $0.16482000

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Trade Info

Parameters	info
Entry	0.9331
Take Profit	0.9210
Stop Loss	0.9386
Ratio	1:2
Profit Made	$0.16482000

• Your plan to keep it for a long time or when to sell it?

Because of the market's volatility and I am a scalp trader, I do not intend to hold this token for long. cryptocurrency is currently not stable, but I had to place a sell order due to the advantage I had when I joined the market because it was in a temporary overbought zone. This is why I don't intended to keep it for an extended period of time.

• Do you recommend everyone to buy? Give reasons for recommending or not recommending

Because of the market's volatility, I will not advise anyone to buy it for now. However, this is not financial advice; rather, it is a recommendation that you conduct your own study and analysis before entering the market to purchase this currency if you like .

My advice to everyone is to always conduct your own research and perform a technical analysis before getting into any trade, and make sure you always consider your risk management criteria before placing any order by including a proper stoploss to prevent loss of fund.

Conclusion

In this assignment I was able to trade ALGO/USDT for the on binance future market and also analyze the ALGO token. Like I said The goal of the Algorand blockchain is to make transactions exceedingly quick and efficient, as opposed to the sluggish and inefficient early transactions found in Bitcoin and other blockchain and also algo can serve as a payment medium for its users.

Am Thankful professor Professor @pelon53 for this wonderful lecture and also time.

Cc:
@pelon53