INTRODUCTION
Greetings Professors of the the Frontline team of the crypto competition. It is my pleasure to compete in this contest under your team for the 3rd week of the competition. It's been a wonderful experience trading and writing reports of the trades.
In this week of the competition, I have traded the CLV/USDT trading pair. The report of my trade is fully explained below.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
NAME AND INTRODUCTION OF TOKEN PROJECT
Clover Finance provides a base layer on which DeFi applications can run smoothly. Clover intends to lower the barrier to entry for upper-layer apps, support a gasless transaction layer to improve the user experience, and provide a diverse set of developer tools, ranging from identity-based scripting to built-in cross-chain interoperability.
Apart from the core layer, Clover Finance has created a number of cross-chain wallet implementations, ranging from desktop to mobile, that allow consumers to engage with DeFi applications through a variety of front ends.
Clover Finance is fueled by the native CLV utility coin, which also serves as platform gas. The ERC tokens used for gas will be liquidated on the market into CLV in its gasless transactions. CLV also functions as the platform's governance token, allowing users to participate in governance activities for a range of parameters.
According to Coinmarketcap CLV has a rank of 398 24hour trading volume of $66.07Million market capitalization of $90.958 Million, total supply of 1,000,000,000 and 128,777,778 in circulation. Since it came into the coin market, it has recorded a all time high, (ATH) value of $2.168 and a all time low, (ATL) value of $0.2787.
Some of the exchanges CLV can be traded are Binance, Huobi, Poloniex, Coinlist Pro, TokoCrypto, HotBit, CoinEx, KuCoin, OKX, HotCoin Global, Gate.io, etc. Some of the trading pairs of CLV are CLV/USDT, CLV/BTC, CLV/BUSD, CLV/BNB, CLV/EUR, and CLV/GBP.
Why are you optimistic about this token today, and how long do you think it can rise?
My optimism about the Clover Finance (CLV) token is is based on the importance of decentralized finance in the world today. With all the problems faced by DeFi platforms, if Clover Finance has provided a foundation upon which new and existing DeFi platforms can seamlessly run, it's token has a great future. This is because every fee of the platform is charged with native token CLV. This gives CLV the ability to rise and keep rising in the future.
Howwver, due to the unpredictable, volatile and fluating rate of cryptocurrencies it I cannot tell how long CLV token will rise but because of the importance of the Clover Finance platform provided for all DeFi coins, it has the potential to get to $10 within the next three years.
How to analyze the token? (using the analysis knowledge learned from professors’ courses) - the most important part.
The analysis of the token was done using the median Indicator. The median Indicator has a middle line that changes colour to either green or purple depending on the trend. When the market of an asset is in an uptrend, the middle line of the indicator turns green and when there is an downtrend, the middle line turns purple.
So I waited to see that the indicator was in an uptrend as the middle line turned green, I entered the market. Below is a screenshot of how I made an entry into the market.
Trade Details of CLV/USDT
| Exchange | Huobi Pro |
|---|---|
| Trade type | Spot trading |
| Buy entry | $0.3472 |
| Trading Volume | $50.27 |
| Take profit | $0.3600 |
| Stop loss | $0.3400 |
| Profit/Loss | +$1.30 |
Do you intend to keep it for a long time or when to sell it?
This trade was not made for the purpose of long time investment so, I do not plan to hold it. Because of the volatile nature of this token, I prefer to trade with it. I know very well do make better profit trading with it than holding.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
I have traded this token for some months and I know how it moves. Due to the general fall in the price of crypto assets, CLV has really fallen. The first time I saw it, it was in $0.8250. Now we can see that it has a big difference. When the prices of cryptos start going up non-stop, it is very possible CLV returns to its days of high. This will give huge profit to whoever buys it now.
Also the coin moves in a way that it does sharp movements capable of giving huge profits. If someone buys it and his able to set good take profit points using sell limit order, he will make reasonable money from it.
For these reasons, I recommend that steemians buy it for the purposes of trading and investment.
Anything other users want to share about the token/project.
CLV is an ERC-20 DeFi token. It has only ERC-20 address on Huobi but has ERC-20 and BEP20 on Binance.
CONCLUSION
Clover Finance is a DeFi token that is used to run the DApp of the DeFi platform that helps DeFi platforms from outside to interact seamlessly without issues. CLV is now a very popular token that is trading in major exchanges such as Binance, Houbi and KuCoin. It has a very high trading volume in all the above mentioned exchanges.