INTRODUCTION
Greetings Prof @reminiscence01, @nane15 and the other Professors in the academy. I also salute other steemians who have always been a part of the academy.
I am delighted to be part of the crypto trading competition once again this week. It is an opportunity to further showcase my understanding of the difference trading strategies and technical indicators thought by the professors. In this week of the academy, I shall be a part of the trading competition under team REMINANE. My trade in this post will be on STEEM/USDT trading pair.
The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.
STEEM Project TOKEN
STEEM is the official token of the steem blockchain and Steemit. The steem blockchain is an open source blockchain protocol for the storage and sharing of social information and tokens based on proof-of-brain. It is the fastest and most most used blockchain for transactions in the world today. The STEEM blockchain is the only one that can power applications that faces more than one user. This includes busy.org, d.tube, steemworld.com, steemit.com, steemscan.com, steemyy.com, dsound.audio, etc.
The steem blockchain provides the steemit platform for content curators where they can share idea of any subject while connecting with people from all over the world.
Steem has been listed in many exchanges such as I have listed below.
- Binance
- Huobi
- Bittrex
- KuCoin
- CoinEx
- ProBit Global
- WazirX
- RuDEX
- Roqqu
- Poloniex
- Upbit
- gate.io
- CoinDCX
- BKEX
- MEXC
According to coinmarket, the STEEM coin is ranked 324 and is currently trading at $0.3319. The information in the screenshots below are also given of the coin.
Why you are optimistic about this token today, and how long do you u wish it can rise.
MY OPTIMISM ABOUT STEEM
The Steem blockchain and Steemit platform is great one that cannot easily go into extinction. Day after day, many content creators get to know about the platform and become a part of it. This helps the steem coin to grow and to remain relevant in the cryptocurrency space.
The many activities done using the steemit platform and steem blockchain will uphold the coin daily.
Also, steem has been listed in the top exchange platforms like Binance, Huobi, KuCoin and the rest.
My optimism about steem also arises from the fact that the steem blockchain was integrated to Tron blockchain, one of the best blockchains we have in the world.
How to analyze the token? (This can technical analysis and trading strategies learned from professor's courses) - This section is very important.
I used two method of technical analysis to analyze this coin before I bought it. I used the stochastic oscillator and Bollinger Bands to analyze the coin.
Before my purchase, the price first became oversold on the Bollinger Bands and Stochastic oscillator. At the point I bought it, there has been a reversal of the downtrend. At the appearance of the second bullish candle, I made my entry into the market at the price of $0.3309.
My trade was made on the Houbi Global Exchange Platform. See the screenshot below.
I set my take profit using limit order at $0.3400 and my stop loss at $0.3265.
| Coin Name | Steem |
|---|---|
| Exchange | Huobi |
| Trade type | Spot trading |
| Trade Pair | STEEM/USDT |
| Trade Volume | 18.96USDT |
| Entry Price | $0.3309 |
| Stop loss | $0.3265 |
| Take Profit | $0.3400 |
| Profit/loss | -$0.26 |
After about 2hours, the price of steem kept going down until the stop loss was reached. So I sold out at a loss of -$0.26.
Your plan to hold it for a long time or when to sell.
I have steem in the form steem and Steem Power I am holding for the day steem will go very high than it has ever done before. This is will take some years but I am going to wait. This is because I believe in the project behind the Steem coin
Do you recommend everyone to buy this token? Give reasons for your answer.
I recommend Steem to any cryptocurrency lover interested in investing in a crypto to invest in steemit because it has very great potential to grow.
In September 2020 when I joined steemit, the price of Steem was $0.154,very insignificant, compared to other cryptos like Ethereum, DOT, Link, and ADA. I invested my time and energy on steemit gathering up STEEM everyday. In May 2021, the price of steem got high past the value of Dollar, $1.23. This is the highest I have experienced. During this high price, I could exchange my steem for a cool fiat currency that helped me settle some of my financial bills.
Today, the price of steem is low. I see this as an opportunity for crypto investors to invest because I know very soon, the price of Steem will be up again.
Any other thing you might want to share about this coin/token.
Steem can be gotten in major ways. On the steemit platform, it can be earned by producing good contents free of plagiarism. This content will be rewarded with Steem. It can also be earned by staking some steem as Steem Power which generates more steem to users of the steemit platform.
Aside from this, it can be bought on the exchanges that have been listed above and traded to generate more Dollars or fiat money as the price fluctuates.
The coin has so much liquidity in all the top exchanges and other exchanges. It is a good coin for investments and trading.