[APE/USDT] - Long Trade - Crypto Academy / S6T3- Team Trading Contest Post for Team Frontline
1. Introduction of the token and the exchange in which I am trading
The Bored Ape Yacht Club and related NFT Apes collections have been one of the most talked about topics of 2021, and the buzz isn't likely to fade in 2022.
Something the team hinted at a few months ago is that the creation of the native cryptocurrency i.e. ApeCoin (APE) has now become a reality. This has shocked the crypto and NFT communities, so what exactly is ApeCoin?
A. Brief About APE Coin
Ape Coin (APE) can be described as the original token presented by the Bored Ape Yacht Club. This token runs on the Ethereum blockchain platform with a total supply of 1 billion pieces.
Even though it was created by the NFT community, don't be misled and think APE is an NFT token. In reality, APE is a cryptocurrency aka the same crypto currency as Bitcoin (BTC). This means that APE tokens are fungible and have the same value.
APE can be likened to a token created "from the community, for the community". Because, the initial purpose of creating this token was for the Bored Ape & Mutant Ape Yacht Club (MAYC) community as a governance feature.
Ape Coin is built on Ethereum's ERC-20 token standard. This cryptocurrency is traded on some of the biggest exchanges, such as Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and so on.
The total supply of APE is set at 1 billion tokens and there is no ability to print further crypto tokens through its contract interface, and this supply should not increase. Moreover, the ability to burn is also not there, so the supply is also not reduced.
Stewarding APE coin is the foundation which is the base layer on which holders and DAOs can build an ecosystem, according to information from the official website.
The Foundation will facilitate decentralized, community-led governance and is designed to become more decentralized over time.
The Foundation is also in charge of managing the decisions of the ApeCoin DAO and is responsible for day-to-day administration, bookkeeping, project management and other tasks.
DAO itself, on the other hand, exists to give power to the community of APE holders. The Ape Improvement Proposal Process will allow DAO members to make decisions about Ecosystem Fund applications, projects, partnerships, and so on.
The DAO board will act as the board of the APE Foundation, and its members are tasked with overseeing the Foundation's administrators. The board's goal is to manage the DAO proposal and serve the vision of the community as a whole.
B. Where Can We Trade Ape
As I mentioned above, that Ape Coin can already be traded on leading exchange platforms such as Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and so on.
In this case, I will use the platform from binance to run my trades. I will choose Long trade because I see a potential upside in Ape Coin.
2. Why am I optimistic about this token today
C. Why Am I Optimistic About Ape
It is not difficult to explain why I am very optimistic about this coin, firstly it is a coin that will be managed directly by the community. Second, In 2021, The Bored Ape Yacht Club will become one of the biggest issues in the NFT field, so it is very likely that people will also be interested in buying and owning Ape Coin.
In addition, Ape Coin is also a new cryptocurrency but already has a place in the hearts of NFT investors, so it will not be difficult for Ape Coin to embrace the market. What's more, investors in the NFY Ape field are also very large and not random people. So it is very likely that they are trying to buy Ape Coin and hodl.
D. How Long Can it Rise
No one can predict that Ape Coin will rise, but according to my analysis, Ape Coin will grow rapidly this year. This means that there is a possibility that Ape Coin will continue to rise, but not directly. Because in the cryptocurrency market, we know there are uptrends, downtrends, and also sideways. So it is very likely that Ape Coin will also experience such things, but in essence I am very sure that the price will continue to climb up until it creates an all-time high.
3. Token Analysis
E. My Analysis
Since the market is in an uptrend, it is very easy to analyze this coin. I myself will only use the Fibonacci retracement analysis method. For that, take a look at the image below.
On the 2h or 1h time frame chart I see a double bottom pattern that has formed, for that, I have to know where to experience a pullback after falling for a while because it creates a new lowest high. For that, I will use the Fibonacci retracement to find out where the previous pullback is.
In the first and second waves, the pullback occurred at the 0.5 level of Fibonacci. For that I have to wait for a while to see the market movement. In order not to be at risk, I must remain patient and wait so that there are no entry errors on false signals.
After waiting for about two or three hours, I found that the Ape price had returned to a pullback after a slight decline. And in fact, the Ape coin's uptrend is very large, so the price has rebounded at the 0.382 level, which indicates a very strong trend.
I didn't want to waste time, so I immediately entered so I wouldn't be left behind. Now that we have experienced a pullback, we continue to be careful so as not to be trapped by false signals.
Then, I immediately did the entry. The details can be seen in the image above, which I executed on the Binance platform.
4. Do you intend to keep it for a long time or when to sell it?
Personally I have bought and hodl on a number of Ape bought. However, this time what I use is the long market. So I don't hodl at all on Ape coins.
5. Do you recommend everyone to buy or not?
I am so confident in this coin, I have great confidence that Ape Coin will continue to increase in price. Therefore, I'm not arguing that people should HODL Ape before it's too late. The price is also likely to rise in the future.
Therefore, I highly recommend people to make purchases of Ape coins. Because the community behind Ape Coin is not just anyone. They can even manipulate prices to keep going up because there are people who invest heavily.