SHIBUSDT - BUY - | Steemit Crypto Academy | S6W4 - Team Trading Contest Post for Team Frontline | by @benjamin09
The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
The SHIBA token is a crypto meme currency that was created in August 2020 to try to recreate the success of the former meme token DOGECOIN. Being a meme token, people were already interested in investing in this token because it had as its mascot, a very likeable dog by the name SHIBA INU.
Due to this token's likeable qualities, it soon started on its journey to become one of the most successful crypto currencies in the world. It has grown so much since its creation in 2020 to even reach its all time high $0.00008845 which was just a few months ago. So, we can see that the price of the SHIBA token is forever on the rise. More analysis can be seen below.
From the above screenshot, we can see that being a very popular cryptocurrency, the SHIBA token is traded on nearly all exchange platforms such as Binance, Poloniex, KuCoin etc. From the above table, we can also see that the SHIBA token is being traded on these exchange platforms in pairs with other currencies such USDT, USD, BUSD, TRY etc.
From the above, we can get:
- Price - $0.00002767
- Rank - 15
- Market Cap - $15,099,306,133
- Fully Diluted Market Cap - $16,425,962,470
- 24H Volume - $1,654,944,480
- Circulating Supply - 549,063.28B SHIB
- Max Supply/Total Supply - 589,735,030,408,323
Why are you bullish on this token today and how long do you think it can rise?
From the above information, we can see that, the price of SHIBUSDT has been on the rise recently creating new highs daily. Also, the growth and success of the SHIBA token speaks for itself with its very high rate of Return On Investment(ROI).
Technical Analysis
So for this technical analysis, I will be using the volume and RSI indicators and also the price action technique of resistance and support lines.
From the above chart, we can see that the price broke the resistance which was drawn making it into the support line for this bullish movement. Then as expected, there was a retracement as the price came back and bounced off the now support line and started moving upwards. At this point, I checked the RSI to see it above 50 which is the bullish zone. The volume had also being spiking too. I decided to enter a bullish trade at this juncture.
The take profit is placed at the previous high and the stop loss is placed below the support line incase of any unpredicted action in order to have a good risk management strategy. This makes the risk:reward ratio to be 1:1.5.
Binance mobile app
We can see the transaction details of the trade which was placed using my Binance Futures account.
Your plan to keep it for a long time or when to sell it?
Binance mobile app
I don't plan to hold this trade for long. It is for this reason why I have set exit positions for the 2 scenarios. The stop loss has been set at a price of $0.00002737 in case the bears take over the market. And the take profit has been to $0.00002865 in case the prediction is correct. This trade was placed at a margin of $3.65 with a leverage of 20x such that my trading capital is safe incase of any false prediction. The stop loss is placed such that in case of losses, the estimated loss will be $1.65.
Do you recommend everyone to buy? Give reasons for recommending or not recommending
The SHIBA inu token being a meme token, has been seen to be on the rise lately, and due to its fondness, people have started investing in it. This has increased the volume as well as the price which has been seen creating a market structure of higher-highs and higher-lows. From this, I can recommend traders to look for entry positions and place their buy orders for this token.
Conclusion.
Implementing the lessons taught from the lesson has lead me to place this SHIBUSDT trade with proper risk management such that in case of losses, my trading capital will still be safe.
Thank you for reading.
@abdu.navi03
@shemul21