ADA/USDT Buy | S6T3 | Team Trading Contest Post for Reminane
Hello everyone, this is the third week of the steemit trading contest. And for me in my team, this is my fourth trade and in this trade I did an analysis on the ADA coin and I will be publishing the analysis here in this article.
The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
Introduction of the token and the Exchange in which it can be traded
Gerolamo Cardano was responsible for the development of the Cardano blockchain and that's the reason it was named after him. Cardano is one of the best cryptocurrencies at the moment and most people rate it very highly. This blockchain was launched in 2017 and came into existence to solve so many problems the old blockchains were facing. Some of the problems it helped in solving include security problems, scalability among others.
The native token of the Cardano blockchain is called ADA. The ADA coin is used to pay for the transaction fees within the Cardano blockchain and the project of this blockchain has been performing very well since its introduction in 2017. The ADA token has been on the rise in recent times and it goes to prove how promising the Cardano project is and how investing in this project could yield some profit in the near future.
The ADA token is one of the high ranked tokens on the CoinMarketCap and this is because the Cardano blockchain has a very solid project and this project is on the right track to greatness. Over the years, the ADA coin keeps rising and this is a signal that the Cardano blockchain is performing very well and it also gives hope for the future.
The ADA coin can be kept in wallets and also be traded in so many exchanges. Though not all the exchanges have the ADA coin, it can be found in the majority of the available exchanges because it is a very popular cryptocurrency. Some of the exchanges in which we can find ADA coin includes; Binance, Coinbase, Huobi pro, KuCoin etc.
Why are you optimistic on this token today and how long do you think it can rise?
Personally I am very optimistic that the ADA coin will keep rising as it has been doing since its development in 2017. The project of this token is so strong that I expect it to keep rising and this makes me have some faith in the rising of this coin.
The Cardano blockchain has a very low transaction fee. The speed of transaction within the blockchain is also very high and this is one of the reasons I am very optimistic about the coin.
The cardano blockchain has a very tight security as well and this helps to sustain the decentralized applications within the blockchain. The blockchain also has other systems and societies within it. The ADA coin can be staked within the blockchain as well and those with good stakes are rewarded with the ADA coin. The Cardano blockchain is one of the proof of stake blockchains we can find around.
lets look at the statistics of the ADA token according to the CoinMarketCap.
CoinMarketCap
CoinMarketCap
Looking at the screenshots above, we can see that the ADA coin has a market cap of $38,092,342,401.89 and a circulating supply of $33,725,668,029 ADA.
We can also see that the ADA coin is ranked #7 on the list of the coinmarketcap cryptocurrencies. The highest price the ADA coin has ever touched is $3.10 which happened on the 2nd of September 2021.
Trading the ADA token
In this section, I am going to use the candlesticks to do this analysis. I am using them because they are very clear and they reduce noise within the chart. And in confirming my trade position, I will be using three indicators in my analysis. The indicators I will be using in this section includes the EMA, Parabolic SAR indicator as well as the RSI indicator.
Screenshot from: Tradingview
Looking at the chart above, I marked the support and resistance levels first. We can see that the price touched the support level and retest. And in all previous situations, when the price touched the support level it retested and made a bullish trend. So in this case same was expected to happen after the retest. And also looking at the EMA, it is still above the price but we could see that it is moving below the price to signal an uptrend.
Screenshot from: Tradingview
Then after that I went on to add the Parabolic SAR indicator. This indicator gives it’s signals by forming dots on the chart either below or above the chart. We could see from the chart above that the dots were forming below the price which is an indication of a bullish trend. This goes on to confirm the signal given by the EMA and also the action of the price at the support level.
Screenshot from: Tradingview
Then finally, I went on to add the RSI indicator. We could see that the RSI indicator is moving towards the 30 region and that is signaling a bullish trend. This also confirms my entry position.
So after all these signals, I waited for on bullish candle to form then I placed my entry point as seen in the chart above.
After all these analysis, I went to the Huobi pro exchange to place my spot trade.
The details of the trade can be seen in the screenshot below.
Screenshot from:Huobi pro
The price was filled at an average price of $1.121764.
Your plan to hold for a long time or when to sell it?
The fundamental and technical analysis that I have made above justifies that the Cardano blockchain has a very good project and there are glimpses that this coin will make a significant rise in the future.
Due to this, I have decided that I will be holding this coin in my wallet and then anticipating that the coin will eventually make some rise and I will make some profit from that. I believe in this because the ADA coin has a relatively high market cap with a low circulating supply which signals that the demand in the market is very high. The high demand is also an indication that the coin will rise and I will make profit from that. Due to this I will hold the ADA coin and I believe I will make some profit from it.
I will also monitor the coin and if the opportunity rises, I will engage in scalp trade and utilize the short term profit in the market.
Do you recommend everyone to buy? Give reasons for recommending or not recommending.
For the same reason I decided to hold the token, I also recommend that everyone should hold the ADA token in their wallets due to these same reasons. The Cardano blockchain project is so strong that the ADA coin is likely to make a very huge rise in the near future. So I recommend this coin to everyone as they can make a lot of profit when they hold the ADA coin in their wallets.
However, I will also advise that anybody that wants to invest in this project should do their own research and analysis before investing in it. This will ensure that they get more knowledge on this coin and they can make the best available decisions that will aid in making some profit from the investment made.
Anything other users want to share about the token or project
The Cardano blockchain has several social media platforms where it sends information and updates on the blockchain for its users to get access to.
Screenshot from: Telegram
The above screenshot is the official Telegram channel of the Cardano blockchain. As we can see, any announcement on the blockchain is posted in this telegram channel for its users to be updated. The latest developments on the blockchain are also posted all this channel.
Screenshot from: Twitter
The above screenshot is the official Twitter handle of the the Cardano blockchain. Updates and information on the blockchain are posted on this handle for users of Twitter to access.
Cc:
@nane15