CELO/USDT Buy - Steemit Crypto Academy - S6T2 - Team Trading Contest Post for Team-Frontline
Hello fellow steemians, this is first trade in this famous trading competition and I’m very happy to take part of it. I have made an analysis of the CELO token and I will making a spot trade of this token. The analysis and relevant information on this token will be discussed below.
Introducing the token and the exchange used to trade it.
CELO is a token that is used in the CGLD platform as a governance as well as utility token. The CGLD platform makes the CELO token and other tokens easy to use even without a crypto wallet. Users on this platform can use a mobile phone in carrying out transactions on this platform.
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This CELO token can be traded on big exchanges such a Binance, Bittrex and Coinbase pro. It can be traded with some fiat currencies, stablecoins and also traded for different Cryptocurrencies.
In this work I’m going to trade the CELO token on the Huobi pro exchange because this is the exchange I’m very familiar with and I have used it for a long time for my trading activities.
Why are you optimistic about this token today, and how long do you think it can rise?
I’m very optimistic about this token because the CGLD platform makes it very simple for users even with the use of a simple mobile phone. The mobile can be used to send, receive the token and also perform other transactions.
I like this token because in recent times it has displayed some signs of making a huge rise and I’m very confident of it rising in the near future. I will be making a statistical analysis of the data of this token below.
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Looking at the screenshots above, we can see that the the market cap of the CELO token is $1,168,975,761.09 and the coin is currently ranked at #74 on coinmarketcap.
The CELO token has a circulating supply of 427,388,610 and this is an indication that it has a good future. The token also has an all time high of $10.66 which happened 6 years ago.
How to analyze the token?
For me to be able to read the chart clearly, I decided to use the Heikin Ashi Candles because they reduce the noise in the chart. For me to make quality analysis, I have use some indicators with the chart. Here I decided to use three different indicators. The Indicators are RSI indicator, EMA indicator and Parabolic Sar. We have discussed much about these indicators in previous lessons delivered by various professors so I will go ahead to apply them on the chart.
I decided on doing scalp trade here. Due to this I used a short time frame for the first part of analysis and then market a very strong support level as seen in the chart below.
I then moved to add the parabolic Sar indicator to the chart. It was clear that the dots were below the price which shows a sign of a bullish trend.
Then finally I decided to add the RSI indicator and we could see that the RSI was moving upward and that confirms my entry point. This can be seen on the chart below.
I then went to Huobi pro to place my order with spot trade. I placed an order at $8.34 and at an average price of $2.63. The details are displayed below.
Plan to hold it for a long time or when to sell
Based on the research I made on this token, I have realized that it has a very good project and I will like to hold some of these coin in my portfolio so I can benefit from it's rise in the future. So in sort I will hold the CELO token for a long term.
I will also keep monitoring the short term progress of the CELO coin and I will engage in scalp trade when I identify any opportunities. This will help me benefit from the short term scalp trade and then also hope to make profit from the long term investment I made.
Do you recommend everyone to buy? and the reasons for this recommending/not recommending.
From my personal point of view, I will recommend that everyone should invest in the CELO token because the token has a very solid foundation and the project of the token seems to have a very bright future. So interested people can trust this project and invest in the CELO token.
However, as the general rule in crypto invested depicts, it is advisable for all traders to do their personal research on this token before investing in it. This might help you discover new things I might not be aware of as we all know that nobody is perfect.
Anything other users want to share about the token/project.
Users who want to know more about the CELO token can visit the social media handles of this platform to find more information and also new updates on the token as time goes on.
The Twitter account of the CELO token can be seen above. More information can be seen on this handle.