ATOM/USDT-SELL| S6T4 - Team Trading Post for Team- Frontlines
Hello everyone and a warm welcome to all fellow steemians to the season 6 week 3 of the steemit crypto academy trading contest.
INTRODUCTION TO COSMOS
The Cosmos blockchain can be described as a decentralized blockchain created to connect multiple blockchains together, the blockchain comprises many other blockchains with its main aim to make blockchains interoperable through the Inter Blockchains communication Protocol.
The idea of the "internet of blockchains" Cosmos was first brought to light at about 2016 when its whitepaper was initially released, this concept was brought about by Jae Kwon, Zarko Milosevic, and Ethan Buchman. A year later in 2017 the idea was sprouted and fundraising token sale was carried out to help project initiate, the cosmos blockchain has its native governing token to be the Atom token
The Cosmos blockchain can be described as a layer 0 blockchain as it lays down ground work for Layer one blockchain and is also be seen to be a blockchain 3.0, the blockchain has two main feats Hubs and Zones, Zones are regarded to as normal applications specific blockchain and each zone is connected to a hub while Hubs are Interoperable, Hubs are connected to one another and Hubs are responsible for the interoperability of the cosmos blockchain, Zones are regular blockchain connected to hubs while Hubs are connected to other hubs relating multiple hubs to each other bringing about interoperability, some of the chains connected to the Cosmos hub include
- Polygon
- Clover
- Eos e.tc
The blockchain currently has over 260 connected chains across its platform that are interoperable
The Native token of the Cosmos blockchain Atom can be used in the blockchain to perform transaction with very low transaction fee and can be staked in the blockchain to earn passively, the native token can also be used in the blockchain to participate in the blockchain governance.
TOKENOMIC
The atom token is currently ranked among the world crypto rank at #22 with it current price value at 28.65 dollars, the atom token has a 24hours trading volume of $673,061,730.76 and a market cap of $8,174,842,728.36. The Atom token has seen its all time high in Sep 20, 2021 at $44.70 and its all time low at $1.13 in Mar 13, 2020, there is a current circulating supply of 286,370,297 ATOM with no precise data figure of the token's total supply.
WHERE TO PURCHASE ATOM
The atom token can be purchased from the following Exchanges screenshoted below
Why are you optimistic about this token today, and how long do you think it can rise?
The cosmos blockchain is otherwise referred to as the internet of blockchains, it offers a bridge between different blockchains and I believe in due time almost all blockchains will be able to directly communicate with each other and COSMOS will be a forerunner in making that happen, with this in mind i believe the token will be adopted by many other blockchains and the asset will experience an exponential rise in value.
Although I will be making a short entry on the asset cause of the signal perceived during my technical analysis
ANALYSIS
For my sell entry signal i will notably be making my entry with the Help of the Median indicator and RSI combination.
The conditions attached to this strategy are pretty straight forward our buy entry is perceived when our RSI is in the oversold region and a green coloration appears on our median indicator, the same goes for our sell signal we only enter sell orders when our RSI is in the overbought region and the appearance of RED coloration is seen in our median indicator.
From the screenshot above we can see that our first sell entry signal has been perceived but to make our entry we would have to wait for a confirmation from our median indicator
After our sell entry confirmation signal was perceived we made a quick market entry with a take profit to stop loss ratio of 1:1, i set my take profit at 20% which was met shortly after my position was opened.
My TP was met shortly after and the trade closed.
Your plan to hold it for a long time or when to sell?
The Technical analysis performed on this coin was done in a short time frame which suggests that I will not be holding this coin for a very long period or duration. The coin was initially traded just to attain profit and close trade. Although the coin trend was in my favor I had to close with intended profit and exit the trade
WOULD YOU RECOMMEND THIS COIN
I don't think I would recommend this coin for anyone major reason is that i didn't do a long term technical analysis to determine if the coin will on a long run be a very beneficial coin in the end, I would strongly recommend do your own research and see if the coin will suit your purpose for purchase overall its a safe coin but in term of profit i would not say buy or don't simply DYOR
CONCLUSION
Like I keep emphasizing fixed or targetted profit are a very important aspect of our trading we are not giving enough credit to, the need to have a fixed profit helps a trader have a goal when trading which when met can help avoid the issue of greed. Thanks to professor @abdu.navi03 for this very effective trading strategy