MANA/USDT-SELL| S6T4 - Team Trading Post for Team- Frontlines
INTRODUCTION TO THE PROJECT
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The Decentralised platform was brought to light since 2015 but didn't lunch as the project was still in development, the project held an initial coin offering that ended on the 18th of August, and a total of 40% which was around 1.1billion mana up for ICO going for 1000 MANA being sold for 24USD raising over 24Million dollars, the token type was an Ethereum standard ERC-20 and the ICO was held in the Ethereum blockchain.
The Decentraland is an ethereum based Virtual web-based project which projects the real world and its activities into virtual reality,the platform was created by Ari Meilich and Esteban Ordano in 2017 but was not released to the general public until 2020 in Decentralised Autonomous organization which gave control to its users and managed by the Decentraland organization.
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The Decentraland was brought to light with two governing tokens LAND and MANA, the Land is a Non Fungible Token (NFT) in which the decntralized parcels (land) are split into,the LAND can only be acquired by burning the platofrm's second token MANA which is an ERC-20 standard token while the MANA token can be used in the platform to make purchases of in-game items such as wearables masks, hats e.t.c
The decentraland uses the Ethereum smart ledger to keep track of users property and every land in the metaverse is an ERC-721 Non fungible token, the Metaverse comprises of over 90,000parcels and each parcel carrying a unique NFT value with a size of 16m x 16m (256 square meters).
TOKENOMICS
The Decentraland governing token mana is currently ranked 32 among the world cryptocurrency with the current asset value currently at $2.78, the mana toke has a market cap of $5,106,918,570.68 and a fully diluted market cap of $6,085,981,339.31 with a 24hour traded volume of $487,252,524.66 and a market dominance of 0.24%. The highest value the mana has attained is 5.90$ while it has attained an all time low value of $0.007883. The mana token has a total supply of 2,193,719,227MANA and a current circulating supply of 1.84B MANA.
EXCHANGES WHERE MANA CAN BE PURCHASED
Why are you optimistic about this token today, and how long do you think it can rise?
The decentraland was created as a getaway place from reality, everyone every once in a while likes to just escape reality and what better place to do so than in a virtual world, the decentraland is growing on a daily basis as more and more individuals are discovering the platform, the virtual world platform currently has over 300,000 active users and is growing by the day
Activities like parties fashion show e.t.c are being organized on a daily basis and adventure all packed in the virtual world, when this platform hits the right or proper spotlight i believe it will grow even more in value.
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Activities like this have been seen to spike up the Platform's token value and with the new integration being introduced to the platform the token will grow a lot more so far the token is on a bullish run and as long as the platform continues being awesome the asset value will continue rising
HOW TO ANALYSE TOKEN
For this aspect i will be carrying out my technical analysis on this coin with the RSI-Median indicator strategy thought by professor @abdu.navi03 . As we know already the Median indicator is a trend based indicator and we will be using our RSI to confirm our entry but before that our first analysis would be to map out key level in our chart
In a 4 hr chart we could see multiple price rejection in the 2.2price level.
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Our strategy with the median indicator is quite easy we make buy entries when our indicators band turns green indicating an uptrend but only when our RSI is in the over sold region and vice versa for Sell entries while for sell entries we would do vice versa
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For our sell entry, in this case, our first entry signal was perceived from the RSI reading at the value of 87 indicating the market is overbought while our confirmation signal would be gotten from the median indicator.
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My sell entry was made at 2.83 with a leverage of 20X and a stop loss of and a take profit ratio of 1:1 each set to take profit at 20% or stop loss at 20%.
Your plan to hold it for a long time or when to sell?
For the purpose of this task, I will be buying this coin only for a short term period as we can see the analysis I made on the coin was purely done in a very short time frame of 5 minutes, if I had intentions of keeping the asset for long or making research or technical analysis for a coin I intend to keep for long I will most likely be doing it on a much longer timeframe
Analysis for a coin one intends to hold for a long time is ideally on a longer time frame like a daily chart or weekly chart so that one can get the scope and general view of how far down or up he is targeting to hold the coin for, In my case, i intend to trade this coin for-profit and sell-off after the trade target has been met.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Yes i belive the MANA token is a token that is yet to experience a strong bullish rise, the coin has seen a persistent rise in value but overtime i believe the metaverse will be every where and it would gain a significant spike in value, so yes if you are willing to HODL for a long duration then i would say this token will give you profit on a long run
CONCLUSION
Targetted profits are always best my trade closed at exactly 20% interest with a profit of 1.3$ and the trend continued in my favour but my tp was met, the crypto market is very volatile so i recommend always trade with a fixed profit and exit when its met, sometimes greed can overshadow one's perception and he will end up loosing profitable trades. Thanks to professor @abdu.navi03 for this effective strategy.