THETA/USDT(Short entry)-Steemit Crypto Academy | S6T3 | Team Trading Contest Post for Reminane
Hello everyone and a warm welcome to all fellow steemians to the season 6 week 3 of the steemit crypto academy trading contest.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Why are you optimistic about this token today, and how long do you think it can rise?
How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- an important part
Your plan to hold it for a long time or when to sell?
Do you recommend everyone to buy? and the reasons for recommending/not recommending
Anything other users want to share about the token/project.
1: The name and introduction of the project token, which exchange can be traded on, project/technical/team background, etc.
For my first entry to the trading contest for team #reminanes6t3 , I will be making my entry on the Theta token.
Source
The Thetan network is a new decentralized blockchain video streaming network whose primary focus is to bring about an alternative to the normal centralized streaming platforms we already have by allowing users to share resources via Peer to Peer networks, the thetan network uses the Thetan token as an incentive to both reward and encourages its users to share their available bandwidth and memory to the platform acting as nodes and video cache for more efficient performance.
Thetan network was founded by both Jieyi Long and Mitch Liu in 2018 and was initially operated as an ERC-20 token back when it first launched, the platform went on in 2019 and mainnet its own blockchain,
Thetan and Theta fuel are the two governing tokens of the thetan network currently valued at 2.88USD and a total supply of one billion thetan tokens and a market cap of $2,933,055,681 while the Fuel is currently valued at 0.166$ with a market cap of $883,032,542 with a total supply of 5.03Billion.
The coin Theta token can be purchased In very many exchanges some of the top ones include Gate, Binance e.tc screenshot of other exchanges is given below.
2:Why are you optimistic about this token today, and how long do you think it can rise?
The Thetan has recently made a collaboration with Samsung and is releasing assets via thetan blockchain to new users who preorder their new phone, and the blockchain is currently working towards launching 3.0 where their users can stake and burn their assets all this progress and integration are contributing factors to why I believe in a very long run in the next few months the assets will experience an exponential increase in the asset's value.
Although the asset is currently not in an uptrend when observed from a daily chart, we can spot a lot of potential buyers and sell entry positions in the daily chart.
3:How to analyze the token?
For my analysis, I will be making use of Professor @nane15 Course season 6 week 3 course where she taught us how to identify potential buy and sell positions using the rebound and breakout analysis strategy.
The rebound and break is a technical analysis trading strategy to spot potential buy and sell entries in a market and positions where a market is most likely to reverse/pullback or continue. Our first step in applying this strategy would be to identify our support and resistance level,
We will make our long entry after a reaction with our resistance line is observed since we are going to make a short entry.My sell order limit was executed at 2.2370 and my profit was taking at 2.9266 with a profit of 4.44% and a leverage of 10X
4: Your plan to hold it for a long time or when to sell?
Bieng an intraday day trader and from the chart time frame and my technical analysis pattern, i would not be keeping the token for long, i am simply going to make my trade cart my profit and move on to the next coin with good potential for a profitable entry and exit.
Under different circumstances, if i was doing analysis for coins to HODL for a while and sell for profit the Thetan token would be one of them as the asset has a lot of potential for a possible significant rise but right now i have no intentions of keeping the asset.
5: Do you recommend everyone to buy? and the reasons for recommending/not recommending
In the crypto world i am a big believer in carrying out your own individual analysis and see if the asset is suitable for you to buy individually. The asset might be a suitable investment for me depending on my position and it may not be for you cause you are looking to make a profit ASAP or for other reasons.
So personally i wouldn't recommend anyone to buy any asset cause we all are buying for different individual reasons.The reason i am buying my token my serve me on a long run while you might not find it favorable so in a nutshell the token is good but carry out your analysis to determine if you want to buy it or no
CONLUSION
If we observe the current price of the coin it is currently at 3.039$ that's why it is of utmost importance to monitor our chart and take profit accordingly if we are not setting a stop loss or take profit, like in my case i entered my trade within the support and resistance zone, entered a short order at my resistance level and exited at my support level, In conclusion always have a fixed target for take profit and avoid greed so you don't get stomped out or liquidated
cc: nane15