REPOST - WAVES/USDT - Trading Competition - Crypto Academy / S6t4 - Homework post for pelon53.

Hello professor @pelon53,

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Welcome to my second entry of this week’s trading competition. Today, I will be trading with another amazing coin. I do not want to waste your time let’s go straight to business.

Q1 : Name and introduction of the project token, and which exchange it can be traded on, project/team/technical background.

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For my second entry, I will be buying another asset which I believe is another investment opportunity for many traders and investors out there. The name of the coin is WAVES, most of you must have heard of it since it is not a shitcoin.

Waves project was fully launched in the year 2016 by a Ukrainian scientist by name Alexander Ivanov. Waves blockchain was built to try to improve on the blockchains that came before it as it was noticed that the blockchains weren’t scalable. So waves blockchain tries to solve this problem.

In addition to trying to solve that issue, waves blockchain also allows users to create decentralized applications and smart contracts and also a user friendly blockchain that can be easily used and accessible to anyone.

Waves users the proof of stake consensus algorithm which is far better choice when it comes to the consensus algorithm of BTC which is the proof of work. This helps increase the scalability of the blockchain. Instead of using high power computers to mine, and waste energy users will stake their WAVES token the one with the highest staked token stands the chance to validate and verify transactions. This saves a lot of energy.

During the WAVES initial coin offering (ICO), an amount which equivalence to 30,000 BTC was raised out of which a mammoth 85% of the token supply was given back to the buyers about 9% went to the developers in the team. Whiles 4% was sent to the partners of the project.

For every block that is successfully validated, the users is rewarded with 6 waves. Since it’s a decentralized blockchain, decisions are made by the users through votes with their waves token. And the one with the majority is agreed upon.

Team of the WAVES project

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The waves project Id makes up different people from all over the part of the world, they have ambassadors, developers and Executive team. Below is a table containing the team and the position they hold.

Name	Position Held
Orkhan Ahmadov	Azerbaijan Ambassador
Nelson Lopes	Portugal Ambassador
Matthew Lister	UK Ambassador
Ilya Smagin	Scala Developer
Phil Filippak	Lead Frontend Developer
Ivan Shmidt	Web Developer
Alexey Kofman	Project Manager
Evgeny Zaykov	Project Analyst
Sasha K	Communications Manager

Source

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According to the CoinMarket cap, WAVES is currently valued at US$51.4 price change in last 24hrs it + US$6.139, it has a market cap of US$5.54 Bn and a 24hr volume change of US$3.89 Bn. see screenshot below.

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WAVES, can be traded in almost every exchange we know like Binance, FTX, Houbi, Bitrex, gate.io, Coinbase, bitfinex, Upbit, proBit global and many more. See screenshot below.

Source

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Q2 : Why are you bullish on this token today and how long do you think it can rise?

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Particularly on this coin, I believe after having hit an all time high today, I believe that this coin will continue it uptrend /bullish trend for a while. Let’s look at it historical price statistics. See screenshot below,

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From the screenshot above, you see a great pump on the price of waves from the 20th March the closed at $32.4 and on the 29th March (within 9days) it’s price closed at $50.5. That is a significant increase of +$ 18.1. I did my technical analysis which I will talk about in the next section, we will still anticipate an uptrend. So we should still expect it to rise for about 24hrs or more.

Q3 : How to parse the token? (In this part you should preferably use the knowledge you have acquired in these weeks of learning at the academy, for example follow what I learned in my class or that of my teammate.)

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In this section, I will be using TradingView to perform my analysis, so the first thing I did is to launch my chart, set my time frame to 15mins (it is advisable to use smaller timeframes). I didn’t want to repeat the technical indicator I used in my last trade because in this academy we were taught a lot of indicators and this is my chance to try out most of them.

I added the Williams fractal indicator to the chart of WAVES/USDT. Williams fractal is an indicator that is very good at spotting buy and sell positions, it has two triangles (one pointing upward whiles one points down). The red triangle is the one that shows a buy signal whiles the green indicates a sell signal. So when I added it to the chart, I saw a red triangle meaning I should or can enter a buy trade there. However I didn’t want to base my decision on that alone

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I also noticed the market was ranging, and in a ranging market breakout can occur in the resistance (upward movement) or the support (downward movement). So I drew my support and resistance, I saw a breakout occurring at the resistance this means an uptrend is imminent so I can enter the buy trade there. So I placed my stop loss take profit setup there. With an entry price of 53.09, a stop loss at 49.67 take profit 58.3. Proof of my purchase of the asset in my Binance app is seen below

Screenshot From My Binance App

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Q4 : My Plan to hold it for a long time or When to Sell?

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After successfully breaking its ATH, I believe this asset is heading for more glory. Within 24hrs it has an increment of +$2.71. I believe that holding on to this asset is a very smart move and I plan to hold it for sometime and monitor it movement when I get the signal to sell I will sell it. But right now it’s best to hold it.

Q5 : Do you recommend everyone to buy? and the reasons for recommending/not recommending.

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Yes I would suggest that we buy this asset. This year it has been one of the top coins which are growing very well. We know that when the is a partnership with a certain company or financial institutions, the price of the asset tends to be bullish. Just recently WAVES announced their partnership with Allbridge I believe this is one of the reasons of their recent spike in prices. See screenshot below

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WAVES have been making so many changes to make their blockchain very modernized they have made introduced a new WAVES 2.0 protocol which will based on a newly improved consensus protocol called Practical proof of stake. So you see, this blockchain keep on being new partnerships and upgrades that will help sky rocket the price of the asset in the future. So I will advise we all buy this asset.

Conclusion

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In Today’s contest, I have successfully talked about WAVES project, the main reason why it was developed. which is to improve on the previous blockchains. By increasing its ability to carry out many transactions per second.

I also went ahead to talk about the consensus algorithm of the WAVES blockchain which is proof of stake however WAVES 2.0 uses the newly developed algorithm called practical proof of stake. WAVES can be exchanged in Binance, Houbi, Bittrex, Kraken and other popular exchanges that are available.

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