XMR/USDT Short - Crypto Academy / S6T2- Team Trading Contest Post for Reminane
Introduction of the token and the exchange in which I am trading
This time I will explain about Monero which is one of the altcoins. Monero is a virtual currency born in 2014 and has excellent privacy and anonymity protection performance.
Monero is a highly anonymous cryptocurrency and has excellent privacy protections for the parties involved in the transactions. Monero users can hide their identity and even hide the amount of money sent by third parties other than those designated.
Moreover, based on its performance evaluation, it has a market cap of approximately $3,181,843,146 as of March 2022, and is ranked 43rd in the market cap ranking, making it very popular and in demand.
On the other hand, Monero can be fully mined even with PCs with general specifications like home PCs. If a high specification PC is operated for a long time, a large electricity bill will be required and it will be necessary to keep cooling the heat generated from the PC, so it is necessary to invest funds to secure the installation. environment and maintain equipment. But with monero we can use a PC with standard specifications.
Monero also has excellent delivery speeds. For example, in the case of Bitcoin, it takes about 10 minutes to transfer btc. In the case of Monero, it is possible to send XMR in about 2 minutes.
| Symbol | XMR |
|---|---|
| Price Now | $176.43 |
| Market Cap | $3,181,843,146 |
| Max Supply | - |
| Circulating Supply | 18,087,107.32 XMR |
| Rank | 43th place |
| Developer | Nicolas van Saberhagen |
| Official Site | Monero Site |
| Official Whitepaper | Whitepaper XMR |
To trade this coin, we can use several leading exchanges, including: Binance, Gate.io, KuCoin, Huobi, Kraken, Bitfinex, Poloniex, and many others. In this case, I will use the Binance exchange platform to trade XMR.
Why am I optimistic about this token today
I have to admit that, all cryptocurrencies are interesting, but the thing that attracts us the most is when we get a buy or sell signal from the token. This is why I am very optimistic about XMR, because I got a buy signal.
In addition, this token is also one of the tokens that has been in the cryptocurrency industry for a very long time and is also one of the tokens that cryptocurrency activists are very familiar with. XMR also offers complete anonymity which can keep transactions secret.
XMR mining also does not require a PC with high specifications, we can use all PCs with standard specifications. This is very important, because everyone can join as a miner, unlike in BTC. The security offered by Monero is also no joke, it is a completely decentralized cryptocurrency overall, so we don't have to worry about the level of security.
My analysis of XMR
I have to be honest, that I don't really like to use too complicated analysis. I prefer to use simple analysis but able to give accurate signal.
My analysis is very simple, I combine three indicators at once to look for and confirm the signals generated by each indicator, with a time frame of 5 minutes. First, I use the EMA indicator with 20 periods, then there are also the Vumanchu Chiper B, and Aroon indicators.
The aroon indicator seems to have crossed between the aroon-up and the aroon-dowm, where the aroon-dowm is seen rising above the aroon-up which indicates a trend reversal, the value of the aroon-dowm is 100% and the aroon-up is 50%.
Then, the Vumanchu Chiper B indicator appears to display a red dot which is a sell signal. Both indicators give the same signal, namely a sell signal. To be more convincing, I used the 20 period EMA, the EMA also confirms a sell signal against XMR.
I've also marked support and resistance levels with both lines above and below the candlesticks, support levels are between $170 and resistance $180, and my entry is at $177.20.
I have opened a short position at $177.20 with 10x leverage. However I don't use take profit or stop loss, I try to keep an eye on my trades. I will close the position when I think it is time to exit.
Do you recommend everyone to buy or not?
If you really want to trade with XMR, then you should analyze it first before buying or selling. But if you really want to buy and hold then I recommend you to buy it.
The reason is simple, the world is growing day by day and people are also starting to switch to using cryptocurrencies. Monero has its pluses and minuses, if you like anonymity then monero is a good choice, but if you like scalability and high throughput then this coin is not very capable.
One more thing, the current price of Monero is also quite good to invest, the current price is $ 173. Monero's all-time high is around $517, so it might be a good time to buy and hold. But you also need to do an analysis first before investing. Remember behind the benefits that we can get from cryptocurrency, of course there is also a risk of loss that accompanies it, but if we are able to be patient then we will succeed.
Conclusion
Monero is a very popular and familiar cryptocurrency among cryptocurrency activists, and XMR is also one of the 50 cryptocurrencies with a market capitalization of $3,181,843,146. XMR can also be said to be an old altcoin, meaning that it has been around since 2014.
Trading cryptocurrencies has risks and benefits, we must be wise in choosing and also doing analysis before jumping into trading.
The analysis I did may seem very simple, it's hard for me to explain further because I just joined SCA. Because I'm used to the simple analysis I've done so far. So yeah that's it.