REPOST - GALA/USDT Buy Long | S6T2 - Team Trading Post for Team Frontline
I'm reposting this Trading post as it was not curated. Here is the previous post.
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👉 Brief Introduction of the Gala Project (GALA)
For the 1st day of Week 2, I have selected Gala Project as my Trading Coin for the day. GALA is also defined as their native Token of the Gala Game Project. Currently, the GALA coin has been discounted for a very low price as compared to the previous few months. It was really happened due to the BTC crash. However, we can directly say this is a coin with big potential. Let's look at a screenshot of the Gala Game's official website.
Screenshot - https://app.gala.games/
This is another powerful Gaming related Token. Therefore, everyone who is willing to play games using Blockchain technology and earn rewards, they can join this popular gaming project.
GALA is basically working from the mechanism of Proof of Stake technology and runs on the Ethereum blockchain. Therefore, it can be defined as a strong project that is powered by the best blockchain technology.
According to my analysis, there are games on the Gala Game platform. Anyone who is willing to join with GALA games project, they can invest in GALA coins and play games by staking these GALA tokens for generating different NFTs.
👉 Which exchange can be traded on
GALA is a very popular and heavy potential project in the Cryptocurrency field. So, it has been listed with a lot of major exchanges including Binance, Huobi, and Kucoin. Below I have mentioned the Top 10 exchanges that can be used as a Trading platform for Gala coins.
Screenshot - https://coinmarketcap.com/currencies/gala/markets/
👉 Why are you optimistic about this Token today
Same as the previous week, I am not going to buy this coin in my spot wallet. Because already I have some amount of GALA in my wallet that I bought from the bottom. However, still, if someone needs to buy this coin as a long-term investment, he can buy this token using the dollar cost average technique.
So, today, I will trade on this GALA token using Futures Trading. Because I'm much familiar with the scalping trading technique and today I will use a bit different technique. So, I will take my entry using a 5min chart as I need to exit from the market soon. This is because there is a lot of bad news in the market as compared to good news. So, it's better to take entry points without wasting time.
👉 How long do you think it can rise?
In fact, this Token will definitely rise with very good profits in a few days. But, Today, I wish to take my profits within a few hours or minutes as I'm following a 5min chart to take my entry and exit.
So, in this post, I will invest 10$ by multiplying it up to 100$ which means that I'm going to take my entry for 100$ using 10x leverage. It is the same as the previous week's Trades but the Trading strategy and the coin are different.
I have already completed the fundamental analysis part of this Coin above. So, it's time to do my technical analysis part. Here I've chosen GALA/USDT pair and firstly I will analyze my chart using a 5min chart. Let's do it.
Screenshot - https://www.tradingview.com/chart/
According to the above screenshot, you can see the indicators which I have used in this Trading strategy. That is the RSI indicator that was clearly explained by academy professors in the past season. At the same time, I have used the Triangle pattern to identify the exact long entry and support and resistance levels to place my entry and exit points correctly.
So, here you can see a good triangle pattern has formed and it has clearly broken. Then I can see the price has retested successfully. Additionally, the RSI indicator stays above 50 lines and that is a good bullish sign for taking a Buy long entry. Let's look at my Trading Setup.
Screenshot - https://www.tradingview.com/chart/
Now it's time to show my Buy entry. You can clearly see that I have taken my entry from the exact location that I have marked in the chart. Let's see the progress.
Screenshot - Binance Mobile App(Futures)
Now I have to wait a few minutes to see the progress of my price prediction. Let's look at the current behavior of the chart.
Screenshot - https://www.tradingview.com/chart/
According to the above screenshot, you can see the progress of my order after a few minutes. It has really moved as I expected. So, I have taken my entry using 10x leverage. Let's look at my ongoing order.
Screenshot - Binance Mobile App(Futures)
Now I have closed my order from the exact location which I marked in the above screenshot that contains the price chart. I must mention that I have marked the nearest resistance zone to take exit point and nearest support zone to set my Stop-loss level. Let's look at my exit order proofs.
Screenshot - Binance Mobile App(Futures)
According to the above screenshot, you can clearly see that Target has reached the same as my expectation. I have successfully earned 1.46 USDT for the 10$ investment that I earned within a few hours.
Screenshot - Binance Desctop(Futures)
Like I said earlier, I have already closed my order according to the relevant Trading Plan. And also, I have earned 1.46$ as my net profit for this 10$ investment which is more than 13% of earnings as a percentage.
Definitely, I recommend this coin for anyone who is willing to take a good profit as a long-term investment. However, as usual, if we take short-term entries like Futures entries, we should place a tight stop loss as it is very risky to take entry points in this very volatile market.
This is all about my Trading post and I thank you to professor @abdu.navi03 for including me in your valuable Trading Team. I also used one of your taught Trading strategies and it was very successful.
I'm reposting this Trading post as it was not curated. Here is the previous post.