MANA/USDT SELL - Trading Competition - Crypto Academy /S6T4 - Homework Post for Team Frontline
Image edited on Canva
Hello to everyone here in SteemitCryptoAcademy. Hope everyone is perfectly well? I bid you welcome to another week of the trading competition. This week, we will be placing our focus on the lessons we have learned in our previous lectures to execute a real trade. As said in my previous homework I will be a part of team Frontline which comprises two well-known academy professors and I will be mentioning them individually, they are professor @shemul21 and professor @abdu.navi03.
In today's homework post, I will be explaining to you how I managed to execute my trade of the crypto pair MANA/USDT with my Binance spot trade, I used the 15 min chart timeframe to analyze the market at first and later the trade was done on the 1-minute chart timeframe, alongside I will be making use of the TRIMA indicator with the help of a strategy called support level and also the resistance level.
A vivid explanation about the MANA coin analysis and also the various exchange platforms of the MANA token will be given by me and also I will be executing the various steps which led me to carry out a Sell trade of the MANA token.
The Name of the token and the exchange in which the token can be traded?
The name of the coin which I will be analyzing today is called the MANA coin. The MANA token is made to do with the decentraland system which is known as a universe platform.
It is a decentraland system is almost a gaming system platform and as such provides room for interaction among gamers and also creates an avenue where its users will come play games and earn, also as the name implies it works on a decentralized system which enables customers to buy assets and keep them for years depending on the customer's decision whether to keep it for long or not. The system platform is considered to be one of the first universes schemes that have ever existed that are based on a gaming system, and also it was built and developed on the Ethereum network.
The platform is known to accept a particular currency known as the MANA token and it is based on an ERC-20 token. it enables users to buy different things on the platform, for instance, the token can be used to purchase Lands, NFTs, Avatars, and many more. the token can also be used to cast votes on the account of participating in the choice of voting on the gaming platform, which warrants a user is supposed to have some amounts of the MANA token before one can be allowed to participate.
In the platform, users possess the ability to make any kind of land creativity and may conclude to give it off to others for rent in other to make more money from it. the platform was created in 2015 by a man called Ariel Meilichand also the advisor Esteban Ordano.
On the coinmarkecap, presently the MANA coin is number 34th based on the ranking of coins, and also the price of the MANA coin currently is $277, with a low of $2.66, a high of $2.84, a Circulating Supply of 1.84B MANA, Total Supply of 2,193,715,027, Market Cap of $,088,425,004, Fully Diluted Market Cap $6,058,251,381, 24h Volume $525,374,149, Volume / Market Cap 0.1029.
MANA can be traded in several exchanges and a few are Coinbase, Binance, Kucoin, Gate.io, and many other exchanges platforms.
My token analysis
I will be making my analysis on the tradingview and then will later move to binance to carry out the real trade.
As seen in the chart analysis below, I was able to capture the token has been in a firm movement between the support and resistance for some period and then it got broken as it got to the support level and represent a large lower low, so immediately I searched for my the indicator which I am more familiar with and it is called the TRIMA indicator, I took it to analyze the chart vividly in other to have a close looking of the market activity.
As we all know the TRIMA is known as the triangular moving average which works similarly with the EMA indicator. so I made use of the TRIMA indicator on both the 15 minute and the 1-minute timeframe. so after seeing the activities of the market, I noticed the TRIMA was moving beneath and I affirm that the TRIMA falling behind as well as the market is near to breaking the triangular moving average indicator below.
Although I saw that the market has arrived at the Oversold region with the help of my RSI indicator, this indicates that too many sellers are dominating the market and so affirm my sell position to enter the market immediately.
And so with the activity of the market, I decided to take my position to place a sell order of my MANA/USDT on seeing a typical sell market that has been confirmed, and also I took necessary measures and set my stop loss above my entry point and take profit afterward I immediately launched my Binance mobile application to carry out the trade.
The below image shows the confirmation of the MANA on my spot trade, I made a sell order with a price of $2.7874, a limit sell of 5 MANA token.
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Image screenshotted from my binance mobile application
Do you plan to keep this token for a long time or when to sell it?
Not really, I do not plan to keep this coin for a long period, I am only scalp trading with this token. but I keep looking up high of keeping it in time to come, that is if I notice that it will be profitable to me.
Although truth be told there are attributes that this coin possesses, there is every tendency that the token has a great future and as such I will be looking out for a more fall in price in other to purchase and keep it to make profits whenever it starts moving to an uptrend again.
Do you recommend this token for people to buy? your reason for recommendation or not?
I equally will recommend this token to people who are interested to purchase this token as though it is a good investment for one to look upon, also the token is used to be part of decision making on the platform, and also it profits users when been played on the metaverse.
Assets can be bought as well on the Decentraland using the token and as such proves the ability to profit its users. I have the intention to purchase this coin, with all its potential and profitable attributes it is a token to look into.
Any addition of information about this token/projects
Like I said earlier, it is a good token to buy and I strongly recommend people to purchase this coin, a token that profits its users just by playing the game it is a wonderful token to hold on to.
Conclusion
This is the end of my vivid analysis of the MAN token which is based upon the Decentraland system. and as we all have seen the analysis was well carried out and everything attached to this token has been said, I further explained this token by carrying out a spot trade which was executed on a sell entry position.
The MANA coin is possessed great potential and as such, it is a good investment for people who are interested to dash into.
A big thank you to professor @shemul21 and professor @abdu.navi03 for taking their time to spearhead this great team known as #Teamfrontline. thank you for your good work.