Introduction

Welcome to my second project in this fantastic competition, steemians. For this week's homework, I'll be joining Professor @kouba01 and Professor @fredquantum's Team Team Fredquantum-kouba01.

• The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc

The Cardano blockchain's coin is called ADA. Cardano was developed in stages in order to fulfill its aim of transforming the network into a decentralized application (DApp) development of the platform was based on a multi-asset ledger and smart contracts.

Cardano was created in 2015, with the platform going live in 2017. Cardano is a cryptocurrency that competes with Ethereum. Similar applications were employed on both systems, such as smart contracts and a decentralized system. Cardano can be thought of as an enhanced version of Ethereum. The Cardino blockchain platform can be used to conduct banking transactions.

Cardano primarily uses the Proof of Stake process, therefore miners that employ any hardware power, such as those who use the Proof of Work mechanism in Bitcoin, are not required.

CREATOR: Cardino (ADA)

Charles Hoskinson, an American software developer and entrepreneur, is the creator of the Cardano platform and a co-founder of the Ethereum blockchain (shown below).

Source

The Cardino cryptocurrency is listed on exchanges including : Binance, Huobi, and Kucoin, and you can trade it on any of them without breaking any rules. Cardino's details may be found in the table below, courtesy of coinmarketcap.

Source

Price : $0.9611

Rank: #8

Marketcap: $32,399,611,599

Volume: $1,829,953,695

Volume/Marketcap: 0.05672

Circulating Supply: 33.71B ADA

• Why am I optimistic on this token today

I'm really enthusiastic about ADA because the token has a very solid backbone and use case, and it's one of the fastest-growing crypto assets, increasing at about 30% even when bitcoin and Ethereum are both at 5%, and it's one of the most powerful crypto assets in the crypto market today.

Based on my findings, I noted that the token has been on a downward trend for quite some time, which is true of practically for all crypto assets. For the purpose of this assignment I will be using Dow Theory crypto market can either be in uptrend or downtrend movement but if it is not found in the two trend then it is in ranging market. so basically market can be seen in ranging phase and also from the RSI indicator that I used to get a perfect market trend, The market just experienced overbought (above 70) so downtrend was bound to set in using a 5mins time frame and market is still very volatile.

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• Analysis of the Token

I will analyzing ADA/USDT pairs which I picked for this assignment and the analyses was done using a 5min chart,
From the image below, Dow Theory along side RSI which I used to note my position. The market is in ranging phase also experience bear trend as at the moment of trade and also the RSI indicator also confirmed to the sell order which I took.

In addition, the RSI was in a downtrend, indicating that the market is in a bearish trend after being overbought. I placed a sell order with a 2:1 profit-to-loss ratio. So I entered a trade at 0.96830, set my take profit at 0.958, and my stop loss at 0.979 and after some mins, My trade hit the take profit at 0.958 with profit of $0.1320

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The image below shows my sell orders carried out on binance exchange. So I entered a trade at 0.96830, set my take profit at 0.958, and my stop loss at 0.979 and after some mins, My trade hit the take profit at 0.958 with profit of $0.1320

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Source

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Trade Info

Parameters	info
Entry	0.96830
Take Profit	0.9580
Stop Loss	0.9790
Ratio	1:2
Profit Made	$0.1320

• Your plan to keep it for a long time or when to sell it?

Due to the current market volatility, I do not intend to trade for an extended period of time since the market is not stable. Instead, I choose to trade on a short-term basis in order to take profit and exit the order and I believe the asset will create a new low based on market structure. If there is a nice reaction to buying from that point after making a low, then one may actually look for a nice opportunity to purchase to the acceptable resistance level.

• Do you recommend everyone to buy? Give reasons for recommending or not recommending

ADA is now bearish, and placing a purchase order is not advised at this time. The only thing I can advise a trader to do right now is to wait for the ideal moment to sell this asset down to a daily support zone. However, when looking for a way to sell this token, traders must exercise extreme caution and thoroughly examine the market structure in order to avoid selling at a discount except if the trader wants to hold for a long period of time.

Conclusion

I was able to trade ADA/USDT on Binance's future market and evaluate the ADA coin as part of this project. As I previously stated, ADA is a top token in the crypto market with a bright future that everyone may invest in for a long time.

Professor @kouba01 and Professor @fredquantum, thank you for this amazing talk and for your time.

Cc:
@kouba01
@fredquantum