[APE/USDT] Crypto Academy Trading Competition S6T3- Homework Post for @pelon53
Greetings everyone, I am delighted to share with everyone in this great community yet another exciting crypto trading post of mine. This week happens to be another week were by various crypto trades are made in the market. This is to enable us apply what have been learnt in the previous crypto days. I am honored to be part of the best team which happens to be that of the Team Investors team. We are privileged to have our team leader to be in the person of @pelon53. I will therefore move ahead to make my third trade post for he week.
1.- The name of the token and introduction of the project. Technical background of the project and team in charge of the project. In which Exchange or exchange can be negotiated.
The ApeCoin is token which is from the ERC-20 governance. This token is found within the APE ecosystem. The aim of this token is make good use of incentives to build up a decentralized community in the web3. In the network of the ApeCoin, the holders of this token operate within themselves in such a way that, they make good use of the decentralized governance working activity to have control of the ApeCoin and vote to make decision as to how the finances of the ecosystem to be spent or what they should be used for. Therefore, there are agreements made between the users and the management of the ApeCoin.
The ApeCoin was brought to the crypto limelight by Yuga Labs' Ape Yacht Club project. This token was brought with the aim to be used within the boundaries of the APE ecosystem. There is a support that is given to the ApeCoin which comes from the APE foundation. The management of the Ape token utmost aim is to make sure the APE ecosystem operates with no hindrance but complete fairness and just activities.
ApeCoin has it native token to be the APE token. The holders of this token are given the permission to take part in the ApeCoin decentralized autonomous organization. The holders and the management of the token are given a shared permission for taking part in the various activities.
The ApeCoin has been featured in a lot of exchange platforms whereby they are traded with other crypto pairs. It was brought to the limelight crypto in the year 2022 in the month of March. That is, it is a recently coin that was brought to the space.
Moving further to the fundamental activities of the token, we have the price statistics of the token to be shown below in the screenshot below. With the help of the CoinmarketCap.com we will be able to get hold of the price statistics of the token.
| Token | APE |
|---|---|
| Price | $12.58 |
| Rank | 41 |
| Number of Watchlists | On 121,867 watchlists |
| Market Capitalization | $3,491,818,901 |
| Volume | $1,101,404,233 |
| Circulating Supply | 277,500,000.00 APE |
The APE token is a very new token which was listed in various crypto exchanges and for that matter has gained a lot of popularity in the crypto market. It was introduced barely a week ago but has been able to get a good rank in the market which is the 42nd token. Does not withstanding, the price of this token in particular saw a higher bull in the trend after it was listed on the market.
The all time high price value of the APE token happens to be valued to at $39.40. This is just after it was released barely some few days ago. The lowest price of the APE token has gotten to is the value of $1. Therefore, the coin has a lot of potentials of bulling the more.
Even though the APE token has been long in the market, it has a great market capitalization as well as a high trading volume in the market. There have been checks on this token and this can be seen as a lot of traders are making close monitoring of the coin.
The APE token is made available on a lot of exchanges where the cane be traded with other crypto pairs.
2.- Why are you bullish on this token today?
With me been bullish about the APE token, I made various research from crypto platforms and news where I got to know about this token. In addition, the APE token was been listed among the gainers of my account in the CoinMarketCap platform. Thus, before a coin or token is been listed on this website, then it must have gained a lot of great stand in the market as well as having a potential of bulling in the near future to come.
Therefore with various news and signals readings about the APE token, I therefore concluded and hence the APE token is to bull within a limited amount of time.
3.How to analyze the token for an operation? You must obligatorily use methods and analysis learned in the Crypto Academy.
I will be making my analysis in the APE/USDT chart with the help of the TradingView platform where I can get hold of the crypto chart of this crypto pair. I will also use a lower time frame so as to be clear with signals that are to be gotten. As lower time frames helps. The addition of various technical indicators will be used as well to verify signals gotten as well as to get good entry and exit points.
From the screenshot above, we have the chat of the APE/USDT crypto pair which is in a timeframe of 45 minutes. I used the short timeframe so as to help get the signals which are been shown in the chart.
I was able to spot out my levels of Resistance and that of Support to help get the entries to make my trade. The trend of the APE token is seen to be to a trend reversal from an uptrend to a downtrend. This can be seen as the candlesticks that where shown in the chart. They happened to be red in color then later changed to a bull trend as they changed to green color.
I added the Median indicator which forms a purple color when in a downtrend an a green color when in an uptrend. The purple color was shown alright but later stopped this color showing therefore indicating a trend reversal. Therefore as a trend reversal is been indicated, it shows that, it serves as a good position to enter the APE/USDT trade.
I wasn't very sure of the signals that were been showed and for that matter I had add the RSI indicator to be sure of these signals that are been showed. Hence the trend reversal signal that was showed was confirmed by the RSI indicator as it was above the 30 mark and hence an uptrend is to begin. I therefore placed my stop loss and take profit at the price of $12.4 and $14.4 respectively.
Screenshot of my real trade is shown below.
4.- What is your plan? Do you want to keep it for a long time? Or when to sell it?
I am planning to hold this token for quite a long while since It is a new token and for that matter it has a great potential of moving in a very uptrend direction. This means that, a lot of traders will invest into this coin and this will push the trend to bull with the buy pressure.
Looking at the take profit set, I will definitely keep long in this trade if possible break out the take profit set.
5.- Do you recommend that all people buy it? The reasons for recommending or not recommending it.
I have already started making announcement to a lot of traders to jump into the trade of this token, this is because of the opportunities of this token. I will recommend it everyone to place orders for the buy of this token an hence will aid all of us in a positive way.
In a nut shell, I am honored to the hardworking leader of ours for this wonderful opportunity given to us to take part in this trading contest. It is my hope to exit this trade with profits at the end.
To the attention of @pelon53