REPOST | DEXEUSDT - Steemit Crypto Academy / S6W2 - Team Trading Contest Post for Investors-Team.
This is a repost of my previous task
Hello everyone,
Today I will present my first post for the Crypto Academy Trading Competition. This week I'm joining Team Investors, the team of dear professors @imagen and @pelon53. In my post today, I analyzed the DEXE token and traded with this token. Without further ado, let's get details.
1.) The name of the token and introduction of the project. Technical background of the project and the team in charge of the project. In which exchange or exchange can you trade
DEXE Network describes itself as a decentralized social trading platform that replicates the trading strategies of top traders. The native token of this platform is ERC-20 based DEXE token.
I would like to describe social trading, which is the main feature of this platform. In this way, I will be able to better define the DEXE network. I think I can best explain this issue through Warren Buffet. There is no doubt that Warren Buffet is the person everyone idealizes and tries to learn their trading strategies. However, when it comes to reality, many of us wish to trade like Warren Buffet, but we fail to do so. Trading requires full-time experience in both technical and fundamental analysis. This is where the concept of Social Trading comes into play. Imagine if you knew Warren Buffet's trading strategies, would n't you follow in his footsteps? This will be possible with Social Trading.
Founded in 2019, DEXE network is a Ukraine-based company. The founders of the network are Yuriy Hotoviy and Dmitry Kotliarov. However, to be honest here, I couldn't find very detailed information about the founders. Especially for long-term investments, this left a question mark in my mind.
While I was writing this article, the rank of DEXE token was 736 and its price was $6.11. Market cap is $21,526,729 and Circulating Supply is 3,522,527.83 DEXE.
The graph of the DEXE token is given below. The all-time high of this token is $33.54.
You can trade DEXE coin on major exchanges such as Binance, Mandala Exchange, KuCoin, Gate.io.
2.- Why are you bullish on this token today? And how long do you think it will increase?
Today, while researching this project, I first looked at the overall chart of this token. In the light of the information I got at Steemit Crypto Academy, it is seen that there is a bearish channel on the chart that caught my attention and the price broke this channel. I sensed that there might be a trend change and I took this project under investigation. Using different technical analysis, I predicted that the price would increase.
3.- How to analyze the token for an operation? You must obligatorily use methods and analysis learned in the Crypto Academy.
I planned to carry out a short-term trade for this token. For this reason, I examined the graphs of this token in 1 hour, 4 hours and 1 day time intervals.
I adapted EMA9, EMA 20 and RSI indicators to the chart. The RSI indicator was in the neutral zone in 3 different time intervals. However, the EMA was giving a Buy signal. It is also seen that the EMA9 and EMA20 are about to cross on the chart. So a Golden Cross formation is expected.
First, I added the EMA9, EMA20 and RSI indicators to DEXEUSDT chart for 1 day time interval. EMA9 is below EMA20 but the distance between them seems to be increasing on this chart. We can say that the RSI is in the neutral zone, close to 30. However, the bearish I drew broke the parallel channel. If we think of it like the parallel resistance at the top, it is predicted that the trend will change direction.
Looking at the first timeframe, I might have been inclined to buy, but my general opinion would be to remain undecided. In order to eliminate this indecision, let's examine our chart with the same indicators in the 4h time interval. In this timeframe, the RSI is still in the neutral zone, but it can be seen that the golden cross has occurred. And just like in the first chart, we can see that the trend direction has changed.
In order to confirm the movement, I also examined the chart on the 1-hour timeframe. Here, we see similar movements on the 4-hour chart. Golden cross is about to happen here too. After getting confirmation from this chart, I decided that I could make the purchase.
After reviewing my chart with the EMA and RSI, I decided it was a good spot to enter the position. I entered the position at 6.04 USD. On the other hand, there is a resistance at the USD 6.4 level. For this reason, I set my target point as 6.4 USD. I set the Risk/Reward ratio as 1.9. For this reason, the stop was set at 5.89 USD.
After a while after entering the position, the price rose to the levels of 6.4 dollars as I expected. When I reached this point, I put DEXE tokens in a sell position and I made a profit.
After buying 1.8 DEXE tokens from 6.06 USD, I sold these tokens when the price went up to the expected 6.39 USD. Thus, I made a profit of 0.33 USD per token and 0.594 USD in total.
4.- What is your investment plan? Do you want to keep it for a long time? Or when to sell it?
As can be seen above, when the price reached the point I expected, I sold the tokens I had bought. However, I foresee that the trend direction will change. For this reason, I may consider investing in the short term. In addition, this project can be considered a new project. I expect the project team to provide itself and to ensure the reliability of the project team for the long term.
5.- Do you recommend that all people buy it? Detail the reasons for recommending or not recommending it.
First of all, it is quite risky to recommend a token/coin to my acquaintances. For this reason, I cannot recommend this token to anyone until my belief in a token is close to 100%. For this reason, even though I have invested for the short term, I would not recommend this token to anyone. Although I like the idea of the project, I could not find a detailed review of the project. It is also a minus that the founders of the project are not well known.
One of my criticisms about the project is not detailed in the White Paper. The team also admits that the white paper is insufficient and they justify this as the project is still ongoing.
6.- Any other important information of the token/project.
When the project is examined, there are projects that have implemented various applications and are expected to be implemented in the near future. Wallet Info, Wallet-to-Wallet Copying tool, Kattana Trading Terminal and Anti-sniping Bot Service are examples of services currently in use. Existing applications can be easily accessed through the site.
According to their official site, investing, limit swap and bill trade will be published soon.
Best regards, Özge