LINKIDR (Buy) | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team.
Hello steemian ...
This is my new post in the Steemit Crypto Academy community. On this week, I will be working on a homework from professor @kouba01 and professor @fredquantum with the theme "Trading Competition By Fredquantum-Kouba01 Traders Team ”.
we will discuss it through the homework below:
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Chainlink
Chainlink is a project with a decentralized oracle network that can provide off-chain data access to the blockchain through smart contracts. Then in the chainlink project, there is also an oracle network feature that functions as interoperability, which is a feature that can make two blockchain networks able to exchange information without intermediaries and very quickly.
When discussing how it works, it can be said that chainlink is a decentralized oracle network represented by chainlink node operators and data buyers. When chainlink node operators provide and send data accurately and securely to data buyers. Data buyers can choose the data they want to be sent by the chainlink node operator who at that time makes an offer to supply. To make an offer, chainlink node operators must provide several LINK tokens as collateral in case of violating existing rules. After the offer given by the chainlink node operator is accepted by the data buyer, the chainlink node operator is also tasked with sending accurate and secure information to the data buyer through the blockchain network. When the transaction is complete and successful, both parties, namely the chainlink node operator and data buyers, are paid.
When I first entered the chainlink platform, I was immediately shown an article that contains a brief and clear explanation of what chainlink is, namely how chainlink can securely connect smart contracts with off-chain data and services. Then in the top bar, you can see important menus from this website, namely the Developers, Products, Use Cases, Ecosystem, Community, and resources menus. Then at the bottom of the screen, we can see several parties that have collaborated with Chainlinks such as AAVE, SYNTHETIX, Compound, PAXOS, Celsius, Nexus Mutual, and ENS.
Based on data obtained from coinmarketcap, the Chainlink (LINK) is ranked 23rd as the best coin, with a current price of $17.58. the market cap is $8,208,713,480. The circulating supply of coins is 467,009,549.52 LINK out of a total supply of 1,000,000,000 LINK. With Chainlink's current position in the top 23 of the best coins, certainly, Chainlink's presence in the market is highly considered and they have a huge influence on the crypto market.
Currently, Chainlink (LINK) assets have been widely used on various leading exchange platforms, namely :
- Upbit
- Indodax
- Tokocrypto
- Binance, and much more.
Why are you optimistic about this token today, and how long do you think it could take?
As I said earlier, with Solana's current position in the top 6 of the best coins, certainly, Solana's presence in the market is highly considered and they have a very big influence on the crypto market and I am quite optimistic about that.
In addition, the SOL coin also shows the amazing movement. I am optimistic about this token due to the condition of the chart which shows that it has penetrated the lower band of the Bollinger indicator so that now there has been a price reversal and it tends to go up.
In addition, the 4-hour volume there also indicates that while there is potential there is to reach higher prices. Visually, I am optimistic that the coin has just crossed its closest support point and that the candle has crossed the upper side of the 20 MA line.
Regarding how long it can go up, I'm quite cautious as there is potential that the price will go down. For this reason, I recommend always monitoring your assets 24 hours a day. But if it breaks through the near resistance, then you can hold it for much longer.
How to analyze tokens? (Using the analytical knowledge learned from the professor's course)
I analyzed this token using technical analysis, namely with the help of the Bollinger band and MACD indicators, I observed it with a 4-hour timeframe.
From the screenshot above, we can conclude what is displayed by the Bollinger band indicator. it shows that the price has just oversold (candle penetrated the lower band) and is now reversing direction and we can use this momentum as a place to open entry positions. In addition, the MA 20 line of the Bollinger band indicator also shows that the candle is above the line which means an uptrend is in progress. Based on that information, I am confident to implement the purchase at this time.
Then, from what the MACD indicator shows, shows that the positive MACD line crosses the signal line from the bottom up and this indicates a very good time to buy. With the collaboration of these two indicators, it is confirmed that the market is in a bullish trend and this is the right time for entry buys.
Do you plan to hold it for a long time or when to sell it?
In buying it at 1,739,000 IDR (121 USD) with a purchase of 9,984 IDR (0.69 USD), I got an asset of 0.00574123 SOL. in my plan I would only prioritize keeping it within 24 hours. However, if the chart breaks the strongest resistance after that, I may hold it for a bit longer. For a clear and safe profit, it is better to sell soon.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
For now, I still recommend people to buy. The reason is because the movement of Solana's assets is very good and both indicators are showing buy signals. However, for tomorrow I do not dare to recommend unless the charts and indicators remain supportive. I'm not completely instinctive in trading but rather referring to the signals given by my mainstay indicator.
Apart from that, you can try to use things like support and resistance analysis, because with that you can base your buying seeing that the price may touch a higher resistance level.
In buying it at 254,100 IDR (17.68 USD) with a purchase of 10,497 IDR (0.73USD), I got an asset o0.04131050 LINK. in my plan I would only prioritize keeping it within 24 hours. However, if the chart breaks the strongest resistance after that, I may hold it for a bit longer. For a clear and safe profit, it is better to sell soon.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
For now, I still recommend people to buy. The reason is because the movement of Solana's assets is very good and both indicators are showing buy signals. However, for tomorrow I do not dare to recommend unless the charts and indicators remain supportive. I'm not completely instinctive in trading but rather referring to the signals given by my mainstay indicator.
Apart from that, you can try to use things like support and resistance analysis, because with that you can base your buying seeing that the price may touch a higher resistance level.
Conclusion
The chainlink token is a token with promising potential, they have shown a very good development in 2021 and now they are constantly trying to do better. We can see a lot of projects that they run and this makes them one of the most important assets. You can make chainlink a long-term investment.
For day trading with this asset, we can use the help of indicators and candle patterns. It's good for us to pay attention to the direction of movement as well as possible, you should not be in a hurry in using indicators, and you should confirm with the help of other indicators so that you can be more confident.
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