[ZIL/USDT]-Steemit Crypto Academy | S6T3 | Team Trading Contest Post for Reminane
Greetings guys,
This week we have the opportunity once again to show our trading skills through the steemit crypto academy trading contest. This time round I will be joining the team which has been set up by professor @nane15 and @reminiscence01 which is called team Reminane.
1.The name and introduction of the project token, and which exchange it can be traded on, project/team/technical background, etc.
For my fourth and last trade I have decided to trade the Zilliqa token. But before that let us look at few things about the token. Over here we can consider it the fundamental analysis before we move to the technical analysis.
Zilliqa is a network otherwise known as a blockchain that was built to perform thousands of transactions within a second. The Zilliqa blockcahin looks to solve the problem of blockchain scalability and to also improve upon the number of transactions that a blockchain can perform in a given time. The blockcahin runs a lot of decentralized applications on its platform.
The Zilliqa platform is a platform that has introduced a lot of aspects that make investors excited to use the platform. Apart from the part that it runs DApps on the network, it also helps in the staking and also yield farming.
As we know it, when a blockcahin is created a native token is created to help users to interact with the platform easily and the Zilliqa platform is not an exception. The ZIlliqa's native token is the called ZIL
All this features is made possible by the introduction of the sharded network. This makes the network run a lot of transactions within a second. The sharded network works in a way that as soon as the number of transactions on the network increases the number of transaction that can be performed on the network increases immediately.
The Zilliqa was an idea that was conceived in a public university by a professor and his students. The professor was called Prateek Saxena at the University of Singapore School Of Computing. In the year 2016 it was published in the papers and it explained how a new blockchain could be introduced to improve upon network speed and scalability through a sharded network.
As the idea was being materialized, the professor, Saxena with another man by the name Max Kantelia and Juzar Motiwalla co-founded a company by the name Anquan Capital. After they founded the company, in the year 2017 they then decided to a company by name Zillliqa research which was meant to help develop the Zilliqa network properly.
The Solana token which is abbreviated as SOL is a well known asset which is traded on well known and trusted cryptocurrency platforms. Such as Binance, Houbi-global, Kraken, coinbase, etc.
coinmarketcap.com
it can be traded by spot, margin and also the futures trading.
2.Why are you bullish on this token today and how long do you think it can rise?
Apart from the fact that the ziliqa token has an improved scalability and is trying to surpass other blockchains. I feel optimistic of the ZIL token especially for the fact that the Zilliqa network cam perform thousands of transactions within a second. This will make a lot of commercial and private business men and companies to use the token. So when they start to interact with the network they will have to use the ZIL token to interact with the platform.
Because of this the network has seen its mass adoption by a lot of business and people because they get value for using the network. The network goes out of its way to make its advertisement in the entertainment and all other industries to publicize the use of the network which will increase its network interaction.
The network runs millions of transactions every month and thus only shows that millions of people are really interacting with the platform hence there is mass use of its token.
The current price of the ZIL token is 0.048 dollars according to coin market cap. It is currently ranked at number 115 according to market cap on coin market. It has a circulating supply of 12.57B ZIL according to coin market. A volume of $46,337,952.
coinmarketcap.com
After looking at the tokens price, let us look at the all time high of the token.
coinmarketcap.com
The all time high of the ZIL token is at $0.2563. A figure which was reached in the year 2021 on may. This was about a year ago after it tested the resistance and has since not been able to retest that level. Now we know for sure that the next time it gets to that level it will trying to move to a 0.3 dollar price point. The founders and developers of the Zilliqa network claim that the network is the first of its kind to use the sharded network. A network that helps to improve it in all aspects.
3. How to parse the token? (In this part you should preferably use the knowledge you have acquired in these weeks of learning at the academy, for example follow what I learned in my class or that of my teammate.)
After performing fundamental analysis on the ZIL token and its project I think the asset is a great project and I think by investing I can make gains. But before I take the buy position I will make sure to perform technical analysis on the asset before I enter the market. This time round I will be using the Parabolic SAR and the RSI indicators.
Parabolic SAR determines the direction of the market. It uses lines of dots which are seen on top and at the bottom of the price action otherwise known as candle sticks. The Parabolic SAR is most effective when the market is not ranging. When the market is uptrending, the dots of the SAR will be below the price action and when the market is in down trending the dots of the indicator will be above the price action.
The RSI is used in determining the strength of an asset. When the line of the RSI is above the 70 mark, it shows that the asset is in an overbought region and the a fall in price is anticipated. When the line is below the 30 mark it shows that the asset is in the oversold zone and an price rice is anticipated.
Trading View
In the 5mins ZIL/USDT chart above, we can see that the asset is in downtrend. The Parabolic SAR dots can be seen above the price action which shows that the asset is in downtrend. A further confirmation is done by the RSI as we see the line is below the 30 mark and so it means the asset is oversold.
When we look closely we can see that the Parabolic SAR is beginning to form below the price action and as the RSI is below 30 it shows that the asset is above to go on a reversal upwards hence I placed my entry. And the screnshots of the transactions can be seen below.
Screenshot from houbi-pro app
Screenshot from houbi-pro app
4.Your plan to keep it for a long time or when to sell it?
I've entered my trade with a plan of scalping which is why I have used the 5 minutes chart time frame. As soon as small gains are made or my tale profit level is hit I will take profit and then leave the market. For now I am still holding on to my asset as my take profit has not been hit neither has my stop loss levels.
5.Do you recommend everyone to buy? Give reasons for recommending or not recommending.
I would recommend the token but this time around I will only recommend the token to traders who are looking to take short positions in the market. Otherwise referred to as scalp traders. Making small profits on the ZIL token is the ideal thing to do now.
The Zilliqa project is a project of hope and I think it will get to the level or the dream area it wants to achieve. The using of the shard network makes it one of the top networks to run to to perform large numbers of transactions as quickly as possible. To add to this, the developers and founders of the Zilliqa networks is trying all that they can to make the network known world wide so that it can be adapted world wide.
Amigo tu has podido enviar el formulario? A mi no me carga el video y a ti?
It uploads for ne buddy , all you have to do is make sure the video is less than or up to 7 mb
Gracias amigo, si ya me di cuenta que tenía que reducir mucho el mb.. ya lo hice gracias. Saludos!
you are welcome my friend