DENT/USDT - BUY | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team
Image Source Edited via iMarkUp
Hi all,
Greetings to y'all. It's another new week for the trading contest competition. I'm glad to participate in it and I will happily be joining the team led by @kouba01 and @fredquantum for this week and the name is Fredquantum-Kouba01 Traders Team
1. The name and introduction of the project token, and which exchange can be traded on, project/technical/team background
Today, my first project that I will be studying is the DENT – Global Exchange (DENT). I will be applying both fundamental and technical analysis in other to predict the movement of this DENT token at the current market situation
Introduction To The DENT – Global Exchange
DENT is a global exchange for mobile data which was founded by Tero Katajainen, so he is considered the CEO of DENT wireless and Mikko Linnamaki is considered the co-founder of the DENT wireless. This DENT act as a base blockchain that has a markertplace which usually enables all it's users to be able to trade their own mobile data in a smooth-running and undemanding way and get rewarded at the end. This great technology has enable the Telecom company to be very cost effective and very efficient to it's users.
Founder and CEO of #DENT
This project was launched 5 years backward and it's a blockchain system that is aimed at producing global marketplace for all the modernization of digital mobile data plans such as roaming-free experience, eSIM cards and call minutes top-ups. I live you with the white paper and the roadmap to the DENT ecosystem for more details about this project. It is having a well planned roadmap as it successfully expanded it's market services globally as it's services are over 140 countries right now. After the expansion, DENT services had then gain attraction from more than 25-million mobile users worldwide. Some of the common enterprise services that work with DENT are Telecom Infra, Samsung Blockchain and Ethereum Alliance enterprise
DENT project was launch as Blockchain system which offers it's users a global access to data and airtime with a very little charges levied on its users as compared to the old traditional system that usually offers their users with data and credit at with high charges. This explains why the DENT project have transformed the price charges into little charges by the use of its Blockchain technology hence making it to be very unique. Another uniqueness of this DENT project is that it is also able to eliminate the behavior of its users mobile data which is usually limited to that particular location hence making it to become digital mobile entrepreneur globally.
DENT Exchanges
Screenshot from coinmarketcap.com
Currently DENT can be traded on Binance, Bitcoiva, OMGFIN, Bybit, Hotcoin Global, HitBTC and so many other exchanges but it's highly traded on Binance. I will also be carrying out this trading task on my verified Binance account
Screenshot from coinmarketcap.com
Looking at the screenshot above, we can see that FLOW token is ranked #174 with a total supply of $99.01B DENT, a market cap of $338,537,556 and a total volume of $89,094,919
Screenshot from coinmarketcap.com
From the screenshot above, we can see that this DENT token hit an all time high of $0.1114 on Jan 09, 2018 which happened 4year ago. Its time low $0.00007049 which happened just 2-years ago on Mar 13, 2020. By looking at the chart we can see that this coin have had a drastically decrease In it's price and it is generally due to the decrease in price of major coins such as BTC and ETH. But I still believe this project has a prominent future because of its solid project behind it
2. Why are you optimistic on this token today, and how long do you think it can rise?
Screenshot from Tradingview
From the 4-hour DENT/USDT, I'm bullish about this token today because of how bullish the market is at this present moment. This is the reason why I had to place a long order today in the market.
From the chart above, we see that this token is up by +6.19% and it's trading with a high volume of $89,094,919 and a total market cap of $338,537,556 which higher that the trading volume of yesterday hence implying the market is very bullish
3. How to analyze the token? (Using the analysis knowledge learned from professors’ courses
Buy-Long On DENT/USDT pair
For me to perform this task, I will be carrying out technical analysis via tradingview.com at different timeframes with the help of the TRIMA indicator and a confirmation from the RSI indicator after which I will initiate a real buy order trade using my Binance using future trading
DENT/USDT 2-Hour Chart
From the 2-hour DENT/USDT chart above, we can see the major support and resistance levels and we can see that the coin is generally trading uptrend. I will move to a smaller timeframe so as to maximize and look for a tighter stoploss
DENT/USDT 30 Chart
From the 30-min DENT/USDT chart above, the price was still trading upward indicating a good opportunity for me to buy. So I had to confirm this with the use of two TRIMAs indicator which one was a fast moving TRIMA (TRIMA-25) and the other one was a slow moving TRIMA (TRIMA-9).
When I noticed a cross over from the two indicators, I noticed price was moving uptrend while trading above the indicator, I had to further confirm this buy signal using the RSI indicator as it was above the 50 line moving uptrend oversold region. This further confirm that it's a good opportunity for me to enter a long order in the market. I then identify both the support and resistance levels and took them as my takeprofit and stoploss points
I executed my buy order on my verified Binance App which I choose future trading by taking by my entry at 0.003352, with my takeprofit at 0.003500 and a stoploss at 0.003225 with a risk to reward ratio of R:R = 1:1
After waiting for sometime, I descoverd my trade was moving smoothly with +16.64 increase as seen below
4. Your plan to hold it for a long time or when to sell?
NO I'm not planning to hold this token. I am also a scalp trader, so I don't have any plans of holding the coin for now because I'm focused at distributing it instead of holding it because of how volatile the market is. So at any moment my trade hit either a stoploss or takeprofit position, I will automatically exit the market. But that will be done soon since I chosed a short time frame with a short range between my takeprofit and stoploss targets
5. Do you recommend everyone to buy and the reasons for recommending/not recommending?
Due to to the recent drastically fall in this token, I won't be recommending any to buy it for now even though I took a buy order in the market. I took but advantage of the market at that moment before placing a buy order. So my advice and recommendation to everyone is also look for good trading opportunities in the market and enter that position with a proper risk management criteria so as not to blow up an entire trading capital because of how volatile the market is at this present moment.
After studying the fundamental and Technical Analysis on the DENT token, I was able to successfully carry out a Buy-Long order in the market. I had to carrying out this technical analysis by combining two TRIMAs, one fast(25 TRIMA) and one slow(9 TRIMA) together with the RSI indicator. I learn this strategy from the steemit crypto academy and it worked perfectly well for me since my trade is in progress right now with some profits
I have also seen that though this token is extremely volatile now because of the drasticall fall in it's price , it will do great in future because how of how it's white paper and roadmap shows a solid plan about this token
CC
@fredquantum