MANAUSDTPERP Buy long | S6T2 - Team Trading Post for Team Frontline

Hello everyone, for today's trading post, I'd be sharing the trade details of MANAUSDTPREP. The token name is MANA and it's from the gaming project called Decentraland.

Just like I always do, let's go!

Decentraland is a virtual reality platform (metaverse) that allows users to create, explore and trade items in its space. It was launched in 2017 on the Ethereum blockchain network with Ariel Meilich and Esteban Ordano being the founders. Currently, they act as advisors of Decentraland without any major positions in the project.

Decentrland world allows users to own lands and create amazing sights, items, games etc using a simple builder tool. After creating their works, they can monetize them and sell them in the Decentraland Marketplace.

Decentraland is a decentralised platform. The governance of the platform is done with a decentralized autonomous organization (DAO) structure. Its native token MANA is used to trade at its marketplace and also allows its holders to participate in the governance for the platform.

MANA has a current price of $2.63. It is ranked #30 and has a market cap of $4,813,741,227. MANA has a total supply of 2,193,814,327 of which 1.83Bare in circulation.

MANA reached its all-time high of $5.90 3 months ago. Its lowest within three months is $1.74, and $2.21 for within the month.

MANA can be found in many exchanges with different asset pairs. You can trade MANA on Binance, Huobi Global, KuCoin, Gate.io and Bybit.

Before the end of last year, MANA was among the top tokens recommended by traders. The main reason was because of it being a metaverse. At that time the metaverse had become quite popular and people were attracted to it.

With the fall in the price of Bitcoin, most of the crypto assets followed suit, and MANA was among them. It has a price correlation to that of Bitcoin. This is because of its Dominance among cryptocurrencies. I am optimistic about it today because its lowest price within the past 7 days is close to its lowest within the month. Within the month, the highest price recorded was $3.54. I believe it would rise to that level within the next month.

Its rise wouldn't end. I believe it would continue rising for a very long period. This is because it is a good project.

MANAUSDTPREP is an asset that can be found at the futures of Binance. The analysis I make for assets is very simple. For this asset, I used just the 20-period ema and support and resistance levels.

I marked the support and resistance levels with horizontal lines in the 4 hours timeframe.

I switched to the 1 H timeframe to identify the current trend. I used trendlines to do this.

I switched to the 30 Min timeframe to spot a good entry point.

I did this with the use of the support level. The price had reacted with that level several times and so it was a strong support level. I took a buy position after.

After a while, the price hit my entry point and my order was triggered. The trade details are captured in the next section.

This trade was to make quick profits with leverage on Binance. My plan wasn't to hold the asset for long, rather, to take a position and sell off when I make profits. This is quite risky but very profitable.

My trade entry was 2.7432 USDT, TP was 2.8388 and SL was 2.6476.

After the price hit my TP and went in the opposite direction, I edited my SL. I raised it to a higher level to make profits even when a reversal occurs. It wasn't long after when the price fell, hit my new SL and currently, it is past my original SL.

The trade history can be seen from the image above. The Sell was split into 3, this happens at times. The profit I made was 2.608 in total for this trade.

Decentraland is a good project. The metaverse surge hasn't completely died off. People still have a lot of interest in these kinds of projects. This technology is still under developments to provide a more exciting virtual experience. I believe with time and the implementation of new developments, its interest would spike again.

I'd recommend others to invest in this project. Currently, it is close to its lowest price within that past month and so you can identify a good point to buy and wait for it to rise close to its highest price within the past month and sell.

Note that this recommendation isn't trading advice from an expert. You should also consider the volatility of crypto assets and have risk capital before you make an investment.

Decentraland is fully decentralised with the DAO. DAO gives control to the users in Decentraland. Users are free to create and explore Decentraland. They also have control over the developments of Decentraland.

Users get to vote on policy updates, land auctions, NFT contracts to be allowed etc through DAO. This makes the blockchain fully decentralised as the control is managed by the users.

This trade was recorded yesterday but I decided to share it today since I made two trades yesterday. I gained more experience and that's good. Was quite patient today as I was uncertain about Bitcoin's movement. I hope tomorrow gives a much clearer picture.