EOS/USDT Sell | S6T3 | Team Trading Contest Post for Reminane
Hello crypto enthusiasts, this is a new week of the crypto academy and a new diversion as well, we are being required to analyze a token and carry out a real trade using the analysis we have gotten from the previous classes, I will be analyzing the EOS coin.
For week 3, I will be joining the trading contest team of professor @nane15 and professor @reminiscence01, here is the contest entry.
Today, I will be analyzing the EOS projects and their native token known as EOS.
EOS is a blockchain decentralized platform that uses the Delegated Proof of stake consensus mechanism,i.e to participate in validating of blocks on the platform, validators delegates to a node to reach the highest consensus, the native currency of the EOS platform is the EOS token, the EOS project was brought to life in 2018 by Daniel Larimer and Brendan Blumer. . EOS project was built to improve the scalability, and a create a friendly user experience for dApp developers, the Project as well boasts high transaction. The EOS is the token, while the EOSIO is the mainnet of the blockchain.
The EOS token is used as staking on the platform, the token is utilized as the Network Bandwidth on the platform, Developers as well needed to own some amount of the EOS token before creating and running decentralized application on the EOSIO. Validators as well receive an EOS token as a reward from block validity.
EOS can be traded on multiple exchanges such as Binance, KuCoin, Huobi Global, Bybit, and lots others as the currency also support several cryptocurrency pairs.
I have great optimism regarding the EOS token as the EOSIS project seems to be a serious project as they solve issues of scalability and the EOS token price has been showing a bullish couple of days ago now, EOS is as well adaptable and easy for beginners who just venture into dApps, the EOS token once had its all-time high at $22.89 as at 4 years ago.
We can also see that the EOS token has been rising since earlier today from the price of $2.45 to $2.6 today alone, which means we can also see more bullish anytime soon. EOS is at the rank 51st with a circulating supply of 983,724,714.54 EOS.
I will be carrying the analysis of the EOSUSDT on the 15min chart, the first thing I was able to notice is that the coin has been traveling in a downtrend for a couple of hours since its bullish movement today.
Then, I was able to mark the trendlines of several Lower Lows and Lower Highs from the market, I am using the strategy learned from professor @reminiscence01's class of psychology of trends.
- I was able to confirm that the market is traveling in a downward market framing series of lower lows and Lower Highs.
I took my entry to sell when I notice that the market has retraced from its opposite trend and it is already framing a new lower low.
After taking my position, I set my stop loss above my entry close to the previous Lower High and my take profit below, my order was executed in a 1:1 risk-reward.
Short trade order executed at 2.46USD, My take profit at 2.426USD, and the Stop loss at 2.475USD.
I do not plan to hold the coin for long, what I plan to do with the coin is just trade only, despite that the EOS token presents as a good investment, EOS has started rising earlier today which means we get to see a new downtrend or likely not anytime sooner.
To justify my response, I would prefer not to hold the EOS token for so long rather than trade it at 10x leverage on a 15 minutes trade and make a profit and fall out as fast as possible in case the market moves the otherwise of my transaction.
Yes, I would recommend people to buy the EOS token, just as I said earlier, the EOS coin is the native coin of the EOS Project which uses a Delegated PoS consensus, meaning the coin has a solid project backing it up and users who have a large amount of it can delegate and have a chance of winning consensus. So it is possible to recommend the purchase of the coin for a future rise and one can say the coin is here to stay.
In this writing today, have analyzed the EOS tokenand the proper trading set up for the coin where I execute a sell trade at the point I witness the coin to be depicting lower lows, as well I get to confirm my sell entry with the strategies of market psychology of trends.
cc;
professor @nane15 and professor @reminiscence01