[CLV/USDT] Crypto Academy Trading Competition S6T3 - Homework Post for @pelon53
Hello Everyone,
lets get started...
The main founders of the project are Viven Kirby, Norella NG and Burak Keçeli. They founded the Token in May 2020 of which the mainnet was launched un July 2021.
Norelle Ng who is one of the founders is a seasoned blockchain expect who has a background in Human-Computer interaction. Along her life she also served as an advisor for Bithumb Global and also Guru Online Adbeyond Limited.
Keçeli is currently serving as the tech lead of CLV. He is a an acclaimed computer programmer of which he started at the age of 10.He created the MBO games and also Staqq platform used for cross border payments.
CLV is a blockchain operating system which provides one-stop and easy to use blockchain infrastracture and an Ethereum virtual machine for substrate-based applications. This project has some unique features which makes it stand out from its competitors. Below are some of the unique feature;
It was built as a blockchain system to offer users more than one service. It contains a storage layer, smart contract layer ,DeFi protocol and an eApp layer.
The network provides a cross-chain decentralized bridging the gap by providing flawless portal for every user which includes novices into DeFi. With these features, developers can now easily create and use DeFi and also creates decentralized Apps across the blockchain.
The networks has a low fee gas for frequently used users to have a lower fee to pay which is based on how they often use the network
Based on the price movement, the price has been in range for about a day which helps it gather momentum to move in a bullish trend for the next hours. With the check, my indicators also gave me positive signals to make my entry into the market.
The project ability to lower its gas fees to frequently used traders makes more traders choose this project which tends to help in the price movement.
The current price of CLV is at $0.359011 USD being up 1.99% for the last 24 hours which is been ranked at number 401 on coinmarketcap. It has a 24 hour trading volume of $30,427,352 USD. It has a live market cap of $93,693,034 USD with a circulating supply of 260,975,397 CLV.
CLV can be traded on soo many exchanges which includes binance, houbi, poloniex and a lot more.
I used the CLVUSDT pair on a 30 mins candle stick chart on the TradingView platform to enhance on a details technical analysis of the price movement. I chose the candle stick chart above all because i can see more details such as the opening and close of each candle stick as well as the high and low swing. I will be using two Indicators on this chart which are the Exponential Moving Average and the Ichimoku Cloud. These Indicators suits my trading style and they are easily to read with less false signals. I will be making a scalp trade thus intraday trading.
Lets get to make the Analysis with the Exponential Moving Average first. From the chart above we can see the 20 period(yellow) crosses above the 50 period(blue) which indicates the price will move in bullish trend. Immediately the cross we can see the 20 period is starting to serve as the resistance at this point even though it would have been much good indication if it had supported the price in multiple occasions. As time goes on I will be monitoring the price with this indicator.
With the Ichimoku cloud, we see the cloud shrinks and immediately after that the price dropped below the price serving as the support to the price. At the same time we see the cloud starts to increase in size again indicating there is high volume in the market which will intend to raise the price high.
I made my entry into the market with 11 USDT worth of CLV. I made entry on to the market at the price of $0.353 with a takeout profit of $0.358 and a stop loss of $0.348.
My takeout profit was met hence it got executed.
I decided to make an intraday trading today which is why I used the 30 mins candlestick chart. I made my takeout profit and stop loss and stood by it. My takeout profit was met within an hour which i was able to take advantage of the small price changes to gain some little amount of funds. I will continue to find opportunities in different tokens within a day to profit off them.
The project has unique features which makes it standout and beneficial to traders. Its ability to make traders create and use DeFi and DApps is great advantage to get more people on the projects.
Its ability to lower its gas fees to frequently used users will have them glued to the project so yes i would recommend it to other trader after they have done their own research.
CLV has a great future having DeFI tokens used to run on the DApp of the DeFi Platforms which helps platforms outside to interact without issues. Its a popular token which is traded on major exchanges .