ADA/USDT PERP Buy Long | S6W1 | Team Trading Contest Post for Investors-Team

Hello everyone, I'm excited to share my trade details for the trading competition. The Steemit Crypto Academy lessons started close to 2 years ago. I was fortunate to begin homework tasks from the start of season two. The knowledge I acquired here was very expensive and I'm grateful to this community for imparting such knowledge to us for free.

I started trading after season 3. The losses I took at that time made me depressed. At the time, I thought I had learnt enough to start trading but I was wrong. I decided to continue taking the lessons and practising with demo trades.

When the information came this season about the trading competition I was quite excited. This was because I felt I had acquired enough vital knowledge to trade. And I wasn't wrong. Just last week Monday, I started trading and the ratio of profits to losses is 8:2. This can be seen in the image below.

This is from the period of 2022-02-14 to 2022-02-20.

For this week I'm happy to join the Investors Team. This team is headed by Crypto Acadamy Professors @pelon53 and @imagen. I've learnt a lot from them and I'm grateful to be a member of their team.

Some questions have to be answered for this post, I'm going to list them and answer accordingly.

ADA is the native token of the Cardano Blockchain. Cardano was founded in 2017 by Charles Hoskinson, a co-founder of the Ethereum Blockchain network. This token was named after a mathematician from the 19th century called Ada Lovelace. The name of the blockchain was also gotten from the Italian polymath Gerolamo Cardano in the 16th century.

Cardano is an open-source blockchain created to provide users with a secure, transparent, scalable and efficient network for transactions and deployment of Dapps and other features. Their website describes Cardano as "a platform for changemakers, innovators, and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change."_source

The blockchain is supervised by the Cardano Foundation. This foundation works together with IOHK and EMURGO to ensure the advancement of the blockchain network. The Cardano foundation is made up of 24 members. The three board members are Jillian MacNab (chairperson), Mary Beth Buchanan and Andreas Eschbach.

Cardano uses the proof of stake consensus mechanism and ensures decentralization using a protocol called Ouroboros. This protocol ensures security while enabling the blockchain to be scalable. Its architecture is very different from other networks. It uses a dual system; CSL (its settlement layer) for transactions at a low cost and CCL (its computational layer) for the functionality of the network. The use cases of Cardano are Education, Retail, Agriculture, Government, Finance and Health care.

The ADA token has seen significant rise and developments since it was launched. It is currently #7 in the ranking of cryptocurrencies. Many developers have adopted to using it for their projects and there are still many interesting projects yet to be launched on this blockchain.

Its all-time high of $3.10 was recorded on Sep 02, 2021 (6 months ago). It has a price of $0.8695. Cardano has a market cap of $29,215,086,083.25.

Cardano can be found in many exchanges with different asset pairs. Some of the popular exchanges you can find Cardano are Binance, Huobi Global, Gate.io, KuCoin, Kraken and Bittrex.

ADA hit its lowest price in 52 weeks. This was recorded just yesterday. The price was $0.82. ADA is a good blockchain project and I expect much from it. I am bullish on it today because I believe it has hit its lowest this week and the price is sure to increase because the buyers are going to take control of the market.

How long I think ADA would increase

ADA has gone as high as $3.1 which was just six months ago. Crypto assets are highly volatile, they can rise and fall greatly within a short period of time. ADA is one of the projects looking forward to replacing Ethereum. It provides a scalable and very secure platform for developers. Its adoption is what caused the increase in price and rank.

I think ADA would continue increasing and get above 10 USD in some months to come. This is mainly because it is a good project with a good team.

With my studies from the lectures given here, I know a lot about Bitcoin and its effect on other cryptocurrencies. This is because of its dominance. I always keep a tab on bitcoin to see the direction it is heading to while I trade other assets.

I prefer using Price Action to trade because it is what suits me. I don't often use technical indicators but I have the 20 EMA added to the chart. I also use multi-timeframe analysis to help me identify signals of reversals.

I first checked the Bitcoin Chart to see what was going on. I noticed Bitcoin had broken support and had found new support at $36,488.93.

From the chart above you can see the movement of the price of BTC. The price was expected to bounce back to the opposite direction and so the prices of other assets were also expected to follow suit.

I switched to the ADAUSDTPREP chart to make analysis and place orders. I must admit I set a limit order to make an entry because I expected the price to dip that much looking at the trend from yesterday. I marked the key support and resistance levels and took a buy long position.

My entry, TP and SL can be seen from the image above. I would give more clarity in the next section about how the trade went and my plan.

ADAUSDTPREP is a futures contract on Binance. I chose to trade using leverage. This is very risky and very profitable if you have small capital. If you have a large capital, leverage trading isn't needed. I also like quick and fast money making moves and so I scalp.

I spot trade when I have above 20 USDT but if it is less I prefer leveraging to increase my position at a risk.

I took a long position with the x20 leverage on Binance. My Margin was 3.88 USDT. My entry price was 0.8320, TP was 0.8850 and SL was 0.8100. The trade details can be seen in the image above. I closed the position at 0.8623 because of a false reversal signal. This can be seen in the image below.

After the long bullish movement, I switched to the lower timeframe for signs of a reversal. When I notice the hanging man followed by the bearish candle I exited the trade. This was to play safe.

The image above shows the Trade History for today. My profit was 2.727.

Cardona is a good blockchain project and I think it is a good investment. With a plan to hold for a long time, let's say weeks or months, this time is the best time to buy. I'd add that it is one of the top projects I have high hopes for, and it has drawn the attention of many traders. This shows some positive signs for buying.

One thing to also note is that cryptocurrencies are unpredictable and risky products. I'd recommend investors who want to buy to do so with risk capital and not capital set aside for something else.

My reason for recommending a buy for this token is that, unlike Meme tokens like DOGE and others that have been a disappointment to some traders, Cardano serves as a platform for Dapp deployment. Upon the lunch of Dapps, its native token ADA often sees a significant increase. The team behind the project is also very good and so you can trust that the asset is a good investment.

Cardano is still in development to provide a more scalable, secure and reliable network. You can say it is one of Ethereum's top rivals. Many developers searching for alternatives for the deployment of Dapps have Cardano on their list.

Cardano has five phases for its developments. These phases are called eras. They are Byron, Shelley, Goguen, Basho, and Voltaire.

These phases are worked on by the team simultaneously to grow the network. Cardano's first phase, Byron, was the phase the network's primary architecture was created. The second phase, Shelley, is responsible for the decentralisation of the network. Goguen, the third phase was assigned smart contracts and allowing the creation of Dapps on the network. Basho, the fourth phase is responsible for the scalability of the network. The Voltaire phase is the final phase. This phase is to attain an autonomous and decentralised network. For more information on the roadmap, you can check here.

Trading futures can be very risky. I made a profit of 16 USDT with just 8.7 USDT and nearly lost it all because of the crash yesterday. I made certain mistakes, I've learnt from them and I hope to apply them next time. This is just to say that you shouldn't think that after making a few winnings you're the boss of the game. Learn when to stick to plan and take a break when you don't seem to sync with the market flow. Today's profit is what I have presented. I could have made more but I chose to play safe. The market is ready for you anytime you are ready.