(REPOST) [RUNE/USDT Buy] - Crypto Academy / S6T4- Team Trading Contest Post for Reminane

Hello again Professor @reminiscence01, Here is the result of my fourth Trade of the Week.

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1. The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.

RUNE is the native token of the ThorChain Project, which is a protocol that allows cryptocurrencies to be exchanged on different networks without relying on a command book.

The way this platform adds liquidity and maintains asset prices is through an automated marketplace that works because of an aggregate asset ratio.

ThorChain was created in 2019 by an anonymous group, in fact, the development has been carried through the figure of Gitlab. For this reason, the founder or general manager of the company is not exactly known.

RUNE is a token that can be found on various platforms, such as Ethereum as an ERC-20 token or on the Binance Chain as a BEP-2 token. It is a governance and security token, since for a node to participate in the consensus mechanism it must own at least 1 million RUNE.

Regarding its exchange, RUNE can be found on major centralized exchanges such as Binance, Cointiger, FTX, Gate.io, Kucoin, and Bybit.

2. Why you are optimistic about this token today, and how long do you u wish it can rise.

RUNE Currently has a Market value ranging around USD 12, with a market capitalization of USD 4 billion and a daily volume of approximately USD 290 million.

It ranks 43rd in the Coinmarket cap cryptocurrency ranking and has a maximum supply of 500 Million RUNE, of which only 330 million is in circulation.

Overall I have a good feeling about RUNE because of the technologies it has developed and is still developing.

The first reason I am optimistic about RUNE is about it is a platform (protocol) created to solve one of the big problems of liquidity platforms: THE impermanent loss, which is the money losses a liquidity provider incurs when the price of either currency fluctuates considerably.

This problem is addressed as follows; a fixed fee is set which is based on SLIP. This in turn ensures that liquidity remains only where it is needed.

In addition, as I mentioned earlier, this platform allows for the exchange of tokens between different blockchains, becoming a bridge of interconnectivity between different blockchains. It does this through the use of stateful connections, the TTS protocol AND a Bifrost signature module. These are all technologies developed by ThorChain.

Regarding the price, actually regarding Thorchain are cautious, although first of all, we could expect the price to return to its all-time highs of around 21 USD. Actually guessing what may happen further is really difficult, especially since it is a technology that maybe not many people know about or consider useful.

3. Technical Analysis

For this part I will analyze my purchase of RUNE on the Binance Exchange, using the RUNE/USDT pair. For my analysis, I will use knowledge of chartism and price action, along with Fibonacci tools.

First, I observe in the 5-minute chart, a bullish momentum followed by a corrective flag movement. Since the flag is bearish, I am waiting for the uptrend to resume, so I will therefore look for a buy.

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So first I must find a good entry point for my operation. For that, I will use the Fibonacci retracement tool from the beginning of the bullish momentum to the end.

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After plotting the Fibonacci retracement I recognize a very good entry zone, right where the lower trend line of the flag converges with the 0.618 Fibonacci level.

Thus, I set my entry point at 11.976 USDT

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I then go to my Binance account and set up a BUY LIMIT trade to buy 3 RUNE at a price of 11.976 USDT, which represents a total of 35.9 USDT.

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4. Your plan to hold it for a long time or when to sell.

This trade again is quite different from the rest that I have made these two weeks, as it is a Spot purchase that I plan to hold for as long as necessary until it reaches the expected Profit level.

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First, the take profit level is 12.816 USDT, which was the level determined by a key resistance level that has pulled the price back three times this week.

The stop loss again, is almost symbolic, because as I mentioned my plan is to hold as long as necessary. However, for the purposes of this post, a good stop loss can be slightly below the start of the previous bullish impulse, because by Elliot's wave theory knowledge, a retracement (in this case the flag) can never go beyond the start of the previous impulse.

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As you can see the trade has opened as I predicted, and the price continues to develop in the expected structure until it reaches the take profit point.

So first of all as I said this level will work as an exit of the short-term trade and for the purpose of this post and this week's contest. In which case the gain will be 2.52 USDT

5. Do you recommend everyone to buy this token? Give reasons for your answer.

To be honest, No. It is true that RUNE represents a good project, which last year experienced over 4000% growth, however, I believe it is a project that will grow at a slow but steady pace.

What does this mean, if you consider yourself a short-term trader, who wants to see a return quickly, Rune is not for you.

On the other hand, if you are a long-term, patient trader who is interested in investing your money in interesting and solid projects, RUNE is a good choice, as it offers tangible solutions to common problems with traditional liquidity platforms. This represents a great leap into the future which can be rewarded with an increase in value over the next 5 years.

All in all, RUNE is a good token to own and float, taking advantage of the fact that at the moment it is at a buy price. However, we must be aware that it is a project that in my opinion will not offer returns quickly as it is an unknown technology to most of the public. In other words, it has little adoption.

6. Any other thing you might want to share about this coin/token.

Again, what strikes me about a project is its ecosystem and the range of options it offers to the user. This is not a minor detail, since we can understand the scope and strength of a project through the number of other projects that revolve around it.

In the case of ThorChain, we can find, first of all, a tool to provide liquidity, insurer services, DAOs, Swap Pools, chain explorers, sale and exchange of NFT collections, and wallets, etc.

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They currently have a total of 100 nodes distributed around the globe in areas such as North America, Europe, Asia, and Oceania. These nodes rotate from time to time. There are also a total of 37 liquidity pools with an average APY of 26%, as well as a total capital of $7.3 Billion in Native On-Chain Swaps.

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ThorChain's reach allows it to enjoy some benefits and advantages over other traditional centralized exchanges, such as liquidity, incentives, and asset distribution, among others.

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