UTK/USDT Buy | S6W1 | Team Trading Contest Post for Crypto-Empires
Hello everyone hope you all are fine and safe. Today is the last day of week 1 trading competition. I have done four trades before , today i done my last trade. Today i am going to talk about my fifth trade. Today i trade UTK coin which is native token of Utrust platform, some of you have use this platform but i have not used this platform . Today i trade this coin because i found bullish trend in this coin using some indicators early in the morning and i trade this coin for gaining some quick profit. I buy this coin for short term investment. I trade this coin on binance exchange. Lets talk about this project and its analysis in detail;
Introduction to this project
UTK is native token of Utrust platform. UTK token is based on Ethereum blockchain. Utrust is a digital payment blockchain . Utrust platform works to remove the problems of traditional payment methods and blockchain technology. Utrust combine online traditional payment system and blockchain technology to improve the features of both of them and remove problems of both methods. The main goal of this platform is to make fast transactions at vary low fees. This platform allows buyers to make secure purchases and protects sellers in volatility market. In Utrust users can done payments without any fees if they pay in utk token for buying goods. One more important thing is that some of utk token got burnt after every transaction which reduces the circulating supply of this coin. Utrust provides instant conversation from crypto to any other currency or fiat. On Utrust platform the buyer searches the best merchants who accepts crypto. Buyer is charged with some fees for conversion process. The seller receives the payment in fiat.Utrust platform reduces the chances of fraud and scams by providing security to transactions.
The total supply of this token is 500,000,000 and this time circulating supply is 460,000,000 according to coingecko. The price of this token is 0.21 and the all time high price of this token is 1.18 dollars. The market cap of this coin is $96,817,680. According to coingecko the rank of this token is 410.
Exchanges on which this token is available
UTK token is listed on some big exchanges like binance, gateio and many more. Also there are lot of pairs available on different exchanges in which people can buy this coin. I buy this coin on binance exchange in utk-usdt pair. You can use different exchange for buying this token. Look at the below picture there are lot of market place where people can buy this token.
Technical analysis of this token
Technical analysis is vary important to find out the buy and sell signal. In utk coin i select one day chart in utk-usdt pair. I found that utk is coming close to major support level and trading above it. As we know support and resistance levels are important levels for crypto assets the trend gets reversed from these levels. I know from the support level we will see bounce back of price in upward direction so i decided to trade this coin for gaining some profit.
For conformation of signal i added macd indicator to this chart i found that macd indicator also gives signal of bullish trend coming for now , we will see price will move in upward direction.
After that i added one more indicator which is relative strength indicator (RSI). Look below on the picture. In Rsi indicator the price line is moving in upward direction and is in oversold region. So it gives me more confirmation that bullish trend is coming. As i am going to trade this coin for shorter period i check the chart of 15 minutes which also gives me buy signal.
My plans regarding this trade
I am going to hold this coin for short term, when i will get good profit i will sell my tokens. I buy this token in spot wallet because in these days market is highly volatile so in order to protect my assets from liquidate. I will hold this coin for few weeks only.
Recommendation for people to buy this coin
I will recommend this token to every trader for short term investment as this coin is trading just above the major support level and we will see a good pump rally from here. I will not recommend you to buy this token for long term investment. Also i will recommend you to buy this coin in spot wallet only. Also before trade make your own research.
My trade history
I buy UTK coin at the price of 0.2098 early in the morning. This time i am in little bit profit. I buy 48 coins worth of 10 dollars.
THANKS