DOTUSDT Buy-Steemit Crypto Academy | S6W1 | Team Trading Contest Post for Crypto-Empires

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It's another beautiful day to be in the Crypto acamedy. Today I will be discussing me trade and trading strategies today in this post for my 4th entry. Go go team

POLKADOT

1.Name and introduction of the project token.

POLKADOT is an open Source Layer zero blockchain. Polkadot connects and secure Blockchain platforms and facilitate the sharing and transfer of data between Blockchains. Polkadot enables Blockchain platform to share any form of data, not just tokens.

As I earlier mentioned, polkadot is a layer-0 platform. It is a layer 0 metaprotocol because it describes a network format that underlies layer one Blockchain which is known as parachain.

The native token of Polkadot Blockchain is DOT.
At the time of writing this post, the following were information gotten from the

2. Why are you optimistic about this Token today, and how long do you think it can rise?

1. Interoperability. One of the major feature of polkadot Blockchain that has made unique and stand tall in the Blockchain sphere is interoperability. The fact that data can be transferred from one Blockchain to another is a huge advancement in Blockchain technology.

2. Interactive. The interoperability of this platform has increased the interactiveness of the platform as new developers see it an interesting platform to developer DApps. This has caused investors to be more excited about this technology and increasing the interest on polkadot as they see it as an option for future development.

3. Research. Another reason I am optimistic about polkadot Blockchain today is due to the research and analysis using the technical analysis taught in this platform. Analysis show a potential growth in the coin.

4. More affordable. Polkadot unlike most platforms is very cheap as it has low gas fee to carry out transaction. This low cost of transaction has made it to be an area of interest for more developers.

5. Growth rate. It is impossible to take about things that make one optimistic about a coin without putting in the aspect of growth. In recent years and months, DOT which is the native currency of Polkadot has had tremendous growth, from $2 in January 2020 to over $23.
   However,with recent fall in prices, polkadot is not left out but more is expected of the coin in the coming days.

3. Technical Analysis

Through out this week I have been very consistent withy use of the Moving Average in analysing crypto pairs and it has been pretty good. It is in this light that I seek to continue my exploit of this trading strategy. So in this section, I will be using Moving Averages in synergy with the Ichimoku cloud Indicator.

Moving Average + Ichimoku cloud

Combining the Ichimoku cloud and the Moving averages (both the Simple and Exponential Moving Averages) have proven to be very effective and accurate in recent days to me as I have realized good trading signals.

Criteria for Trading using the Ichimoku + Moving Average

1. Crossover. One of the trading Signals Using Moving Average is crossover. For a buy trade, the Fast moving average which is usually the Exponential Moving Average should cross above the slow moving which in this case is the Simple Moving Average.
   Also using the Ichimoku cloud, a buy signal can be seen when price cross above the Ichimoku cloud Indicator. Price in this case is usually in an upward direction.

2. Another signals for a buy trade is that the Simple Moving Average and Exponential Moving Average indicators are below the Price chart and moving in an upward direction.

So any of the Signals above can be used for a buy trade.
So I added the two Moving Average indicators and the Ichimoku Indicator to be the DOTUSDT chart on Tradingview to analyze my trade. Look at the screenshot below .

Looking at the charts above, it can be see that the various criteria needed for a buy trade has been fulfilled. First, we can see that there is a bullish crossover between the fast moving average and the slow moving average. Both the Simple Moving Average and Exponential Moving Average are below the price movement and in an Uptrend

Also, we can also see from the image above that the price movement just crossover the Ichimoku Indicator moving in an upward direction. This is a second Buy Signal.

With these two Buy Signals, I decided to go in for a trade with 11USDT.

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

Concerning the time to hold the transaction, I plan not to hold the currency pair for long. This is solely because of the fluctuation in prices now. So I intended to hold the coin for a while and sell it after a couple of hours.

I plan on buying this coin in future to hold for a period of atleast 6 months.

5. Do you recommend everyone to buy and the reasons for recommending/not recommending.

Yes I will recommend that everyone buys this coin for the following reasons.

1. Growth rate. I have already spoken about the amazing rate of growth in recent years. Although the crypto market has experience a fall in prices, I still believe that growth shall be experience by this currency.

2. Also, I will recommend that everyone buys the coin because polkadot Blockchain uses the Proof of Stake consensus mechanism. This can enable investors and holder of DOT to earn from staking while the wait for price to rise.

3. Polkadot is still very young and has an amazing concept and white paper. It can prove to be very lucrative for investment and so I will advice everyone to buy it.

6. Anything else you want to share about the token/project.

One thing to note about the Polkadot Blockchain is that the polkadot protocol can connect both public and private chains, permissionless networks, ora oracles and other chains to be able to share information through polkadot relay chain.

The Polkadot Blockchain platform has offered the Blockchain technology something that has not been possible for a while now. Interoperability which is a good sign for future advancement.

Alot about the Polkadot Blockchain or platform has not yet been discussed and I will advice that we carry out more research on the topic .

Conclusion

As we can see from the explanation above, Polkadot is an amazing platform with incredible features and promising future. This explains it soar in recent years both in usage and the price of DOT which is the native currency.

I therefore conclude by advising every one to take a detail look at this platform and it's currency and buy to hold this coin because it has huge potentials for growth.

I want to thank Professor @reddileep and @abdu.navi03 for having me in their team. It's been an amazing week of trading. Thanks to the moderator @kouba01 for such an amazing initiatives. Let's trade and Steem on.