REPOST | AXS/USDT BUY | S6W1 | Team Trading Contest Post for Crypto-Empires
It is a repost of my previous task
Hello everyone!
It is a very good news from Steemit Team that In this Season, Team Trading Contests has announced and It is really very good initiative as We all will be able to showcase the knowledge we have gained through various seasons of Crypto Academy.
For Week 1 of Team Trading Contest, I have decided to be in team of professor @reddileep and professor @abdu.navi03 and Team name is The Crypto Empires.
Name of the token and the exchange in which I am trading.
Well, I will be doing Spot Trading. I have analysed AXSUSDT token and I will open positions on this crypto asset and I have decided to trade on Binance Exchange.
AXSUSDT is a strong token which I have also traded earlier and made good Profit. AXS Project was launched in year 2017.
Axie Infinity (AXS) is a blockchain game which is very popular game and played by many users and players can earn cryptocurrencies by playing this game which is quite interesting. It is an Ethereum token which means It is strong token.
I have selected Binance Exchange because I am very familiar with this exchange.
I am currently using total of three exchanges and which are Binance, Huobi and Gate.io But I am very familiar with Binance and I think It is very easy to trade in Binance Exchange.
Binance Exchange provide various features like it has very low trading fees and It is very easy to use even Beginners will feel comfortable with this exchange.
Almost every good cryptocurrencies are listed on this exchange. We can buy crypto/fiat through various methods like P2P Trading, Credit/Debit cards.
Binance Future Trading allows users to take leverage upto 125x on some cryptocurrencies which is more than any other major exchange.
This Exchange has also some good Financial features like Savings, Staking and Binance Smart Pool.
Why am I optimistic about this token today, and how long do I think it can rise?
AXS token is a Metaverse project and We all know how popular Metaverse is these days. It is also a game through which player can earn cryptocurrencies by playing games.
In Axie Infinity game, Players have to buy and breed some axies, these Axies are NFT(Non Fungible Token). Players have to play battles and then they earn crypto. Axie Infinity is a very popular play-to-earn game which is played by a lot of players. I think We all love to play games, and I really think AXS is really very good in long term investment.
AXS is an ERC-20 token and we all know that Ethereum based tokens are strong. We have also experienced a huge spike in the price of AXS in recent months.
Let's talk about statistics of AXS token.
As you can see from the above image, AXS has a total of $3.34 Billion market cap. It has a Circulating supply of 60.9 Million.
In recent month, It has touched an All time high of $165.3 and It is currently ranked #41 on Coinmarketcap. I think It can easily go to $150 in few months.
AXS is available in almost all exchanges in many pairs. AXS/USDT and AXS/BTC pairs are available in almost every exchange.
How to analyze the token?
I have analysed this token with the help of various technical tools and strategies. First of all, I have selected Heikin Ashi Candlestick Chart as this Chart is very easy to read and It removes all noise and disturbance from the chart.
After that, I have applied some Indicators on the chart which are Moving Average (MA), Parabolic Sar and Relative Strength Index (RSI).
Firstly, I would like to tell you about all these indicators. MA indicator is very useful in predicting trend reversals. When MA moves above the price, then it is a sign of downtrend When MA moves below the price, then it is a sign of uptrend.
Parabolic Sar is also a useful indicator. This indicator has some dots. When these dots appear above the price, then it is a sign of downtrend and When these dots appear below price, then it's a sign of uptrend.
RSI Indicator helps traders in identifying entry points. It shows oversold region below 30 level and It shows overbought region above 70 level.
We can consider bullish behaviour of market if RSI moving from oversold region to overbought region and Similarly, We can consider bearish behaviour if RSI moving from overbought region to oversold region.
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As you can see in the above image, I have applied some technical tools and strategies in the chart of AXSUSDT.
I have also marked strong Support level through which price is rebounding and I have marked some Resistance Levels which will be our take profit levels.
I have marked an entry point on the chart and there, MA has come below the price which is a good sign of bullish movement by the price.
Then, I looked at the Parabolic Sar dots and those dots also appeared below the price which is a sign of upward movement by price. Then, I checked RSI Indicator and It was below the 50 line and Hence, It confirms my Buy Signal.
So, I placed my buy order on Binance. I placed my order at $53.8. I have bought an amount of 0.64 AXS.
My Plan to hold it for a long time or When to Sell?
I think AXS token is a very good long term investment as Metaverse related project are very popular in current scenario and crypto play to earn related game will definitely give a good return in long term.
AXS's roadmap is very good for future updates and It is planning to launch some updates in it's game which will help it to invite many more players.
Well According to my technical analysis, I have marked some take profit level where I will book my profit and I will wait for another good entry and will buy more AXS tokens in future whenever there will be good buying opportunity in the market.
After taking entry, I will book my profit at take profit levels and I will hold my initial capital for long term as It is very strong token for long term and can give good return.
Recommendation for everyone to buy this token
I have mentioned it's various features in above topics and I can predict that It will give a very good return in future and It is very good for long term investment.
As It is a gaming project which means player can earn cryptocurrencies by playing this game and It is really going to rock in future and blockchain based games will definitely perform well in the future.
In this game, Players have to breed "Axie" which is a NFT and we all know that how popular is NFTs. In one word, It is very good investment and I will recommend everyone to hold AXS token in their Portfolio.
Other Information about the Token
We can also connect to social media accounts of Axie Infinity and can get all the latest information about this token.
Above image is the telegram group of this token where admin of this group provide latest information and news about this token. We can also connect to their admins.
Above is the Twitter account of this token where we can get all the latest information and We can easily get access to their tweets and replies on twitter.
It has also mentioned discord and reddit account on their website.
We can also check the whitepaper of this project through which we can know about this project.
I also want to show you the roadmap of this token-
From the above image, You can the roadmap of this tokens. There are some goals mentioned of this token and the goals which have been completed have "✓" sign.
It has also mentioned their future goals which they will complete in 2022.
I would like to thanks Professor @reddileep and @abdu.navi03.