SHIB/USDT Buy-Steemit Crypto Academy | S6W1 | Team Trading Contest Post for Crypto-Empires
Hello Everyone...!!!
It is the first week of the Crypto Academy Trading Competition, which enable us to implement the knowledge acquire from various professors’ lesson in our crypto trading. This is a very good initiative as it will boost our confidence in trading and our ability to take risk. For week one of this competition, I have joined team The Crypto Empires, with professor @reddileep and @abdu.navi03.
Introducing the token for the day
SHIBA INU (SHIB)
SHIB is a token that was created anonymously in August 2020 and listed on its own ShibaSwap. Its a foundational currency with a dog symbol that allows investors to hold millions or even trillions of it in their wallets. Shiba aim to rally with the Ethereum-based token DogeCoin and sometimes referred to as DOGECOIN KILLER. It is an ETC-20 token of the Ethereum network.
Shiba is founded by an anonymous person know as 'Ryoshi'. Ryoshi sees himself to be “just some guy of no consequence tapping at a keyboard." He claims to own 0 Shiba token and so has no influence on the asset market.
SHIB though is an anonymous token is traded on many exchage platforms like the populae exchange Binance, gate.io, KuCoin, Bitstamp, Poloniex, Bitstamp, OKX, Binance TR ect.
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Why I am optimistic about the project today
Shiba Inu website has brought the community into an NFT market where artist from all over the world foster on the token movement. NFTs is gaining popularity in the crypto market.
After the 50% burn from the Ethereum founder Vitalik Buterin Shiba had suffered a lot of depreciation but few months later, it skyrocket to break the all-time high price. This was as a result of continued effort by the Shiba Inu community. The community also aim to make the token global stable coin across all countries and also a method of payment.
Shiba Inu is ERC-20 token, meaning is based on the Ethereum network making it very strong and secure token. It has a good developmental plan and still at the dip.
Shiba Inu Statistics*
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From the screenshot above, we can clearly see that SLP has a Circulating Supply of 549,063.28B SHIB, Market Cap of $13,303,012,933, ranked #14 and have a price of $0.00002423 at the time of writing this post.
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Also, on the screenshot above We can see that SLP has attained an all-time high price of $0.00008845 which was on Oct 28, 2021 and all time low at $0.000000000082 on Sep 01, 2020. With regards to the current price, Shiba Inu has an increment of 29769684.36% from the all-time low and 72.52% decrement from the all-time high price.
All time price chart of Shiba Inu
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For the past month the token has made a significant increase to break the previous all-time price. On the chart above, we can see that Shiba Inu is at the least state and can easily be acquired with some few dollars.
How to analyze the token?
I will Analyze this coin using the SLP/USDT crypto pair on TradingView. I have applied the Japanese candlestick chart which connect sensitive information like opening and closing price, high and low swing points. I have also added MA crossing strategy to identify entry point.
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On the 15-M AHIBUSDT chart above, with the moving average crossing strategy, we saw that the 20-period MA (red) crosses over the 50-period MA (blue). Price was still in a ranging phase which shows early signal for bullish trend. I have marked support and resistance levels on the chart and as well two take profit levels. A stop loss level was also placed below the support level should in case the signal was just false.
I went on to open a spot trade on by gate.io exchange wallet to buy Shiba Inu.
After placing my order, I was so sure about this trade that I have to monitor it to see if my take profit level will hit.
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From the chart above, we saw that price hit both my first take profit level and second take profit level.
My Plan to Hold SHIB long or Sell
Actually, I have opened a scalp trade on the asset as the market is still not stable, and I was so lucky that price hit my take profit level. Shiba Inu has an anonymous founder just like Bitcoin and we saw how these tokens gain an appreciable value within some short notice. Long-tern traders can trade SHIB as it has potential for the future.
Would I recommend people to Buy SHIB
Of course, I would recommend people to buy SHIB. the token has a great potential and even after 50% we saw how great the coin increase in October. Form news elsewhere, a wallet that bought SHIB at the initial state at $8,000 was worth $5.7B at SHIB all time high price.
SHIB has a potential of growing in the coming months and if a trader is willing to hold onto it for the coming months, then he/she will benefit with good profit.
Scalping traders can also find good entry positions with SHIB as it has a great volatility upon doing their own analysis.
CONCLUSION
For my last trade of the week, I have opened a spot limit trade of SHIB on my gate.io exchange account after going through series of analysis of the coin and its projects. I have also stated my reason for keeping this coin for future benefit.