[SHIB/USDT TRADING- Buy] Crypto Academy Trading Competition - S6T4 | TEAM REMINANE

in hive-108451 •  6 months ago 

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The Shiba Inu Token


The shiba inu token was one of the main talked tokens in 2021 which was noticed by its several percentage rise in just a short period. The shiba inu token is known to be a meme token which was named after a dog having the name shiba inu. This token was actually created anonymously in 2020 particularly under the pseudonym “Ryoshi”. This actually meant he is nobody and there was no reason for him to unmask himself or his identity despite the fact that the project is successful or overwhelming.

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Image Source

The main aim of the shiba inu token was to an ethereum based counterpart token to the dogecoin’s scryt algorithm also known to be the dogecoin killer. Based on the polularity this token gain in a short while, many exchanges began listing this token including the famous #Binance Exchange which I will be using for the analysis.

As as I mentioned earlier, the founder of the shiba inu token remained anonymous with the following words in its woofpaper

we started from zero, with zero
The brilliant minds behind shib never collaborated before
we love shiba inu dogs

Source

Furthermore, in the blog of the founder, he characterized himself as just a founder behind the keyboards.

Where to Trade Shiba Inu


We can trade Shiba Inu in several exchanges as the token gained popularity many exchanges did listed them based on the numerous demands and call for. Some include; Binance, Poloniex. Bitfinex, Bitrex and many others.

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screenshot from tradingview.com

Statistics on the Shiba Inu token


As to the reason why I am optimistic about this token, I will perform a brief fundamental anlysis showing the various characteristics of the token. The shiba inu token has a market capitilization of $15.26 billion which gives it a market rank of #15 on the coinmarketcap. The token has a total supply of 589.7 Shib and a market dominance of 0.7%. we can see other statistics on the screenshot below.

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screenshot from coinmarketcap.com

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Technical Analysis on the 1000SHIBUSDT


The 1000SHIBUSDT is the SHIBUSDT which has been multiplied by 1000. The current value of shib stands as 0.000027. for easy trading and manipulation of the figures, the value has been multiplied by 1000 which brings it to 0.002.

My analysis on the shibusdt will be based on the break of a resistance level and the restest of this prices on this level. The confirmation of this signal will be done using the CCI indicator. The CCI indicator shows overbought and oversold levels as we have the prices approaching and crossing the 100 and -100 levels.

My trade entry will be done following the fulfilment of the following criteria.

  • We have the prices break a previous resistance level and forms a swing high level

  • The prices then makes a turns and retest on the previous broken level

  • We confirm the signal with an oversold from the CCI indicator

  • As the prices makes a sharp turn on this level, we take a buy order.

We can see the formation in the analysis below;

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screenshot from tradingview.com

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screenshot from tradingview.com

The stop loss is placed a few pips below the resistance level while the take profit is placed at the previous swing high level made by the prices.

Trade Execution


My trade execution will be done using the #Binance Exchange. In the trade execution, I will use a cross margin of 20X since my analyis was done using the 5 minutes timeframe.

  • Stop loss: 0.027

  • Take profit: 0.028

This shows a risk to reward ratio of 1:1.4

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screenshot from Binance

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screenshot from Binance

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Why I am optimistic about this token


This token being listed among the first 20 token on the coinmarketcap has proven to have a great community and high daily traded volume. This is proven as my take pprofit level is touched in just less than an hour based on its volatility. In this ragards the token is worth trading.

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screenshot from coinmarketcap.com

On my advice if I recommmend the trading of this token by other tradders, based on short term trading such as a scalp trader, I do recommend the trading of this token. But based on long term I will not give much of a financial advice since the token has already experience a great uptrend based on the market structure.

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hey, @santosbass2! Thanks for sharing this article, it contains useful information...

Also, every day I posted the latest news about cryptocurrency around the world... if you have time visit my profile. Thanks,