POLC/USDT BUY |Crypto Academy Trading Competition-S6W1| Team Trading Contest Post for Team-Frontline |

Good day, crypto enthusiasts. I'm in for the weekly trading contest hosted by the @steemitblog. This is a very nice initiative that will help us put what we have learned into practice. This is my first trade, and I am joining the Team Frontline for this week's contest. I have performed a buy trade for a coin I am very optimistic about, which is POLKACITY. With the help of the knowledge gained from the academy, I was able to get a suitable entry for this coin. The process I took to acquire this coin is explained in the subsequent sections.

_{Image created with Logo App}

About the Polkacity Project

Polkacity is a metaverse platform powered by blockchain technology. As a metaverse platform, investors can buy NFTs, which represent the virtual assets on the platform. The platform is a virtual city, and the NFTs are the properties on the platform and they are being beautified as 3D avatars. This paves the way for blockchain enthusiasts to have a virtual investment experience. Some of the NFTs that users can own in the Polkacity include taxis, gas stations, land, hotels, nightclubs, and many other useful services, and they earn some profits by claiming ownership of the various virtual properties. The Defi services are one of the extra features that make the polkacity stand out to me. They implemented Defi in the project so that users will be able to gain extra investment benefits just by being on the virtual platform.

_{A view of Polkacity metaverse| Image taken from Polkacity's Twitter post}

The ownership of these properties is recorded on the blockchain with smart contracts. The smart contracts sign the ownership of the virtual properties to the owners. There are guaranteed interests for owners of the NFTs in the polkacity metaverse, and a user will keep on receiving the interests as long as the properties are in his/her custody. If an NFT is sold to a different person, the ownership will be signed by the smart contracts to the buyer, and he/she will now receive the ownership interests there are also Defi services where users can participate with their tokens to gain some profits on the platform.

The roadmap of the project started at the beginning of 2021 when they launched the project and released the mobile and desktop versions of their applications. All of these, including the private and public sales of the Polc token, were done in Q1 and Q2 of 2021. The marketplace where users can buy and sell their Polkacity NFTs was launched in Q3 of 2021. The CEX listings and integration of the polkacity were all done in Q3 and Q4 of 2021. The project keeps expanding, and it is part of the project's plans to make the platform accessible to as many blockchains as possible. The integrated blockchain networks are the Ethereum network, Binance Smart Chain, and the Polkadot network.

To be able to own a property in Polkacity, you have to complete the registration on the platform. After registering, you can then choose your asset from a variety of assets on the platform. After choosing the asset, you need to make a deposit to the smart contracts to signify complete ownership and start earning interest. You can sell your assets on any of the supported blockchain networks.

There is a solid team behind the project, and the three prominent leaders in the various sectors include Carmelo Millian, who acts as the CEO and development lead of the project; Fatih Atali, in charge of marketing; and Murad Aliyev, in charge of tech infrastructure. They all have years of experience in their various sectors and are co-founders of some projects. All the official social media handles of Polkacity are active and there is fair engagement between the user community and the team. The project has been audited by Certik and the white paper is publicly available on GitHub where everyone can download and read about the project.

_{Polkacity Team | Image taken from PolcDev's Tweet}

At the time of performing this task, the price of POLC was 0.3096 with a 24-hour trading volume of 4.8 million and it is currently ranked at #2929 in coinmarketcap.com. So far, there are 8.7 million Polc in circulation out of a maximum circulation of 250 million POLC. The fully diluted market cap is $73,643,261 according to data from coinmarketcap.com.

_{POLC data from coinmarketcap.com}

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Some of the Exchanges we can get POLC includes:

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1. KuCoin

2. Gate.io

3. Bitget

4. ZT

5. BKEX

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

I am optimistic about the POLC token in the long run, so I am buying it for a long-term hold by DCAing. The chart looks bearish for today as it broke a support level at 0.35 and continued in a downtrend. It is currently declining towards another support level, and I used this as an opportunity to buy small, and if it fails to hold it at the next support level, I will be able to DCA at lower values. I strongly believe in this project, and I believe it is going to perform very well, like many other NFT metaverse projects.

Analysis of the Coin

In the first place, I did background research on the project, as I explained above. This section contains the technical analysis that I used to be able to get entry and exit levels for my trade. I applied the knowledge gained from the academy to the previous knowledge. I was able to use the multi-timeframe analysis to find the general trend of the Polc coin in addition to moving averages, RSI, and support and resistance levels.

With the 4 hour timeframe, I was able to see the general trend of POLC as it was in a downtrend, which indicates that bears are in control as the price was trending downwards below the EMA 50 and EMA 20, with the EMA 20 also below the EMA 50. This is a clear downtrend. I identified some support and resistance levels, I realized that the price had broken the 0.35 support level and was falling towards another support level at 0.27.

_{POLC/USDT 4hour timeframe chart from tradingview.com}

With the RSI, the price was heading towards the oversold zone. This is a signal that there is currently more selling and it will be exhausted soon. I started with the 4-hour trend because the daily and weekly charts do not show enough information about the trend because it is newly listed on the most popular CEXs. For instance, on the 1-day chart, there are fewer than 200 candlesticks. But the general view of the daily timeframe is bearish.

Also on the 1hour chart, the chart still looks bearish with all the indicators I bought POLC in a small quantity, and my next buy will be below the next support level if the price fall below that. The purpose for this buy was to use the opportunity of the current bearish trend to accumulate the POLC and if it falls further at the end of the day and I will DCA. I bought POLC at $0.292. Even though I will be accumulating POLC, I have set some take-profit levels at which point I will be selling to accumulate more in dips.

_{POLC/USDT 1hour timeframe chart from tradingview.com}

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Confirming my entry with the 15minutes timeframe

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_{POLC/USDT 15minutes timeframe chart from tradingview.com}

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The filled order of My buy Trade

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I purchased 16.06 POLC from my gate.io account as seen in the order history below:

_{The trade history on gate.io mobile app}

As seen in the chart below, the price actually bounced back from my entry some few hours later and it is moving towards the resistance level. This indicates that the outcome of the trade is positive so far. I could take profit at a suitable point to buy back when the price decline again.

_{POLC/USDT 1hour timeframe chart from tradingview.com}

My plan and recommendation for this trade:

The plan for this trade is to hold it for the long term, as I indicated earlier. I will be taking profits at the main resistance levels that I have identified on the chart, and I will use the profits to accumulate more. Generally, my investment in this coin will also depend on how far it goes under this bear trend and the future development of the project.

This analysis is for long-term trading. If you find it useful, you can undergo some fundamental analysis with regard to the project before considering investing in it. This analysis is based on technical analysis that has a high chance of reflecting the price action but this is not guaranteed. Before one should consider investing in a particular project, it is good to do your own research with regards to the asset this will help you in strategizing your investment to fit your capital.

cc:
@dilchamo
@shemul20