Polygon Pocketbook Reports
June 7, 2022 (approximately 11pm CST)
QUICK INTRO
Hello again! Last week, I discussed AAVE with you. I hope you made some quick funds off of those key levels because it played out pretty well before the entire market took a bit of a dump. Go back and read that story if you missed it. You can find it here: https://link.medium.com/zbG2nQptGqb
AAVE will always be a good day trade and a good investment.
YOU MADE IT!
You have made it to Page 2 of the Polygon Pocketbook Report. Congratulations!
Every week, I intend to share my thoughts about a particular coin or coins on the Polygon ecosystem that we are looking at for a possible entry. I implore you to do your own due diligence and research. With this report, I hope that it helps you with your trading and investing endeavors.
Keep in mind, I do not consider myself a technical or a fundamental trader NEITHER AM I STATING THAT YOU SHOULD GET INTO ANY COIN AT THIS MOMENT OR EVER. This is not financial advice. Please do your own research.
BUT DO IT QUICKLY…
You might miss the boat if you wait too long to research. This coin has been trending upwards for a year even though we are in the midst of a bearish crypto market.
WHAT IS THIS COIN?
I’m glad you asked. It is none other than XCAD Network (XCAD). Now I was a forex trader before I was a crypto trader and I will admit that my silly self thought this coin was somehow related to the Canadian Dollar (which I will add I hated trading UCAD. UCAD used to take all my money and leave me with a black eye to boot). But I digress…XCAD has absolutely nothing to do with USDCAD or Canada period.
The XCAD Network token is for YouTube Content Creators. Content Creators can create their own tokens and rewards their viewers with their own created tokens just for watching their videos. The viewers are rewarded and can stake and even trade their token against XCAD on the XCAD exchange. They can also purchase NFTs on the XCAD marketplace.
For the fundamental traders, mark your calendars as there is a live launch event in New York on June 16, 2022 for a YouTube plugin for XCAD Network. Now, or when a good level of support is found, may be a good reason and time to invest in XCAD ahead of the event.
NOW THE FUN PART…THE TECHNICALS
<insert dramatic jingle like what you hear in a suspenseful movie>
This is a snapshot from around 450pm CST June 7, 2022 (the price and volume may be a bit off but the level of support remains the same):
XCAD got as high as $4.82 just today with about a 12% up move. XCAD’s ATH is $9.06 that it reached on January 20, 2022. A trading buddy of mine (from the trading group I’m in) told me that the token had been moving up with small pullbacks but not really any major corrections. She told me that it has to correct at some point…and that it did. In January, it fell to almost $2.40 and in May, it actually wicked off of $1.69. All in all, it fell around 80% from it’s all time high. It never stayed at the low support levels long and still managed to climb back up, no mater where it has fallen to. It has spent a considerable amount of time around the $3.70 to $3.90 range and I do consider that area a strong level of support should it head back south again.
The $4.16 to $3.71 area is a strong level of support. The 200 EMA is right in the middle of that range at about $3.93.
I also noticed that this same range is also a combined 4H and weekly order blocks (the green and light green shaded box in pic). If the market decides to correct and retest, it will be to this area. If you are in a buy and don’t take profit and it reverses on you and gets to around $4.50, I would suggest you get out and find a better entry.
Personally, I’m putting an alert at $4.36 (55 EMA) and $4.16 which is a higher timeframe support and and resistance (S&R) line I plotted. Notice, I didn’t say I was taking a trade. You have to evaluate and see what the market is doing according to YOUR rules. I have noticed that XCAD mainly rides the 7 MA and occasionally pulls back to the 20 EMA on the 1H chart.
Lastly, even if you don’t day trade, go study up on XCAD Network. It appears to be a pretty good investment. I read some articles that predict the price of the coin to get to $20 or more in a couple years. Right now, it’s less than $5. Seems like a solid investment.
CONCLUSION & GIFTS
That’s it for today.
I talked briefly about the amazing trading group I’m in. If you are interested, send me a message here so we can speak directly. It is a private trading group and I would like to make sure we can help you achieve your goals. It is not a get rich quick, fly by night project. It is well worth your time however.
Also, if you would like a crypto debit card to pay rent, mortgage, car notes and other bills using your crypto funds, click here: https://use.foldapp.com/r/L9YR43UV
They have a wheel of fortune where you can spin to win satoshis, a whole bitcoin, and other gifts daily. You also can get discounted gift cards using your Fold card. It is a win win and no cost to you. If you don’t have it, sign up using my link above.
Trade responsibly. DO NOT use money you can’t afford to lose.
This is not trading advice.
DYOR.
Have Fun and Happy Trading.
