Mid term Trade Idea: POA/BTC
POA is underrated. Period. Let’s Explore why?
- POA Network is an open-source, public sidechain of the Ethereum protocol, which uses a Proof-of-Authority algorithm as its consensus system.
- It’s a platform aimed to make running and execution of smart contracts easier, cheaper and faster.
- POA network has a great team which
delivertechnical updates and partnerships regulary.
- POA network has launched the first production cross chain bridge last year.
- POA network Launched POA20 Tokens and Public sidechain – XDAI Chain this year.
- POA network has recently launched ETC Bridge to continue expanding our interoperability mission, introducing $WETC to create more liquidity and more use cases for ETC.
XDAI Chain Stats
- Average Block Time: 5 Sec
- Total Transactions: 173,259
- Wallet Addresses: 7,484
- Top Dapps – Geon APP,
- On the daily chart, We could see Few High Volume upsides wick candles which indicate High Buy Volume accumulation.
- Price is trading below 50,100 and 200 Daily MA
- Price is trading inside a triangle, Key support of this triangle is at 0.0000068 BTC and Key Resistance is at 0.00001 BTC
- POA/BTC Weekly is currently trading below 21 Weekly MA.
- Weekly Support is at 0.0000068 BTC, Weekly Resistance is at 0.00001 BTC
- Break above 0.00001 BTC Could take the price to 0.000016-0.000024 BTC.
Fundamentals wise things are looking great for POA, Technicals wise things could be better if it stays above Weekly support. Try to accumulate close to weekly support for better entries. The timeframe for this trade would be around 4-8 weeks.
Must Read – XRP/BTC Analysis: When you should buy Ripple?
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.