The crypto-verse has become a more interesting issue in the financial market. Many companies keep creating cryptocurrencies and ways to make them safe investments. Although the creating purpose of most crypto coins is to solve a problem, many of them are still made of jokes such as Dogecoin. The Elongate and the Oasis, both crypto coins, create online attention to crypto investors.
However, cryptocurrencies are a new addition to the financial market, so investors often face confusion while choosing the best crypto as it requires comparing them on various factors.
This article will compare the Elongate and the Oasis coins, which will be best for day trading. Moreover, we will explain sustainable trading strategies to trade that crypto.
What is Elongate crypto?
It has become one of the most famous among new cryptocurrencies. Although the introduction was like a joke, people didn’t stop speculating on this “Going to the moon” crypto asset. The whole concept came from an old Tweet from Elon Musk, in which he says if he is ever involved in any scandal, people can call it “Elongate.” An enthusiastic fan made a website within a few hours of that Tweet.
That was the beginning, which has become popular among crypto investors and Elon Musk fans. Whenever Elon Musk Tweets something about cryptocurrency, the price rises of this meme token. The Elongate is deflationary, so miners won’t be able to mine coins when it gets to the limit. At the time of writing, the Elongate price is USD 4.65e-8. The Elongate crypto uses Binance Smart Chain, and you can purchase it from platforms like Coinbase, Binance, etc.
What is the XOS crypto?
The Oasis or XOS is the crypto coin of the platform XOS. The platform usually provides a leaderboard providing all esports and games. This crypto coin has maximum supply and limited circulating in the crypto market. According to the platform, the XOS has a 75%/25% reward system. You can purchase this coin from any platform that supports it in exchange with USD, Bitcoin, Ethereum, or other fiat currencies or stable coins. The XOS price is floating near 2.4800.
Elongate crypto vs XOS crypto: which one is best for day trading?
Both cryptos are potential assets to make investments. Choosing any crypto asset to invest in requires considering data about those assets such as volume, availability, security, etc. Day traders always seek assets that allow making frequent trading positions. Comparing both assets through these comparisons, we find the Elongate is more potent for day trading than the XOS.
How to identify or create trading strategies?
Many trading strategies are available to open trading positions in several financial assets. Usually, market participants consider any trading asset’s technical, fundamental, and sentiment data to determine the trading positions. Traders and investors use many technical indicators to assess trading positions, and fundamental data is not available like fiat currencies for decentralized trading instruments cryptocurrencies.
A short-term trading strategy
We use the volume indicator beside the support resistance levels in this short-term trading method. First, draw the support resistance levels using H4, daily or weekly chart. Then observe the 15-min or hourly chart to identify short-term entry/exit points.
Bullish trade scenario
Draw all essential support resistance levels from upper time frame charts and open buy positions at lower time frame charts.
Entry
When the price reaches any support level, or a breakout occurs above any dynamic resistance level. Then confirm the bullish momentum by observing the volume indicator. Place a buy order when the volume indicator shows an increasing buy pressure on the asset price.
Stop loss
Place an initial SL below the breakout or support level with a buffer of 5-10pips.
Take profit
The initial profit target will be below the next resistance level. If the price breaks above that level, continue the buy trade until the volume indicator declares sufficient bearish pressure.
Bearish trade scenario
Draw all essential support resistance levels from upper time frame charts and open sell positions at lower time frame charts.
Entry
When the price reaches any resistance level, or a breakout occurs below any dynamic support level. Then confirm the bearish momentum by observing the volume indicator. Place a sell order when the volume indicator shows an increasing sell pressure on the asset price.
Stop loss
Place an initial SL above the breakout or resistance level with a buffer of 5-10pips.
Take profit
The initial profit target will be above the next support level. If the price breaks below that level, continue the sell trade until the volume indicator declares sufficient bullish pressure.
A long-term trading method
This long-term trading method uses the ADX and an HMA line of 20 periods. When the price moment creates valid swing points, then check on those indicators. According to those readings, open trading positions when those indicators declare upward or downward momentum. We recommend applying this method on an H4 or daily chart.
Bullish trade scenario
When the price creates a lower low and starts bouncing back on the upside, seek to open a buy position when:
- The ADX value increases above 20.
- The price reaches above the HMA line that starts sloping on the upside.
Entry
Match these conditions above, then open a buy position.
Stop loss
Place a reasonable SL below the bullish momentum.
Take profit
Close the buy order when:
- The ADX value decreases.
- The price declines below the HMA line that starts sloping on the downside.
Bearish trade scenario
When the price creates a higher high and starts declining back on the downside, seek to open a sell position when:
- The ADX value increases above 20.
- The price reaches below the HMA line that starts sloping on the downside.
Entry
Match these conditions above, then open a sell position.
Stop loss
Place a reasonable SL above the bearish momentum.
Take profit
Close the sell order when
- The ADX value decreases.
- The price reaches below the HMA line that starts sloping on the upside.
Pros & cons
| Pros | Cons |
| It is a sustainable crypto asset. | These cryptos are not available on the most popular exchanges. |
| It is demandable for deflationary characteristics. | It has a lack of inherent value. |
| The Elongate has a lucrative reward-sharing feature for its holders. | It is subject to the volatility of the price. |
Final thought
Cryptocurrencies are a comparatively new trading instrument, and we suggest checking the available platforms and making proper strategies before trading crypto assets. Whatever you choose to trade, the meme token Elongate or the gaming token XOS, try to conduct more research before investing.