FTMUSDT Perpetual Futures BUY | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team.
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Hello fellow steemians and my esteem team leaders, professor @fredquantum and @kouba01. Happy new month as it is yet another day to be on this platform. Today I will be sharing my 3rd trade of the week, a unique pair the FTMUSDT.
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FANTOM
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The project I will be talking today about is the FANTOM project. FANTOM can be defined as a DeFi Smart contracts supporting platform. FANTOM aims at providing a solution to the problem faced by Smart contracts platforms which is that of speed. The FANTOM platform has reduced transaction speed to approximately under 2 seconds. This is really a big move in the arena of Increase speed.
FANTOM foundation which is the company that oversees the smooth functioning of FANTOM was launched in 2018. However, the FANTOM mainnet was launched in 2019 in December. I'm 2021, that is last year, the Fantom platform proved to the world that it could operate it's own DeFi platform.
The Fantom foundation was founded by a unique South Korean computer scientist called Dr. Ahn Byung Ik. However, he is not the CEO and the current CEO is Michael Kon. Fantom is highly scalable and at a very reduced cost compared to other platforms.
The native currency of FANTOM platform is the FTM. At the time of this post, the following information was true about FTM on coinmarketcap.com
- Price : $1.56
- Volume : $1,361,193,042
- Marketcap : $3,975,482,173 and
- Circulating Supply : 2.55B FTM
The FTM coin can be traded in the following exchange platforms.
- Binance,
- OKX,
- Bybit,
- FTX, and
- DigiFinex. And many other platforms.
I just head about the currency today so I will be discussing the various reasons from my research that I feel optimistic about this currency.
High speed and low cost. Fantom is characterized by a very high speed and at a very low cost. This is going to act as a point of attraction for developers..
Good for NFTs developers. Due to its speed in transaction cost, the Fantom platform is good for NFTs developers and will therefore serve as an attraction to the lots of persons. This will definitely Increase demand and this price.
Compatibility. Unlike most platforms, like Solana etc, Fantom is compatibility with Ethereum platform. This makes it possible for the Decentralized applications build on Ethereum to be ported to Fantom.
FANTOM along with Solana, Terra Luna and polkadot are leading the Blockchain sphere in DeFi applications. Dou Fantom is trailing behind I feel very optimistic about it.
For this section, I am going to be using my two favorite technical analysis, which are the Ichimoku Indicator and Moving Average. The moving average and Ichimoku are both trend base Indicators and have similar Signals when it comes to trading. I will be using two moving average that is the Simple Moving Average and Exponential Moving Average.
Crossover
The crossover is one of the unique Signal that is produced by both the Ichimoku cloud Indicator and the moving average Indicator.
For the Moving Average Indicator, a crossover for a buy trade is when the faster moving EMA crosses over the slower moving SMA line.
While for the Ichimoku Indicator, a buy trade is when the price of an asset crosses over the Ichimoku Indicator.
Position of the Indicator
Also the position of the Indicators in relation to the price is a signal for trading in the market. When any of the Indicator, that is the Ichimoku or moving average Indicators are below the price of an asset and moving in an upward direction, then this is an uptrend confirmation and a good opportunity for a buy trade.
Green cloud
An additional signal by the Ichimoku Indicator is the formation of the green cloud. The green cloud is considered as a bullish trend signal and it usually serve as support during an uptrend. So the Ichimoku Indicator forms a a green cloud then it is a good opportunity for a buy trade.
Now having looked at the various criteria for a buy trade let's look at the FTMUSDT chart on Tradingview with both the Simple Moving Average, Exponential Moving Average, and Ichimoku cloud Indicators.
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Looking at the screenshot above, you can see that the Ichimoku Indicator is forming a green cloud. The green cloud is below price and thus acting as a Support level to rising prices.
Also, the moving average Indicator had crossover earlier and are below the price. This is a good reason to open a long position using this strategy and that's why I used my verified Binance account to open a Buy/Long order in the Perpetual Futures Market.
As for how long I plan on Holding the currencies, I don't plan on holding it for long. That's the reason I used the Moving Average indicator and the Ichimoku Indicator in short periods. Also the timeframe is 4 hours which is usually a strategy for short term trades.
However,as can be seen from the trade entry and analysis, I have set my exit positions taking my Stop loss or take profit. Anytime the trade teaches this point, I will exit the trade.
Yes I strongly recommend that everyone should by FTM and hold it especially for a long time. This are my reasons below.
Compatibility with Ethereum. As we already know, many Smart contracts platforms such Solana, Terra Luna etc are in the rise. Fantom is very similar to these projects with an added advantage of compatibility with Ethereum. Ethereum so far is the biggest Blockchain with DeFi projects. This compatibility is going to increase the usability of FANTOM and thus an attraction point for developers
Low cost and high speed. Furthermore, the low cost of transaction and high speed is going to attract developers to the platform.
There are many other reasons I think its a good project but to me this two points stand tall.
From the explanation above, it is evident that the FANTOM project is truly a unique decentralized Blockchain platforms that has amazing features of speed and low cost. I strongly believe that this is going to be a good investment in future and so I will advice everyone to invest in the project.