[FTM/USDT] Crypto Academy Trading Competition S6T3 - Homework Post for @pelon53
Greetings everyone, I am delighted to share with everyone in this great community yet another exciting crypto season which involves trading competition. This is another great trading contest which is very interesting and call on everyone to take part in this week's contest trading. I am honored to be part of this team which is the Team Investors and happens to be speared headed by our noble professor in the person of @pelon53. I will therefore move ahead to make my first trade for this week.
1.- The name of the token and introduction of the project. Technical background of the project and team in charge of the project. In which Exchange or exchange can be negotiated.
For this week, I will make my first trade on the Fantom project. The Fantom project is one of the most talked project on the crypto market which has gained a lot of popularity and has been most trending in the most days. It is a decentralized finance type of project which was built in the year 2018 and launched a year after it was built on that is in the year 2019. The native token of the Fantom project is the FTM token. With regards to the Mainnet of the we have it to be the OPERA. The Fantom project was brought to the crypto limelight to help solve the issues of the security of the Blockchain network we have currently. The project is also an open source decentralized blockchain. We have the creation of various decentralized applications on the the blockchain of the Fantom project. The processes of staking and other mechanisms do take place on the Fantom Project.
Fantom project is one which has come to bring various solutions to issues of the blockchain security, scalability as well as it been decentralized. The Fantom project has it founders to be Dr. Ahn Byung Ik. The founder was a renowned computer scientist who resided in the South Korea. After it's released to the crypto space, the Chief Executive Officer(CEO) is known to be Micheal Kong. The founder and his team of this project presented this project to the crypto space with aim of having a platform which had smart contracts. With their great skills and knowledge in the crypto space, they were able to bring up this project.
The FTM token after it had been released to the crypto space has made a lot of benefits to it's founders or holders. It was able to raise a huge amount pf about 40 million dollars. This was raised during the initial stages after it had been released. The blockchain if the Fantom project makes it possible for the occurrence of various transactions to take place as well as staking process. The users involved in this project do have a stand in the decision making process of the affairs of the network.
Moving further, looking at the Fundamental analysis of the FTM token, it has gained a good stand in the crypto market. It has been ranked in the market with it been part of the top 50 as it is at number 41. The current price of this token is at $1.30. I will tabulate the rest of the price statistics of the FTM token.
With the help of the CoinmarketCap.com, I will take a screenshot of the price statistics of the FTM token and have it shown clearly to everyone.
| Token | FTM |
|---|---|
| Price | $1.30 |
| Rank | 41 |
| Number of Watchlists | On 638,991 watchlists |
| Market Capitalization | $3,305,112,944 |
| Volume | $773,241,635 |
| Circulating Supply | 2.55B FTM |
Looking at the price statistics of the FTM token, it has been in an uptrend movement for the past 24 hours. This is because there has been a lot of orders of buy been placed on the crypto asset and for that matter the price of the asset has been forced to go up. The FTM token has a good market capitalization and a huge amount of Trading volume within the past 24 hours. A lot of traders have made close marking on the crypto pair since it can be seen in a lot of watchlists of traders as shown by the CoinMarketCap. We have numerous amounts of the FTM token in circulation in the crypto market meaning this token has a potential stand in the crypto market.
The FTM token can be traded on a lot of exchanges we have in the crypto market. That is, these token can be traded with other crypto pairs depending on the exchange been used. Once the trader has a verified exchange account, he or she can trade the FTM token with a crypto pair.
2.- Why are you bullish on this token today?
During the last days of the juts ended crypto trading contest, I made various research and some analysis on some crypto assets in the crypto market. Some of this asset happened to be the FTM token. I am bullish about it today as a result of how it copes in the crypto market and also the price trend movement it shows in the market.
In addition, it has been trending in a lot of crypto applications like that of the coinmarket which I had the statistics of the price from. It has also been a gainer crypto coin for some good number of days.
The FTM token is also a potential coin or token that can be in an uptrend for a long time because it has seen a dip in the price for sometime now and therefore has started a bullish trend in recent days.
All these and many more makes me have the bullish feeling for the FTM token.
3.- How to analyze the token for an operation? You must obligatorily use methods and analysis learned in the Crypto Academy.
In making the analysis of the FTM token, I will make good use of the Trading View platform where I can get the crypto chart of the asset. I will make my analysis using this platform and hence with the help of technical indicators I will verify various signals gotten from my analysis.
In the screenshot above, we have the crypto chart of the FTM/USDT crypto pair chart. The chart is with a time frame of 45 minutes this because, all the signals will be clear and therefore taking positions will be good and clear to the trader.
I spotted my levels of support and resistance so as to help me get the good positions for the trade. Also, as we were been thought hoe these levels aid traders to get good positions, I therefore made an application when making my trade. The crypto trend was in a downtrend in such a way that, the last candle was painted in red ink meaning some sell pressure was inflated in the market. But this trend did not keep long because, from the previous trend of the crypto chart, it has been in a bullish trend for a very long time and for that matter cannot move in a downtrend in the shortest possible second.
I made an addition of the Median indicator which I had knowledge on in the previous lessons thought my one professor. This is a trend like indicator that helps traders to get the trend movement of the crypto asset talked about. Therefore, from the signal of the Median indicator even though a purple cloud was been formed indicating a downtrend, it had stopped it's formation and for that matter a trend reversal begun. This shows there will be a reverse trend in the crypto chart hence a good position to enter the trade.
Moving further, I made an addition of the RSI indicator to help confirm the signals that have been gotten from the Median indicator and hence I will be able to set my stop loss and take profit then go into the trade. The RSI indicator made this trend signal by it moving above the middle mark and for that matter confirming the trend in an uptrend.
I therefore placed my Stop loss at the price of $1.27 and that of my take profit at the price of $1.33.
The screenshot above is the real trade I performed in the Poloneix exchange platform with the spot wallet. I will therefore make checks of it soon as it reaches or gets to the stop loss or take profit set, I will sell it off.
4.- What is your plan? Do you want to keep it for a long time? Or when to sell it?
My plan for the FTM token is not to hold for a long time but rather make a release of it after it hits my take profit or my stop loss that has been set. Therefore when the price of the FTM token hits any of these levels set, I will sell if off.
5.- Do you recommend that all people buy it? The reasons for recommending or not recommending it.
Well, I recommend this token to everyone to make a purchase of it since it has a potential of getting into an uptrend direction in the coming days. This will also be of great help to all of us since the uptrend of the token will be of good benefit to us all.
In nut shell, I am very sure of this trade I am entering into and for that matter will exit the trade with profits. I therefore call on every one to make a purchase of this token since it will be of help to us all.
I am very grateful to our professor in the person of @pelon53 for this wonderful opportunity given to us all.
Comment deleted. ❌
Original comment is phishing. 🎏
Sorry. 🙏