REPOST [FIL/USDT] Crypto Academy Trading Competition S6T3- Homework Post for @pelon53
Link to my assignment
Greetings everyone, I am delighted to share with everyone to be part of yet another great season of this crypto trading. This is another great trading contest and happen to be part of this great team which is the Team investor. I am honored to part of this great team with the leader been in the person of @pelon53. I will therefore move ahead to make my second trade post for the 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.
I am therefore to make my second trade post on the Filecoin. This token happens to be a great token in the crypto market. This is a decentralized blockchain network that operates with the mechanism of the proof of replication and proof of spacetime. This blockchain network has the aim of making the storage of the humanity's information or data which are very important to them. It was brought in the limelight of the crypto in the year 2019 within the middle days. It was in the month of October whereby the Filecoin was brought to the crypto space officially.
The Filecoin is a project which is an open protocol and therefore has a lot of great benefits to it's users involved. When this project was brought to the limelight, it was able to raise am amount of 205 million dollars in the Initial Coin offering stage. The founder of the Filecoin project was in the person of Juan Benet. The project was founder on the idea as an open protocol with an incentive layer for the IPFS.
The project of the Filecoin was brought to the crypto limelight with the intention of storing data or information in a decentralized manner. This project gives users the opportunity to have their own data. The Filecoin blockchain network users take part in the mining process for rewards and as well as storing data directly. The native token of the Filecoin project happens to be the FIL token.
In addition, looking at the fundamental analysis of the FIL token, we will make good use of the CoinMarket.Cap website. I will therefore make some screenshot of the price statistics of the FIL token.
| Token | FIL |
|---|---|
| Price | $19.06 |
| Rank | 42 |
| Market Capitalization | $3,455,311,348 |
| Trading Volume | $520,259,902 |
| Circulating Supply | 180,848,650.00 FIL |
From the screenshot of the price statistics of the FIL token, it has a very good stand in the market. It is currently price at the value of $19.06. It has a very good market capitalization which is very great and a high trading volume. The FIL token is been monitored by a lot of traders which can be seen in a lot of watchlists of traders. A lot of the FIL token are in circulations in the market. It is currently in an uptrend direction and for that a very good time to enter the trade.
The FIL token can be traded in a lot of crypto exchanges in the ecosystem. Thus, once you have verified account with exchange platform, then you are good to go. Some of these exchanges include; Binance, Bitstamp, OKX and so on. Below is the screenshot of the exchanges where by the FIL token can be traded on.
2.- Why are you bullish on this token today?
The FIL token has been a very great token in the crypto market as it has been in an uptrend in the past 24 hours. I am therefore bullish on this token as I have made several research about the token and therefore all the signals and talks of the token indicates it going to be in an uptrend direction. The FIL token has been listed among top tokens in recent times and for that matter shows how it has been performing well in the market.
The price trend of the FIL token has also seen an increase in it's value with some percentage increase and for that matter all this makes me bullish on this token.
3.- How to analyze the token for an operation? You must obligatorily use methods and analysis learned in the Crypto Academy.
The analysis of the FIL token will be done with the help of the TradingView platform. This will enable get hold of the crypto chart of the FIL token and hence a get the signals of buy on this chart. Also, confirmations of the signals gotten will be verified by the Technical indicators.
From the screenshot above, we have the crypto chart of the FIL/USDT. The time frame used for the crypto chart was that of 45 minutes. This will make the signals shown to be very clear and for that matter no flaunts will be recorded.
I made ways and spotted out my levels of support and that of resistance. This levels will aid me make good decisions as we have thought by our professors. The trend of the FIL token is seen to be moving in an uptrend direction and this can be seen with the price action of the crypto coin. This is because of the buy pressure from traders in the market. This has forced the price to move in an uptrend direction.
The technical indicator which is that of the Median indicator was added to the chart of the FIL/USDT. The indicator gave a signal of an uptrend direction as a formation of a green cloud was formed. This serves as a very good time to go into the trade of the crypto chart. Therefore I made an entry to this trade since the Median indicator identified this trend of uptrend direction.
The signals gotten needs more confirmation for that matter I made an addition of the RSI indicator to help confirm the signals. The RSI indicator works in such a way that, when the line moves above the middle mark, it shows there is am uptrend movement. As the trend of uptrend movement was confirmed, I therefore entered the trade. I placed my stop loss at the price of $18.85 and my take profit level was set at the price of $20.00. These positions are taken and therefore will make my real trade with my verified exchange platform.
Screenshots of my real trade are shown below.
4.- What is your plan? Do you want to keep it for a long time? Or when to sell it?
In this section, the FIL coin is a very great token that one has to hold and for that matter when much funds are invested in, a lot of profits will be made. But with me setting out my levels of the Take profit and stop loss, it will therefore wrong on my side to still make a hold of it if these levels are gotten to.
So, even though I plan to hold it for a while, I will make a sell of it when either my take profit or stop loss is gotten to.
5.- Do you recommend that all people buy it? The reasons for recommending or not recommending it.
With the opportunities of the FIL token indicating, I will make a recommend this coin to everyone to jump into the trade and profits will be surely made either with short or long levels. Also, with much pressure pumped into the trade of the FIL token, it will push the price to move in an uptrend direction.
In a conclusion, I am grateful to this opportunity given to the us to be able to take part in this crypto exercise. I am therefore sure of this trade I am taking position of buy. It is therefore good on my side on to call of every trader to go into the trade of this coin.
To the attention of professor @pelon53.