FTM/USDT Buy - Steemit Crypto Academy - S6T2 - Team Trading Contest Post for Team-Frontline
Hello fellow steemians, I am glad to write my second post for the second week of this steemit trading concept. In this article I decided to make some analysis on the Fantom (FTM) coin and the information is shared in this article. I decided to do spot trade in the Binance exchange.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
The native token of the Fantom network is called the FTM. This token can be used for staking within the network, for payment of fees as well as being used for governance. The FTM token can also be used for the payment of other necessities within the Fantom ecosystem
source
The fantom platform is very secure and it is also very scalable. This fantom platform was introduced to function in a way it is able to tackle the shortcomings of the old blockchains such as the Ethereum blockchain and others.
The fantom platform is very fast and is also very cheap as compared to the old blockchains.
It is important to note that the fantom platform is a decentralized platform and it is an open source platform as well. It is open to everybody of interest for use.
Why are you optimistic about this token today, and how long do you think it can rise?
Like I mentioned earlier, the Fantom network enables users to pay fees, enhance governance as well as staking in the network through the use of the FTM coin.
The FTM coin is also used to pay transaction fees and also used for smart contracts as well.
The FTM token is the native token of the Fantom platform and this makes me very optimistic about it's growth for the future. The transaction fee on this platform is paid with the FTM token as well.
The platform is also highly scalable and in recent times there has been a rocket rise in the price of the FTM token and this gives a lot of hope. The platform is also very secure during its operation.
The consensus mechanism of the Fantom ensures that the platform works with very high speed. The speed of the platform means that the fantom platform is a great improvement on the older blockchains.
Even with this high speed, the fantom platform still remains very secure and external attacks find it difficult to break through the platform to cause any harm.
On coinmarketcap, the statistics of the FTM token are displayed there. These statistics can be seen below.
coinmarketcap
coinmarketcap
Looking at the screenshot above, we can see that the FTM token has a total market cap of $4,846,562,656..05. It also has a circulating supply of 2,545,006,273 FTM.
At this moment, the FTM token is ranked at #31 on coinmarketcap and the highest price it has ever reached is $3.48 which happened very recently on the 28th of October, 2021.
How to analyze the token.
In this analysis section, I have decided to use the Japanese candlesticks to provide a clear view of the chart as well as reduce noise in the chart. I have also decided to add three different indicators which are the parabolic Sar, RSI indicator and the EMA indicator. Let me go straight to add these indicators because we have learnt a lot about these indicators already so they need no introduction.
As I wanted to do scalp trade, I used a very short timeframe for this analysis. As seen in the chart above, I applied the EMA after marking a support and resistance. We can see that the price recently retested the support level and might make an uptrend very soon.We can also see the EMA below the price which also indicates an uptrend.
After that I went on to apply the parabolic sar indicator. And as seen in the chart above, we can see that the dots are forming above the candlesticks . This formation of the dots goes on to confirm the entry point I indicated earlier.
Then finally, I went on to add the RSI indicator and we can see from the chart above the RSI was moving upward. This is a clear indication that my entry point has been confirmed. So after all these confirmations, I went to the Huobi pro exchange to place my spot trade.
The details of the trade can be seen below.
I placed the order at an average price of $1.8939.
Your plan to hold it for a long time or when to sell?
After studying the project of the FTM token and realizing that it has a very bright future, I have decided to hold the FTM token in my wallet and I'm expecting to make a lot of profit in the near future.
I will also continue to monitor the progress of the Fantom platform and I will engage in scalp trade from time to time when the opportunity presents itself. I will do this so I can make some profit on a daily basis and also expect to make a long term profit on the FTM token I'M holding in my wallet.
When the prices hit a resistance level, I will take out some of my profit and then wait for the right time to enter the market again.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
I will recommend the FTM coin to everyone for the same reasons I decided to hold the coin myself in my wallet. I am very confident in the future of the fantom project and I strongly believe that people who decide on the FTM coin will rip some good profit in the near future both for short term and long term.
I will also advise that as I planned on doing, traders should also engage in the scalp trade of the FTM token when they identify an opportunity in the market.
However, before investing in this coin, I advise that traders should carry out their own research and analysis on the coin before making an investment. This will make them learn new things and also be sure of their decision.
Anything other users want to share about the token/project.
The fantom platform has various social media handles where the share information about the project and the necessary updates on the project. Users can visit these handles for more information.
Telegram
The above image is the telegram channel of the fantom platform. A lot of updates on the fantom project can be found on this platform.
The above is the Twitter handle of fantom project which also send important updates for Twitter users.
The above is a tweet of the fantom platform that was posted today. This shows how active the Twitter platform is and so we can rely on it for more updates.