FTMUSDTPERP Buy long | S6T2 - Team Trading Post for Team Frontline

Hello everyone, today's prediction wasn't that accurate and so it wasn't all that successful. The token I chose to trade this time was FTM. The introduction of the project and the trade details will be shared below.

If you've been following me for quite some time you already know the usual. Let's go!

Fantom is a smart contract platform. It is among the rivals of the Ethereum blockchain network which provides a scalable, efficient and low-cost platform for the deployment of dApps and digital assets. Its mainnet; OPERA was launched in December 2019. Before then, the Fantom Foundation which supervises the Fantom network was created in 2018.

The Fantom Foundation was founded by Dr Ahn Byung Ik. Currently, Micheal Kong is the CEO of Fantom. The Fantom team is made up of 15 members. This team is said to be very experienced with blockchain technology and development. They are focused on providing a scalable, decentralised and secure platform for users as a better alternative to Ethereum and its rivals.

Fantom uses a proof-of-stake consensus mechanism. Their consensus mechanism is more advanced with improvements compared to the traditional proof-of-stake. The native token of Fantom is FTM.

FTM has a value of $1.73 and is ranked #32 in the list of cryptocurrencies. It has a market cap of $4,411,072,692. It has a maximum supply of 3,175,000,000 FTM and a total supply of 2,545,006,273 FTM.

Fantom reached its all-time high of $3.48 four months ago. It has dropped by 50.25% since then. Its lowest within the past one week and month is $1.55 and $1.31. Its highest within the past month is $2.39.

FTM can be found in many exchanges with different asset pairs. The most common is USDT. You can trade FTM on Binance, KuCoin, Huobi Global, Bybit, Gate.io etc.

Fantom's team is very good and made up of experienced engineers, scientists, researchers and designers. They are also working hard to achieve their aim of a scalable, decentralised and secure blockchain that would be preferred to others. The network can perform thousands of transactions per second. Transactions are really fast also and cost less than a cent.

I was optimistic about it today because I believed it was going to increase in price after its fall last week. It is a good project with a good team and it being Ethereum compatible, Ethereum developers could adapt to its usage.

I think Fantom would rise and get to $5 or above within this year. Its rise wouldn't end there too.

FTMUSDTPREP is an asset that can be traded on Binance futures. With the leverage service offered, you can make a lot of profits within a short time.

I drew the support and resistance levels with a trend line and a horizontal line. From the 20-period EMA added to the chart you can notice the price has crossed above the moving average which suggests that the trend is bullish.

I zoomed in to the 4-hour timeframe and identified a support resistance level.

I switched to the 2-hour timeframe to identify an entry point and placed an order. I expected the price to drop a bit before it went back up as the 1-day timeframe with the EMA suggested the trend was bullish. I took a long position and waited for the price to hit my entry to trigger the order. The trade details are available in the next section.

My plan was to hold for a very short period depending on the reaction of price after hitting my entry. Because I use leverage, I put in a lot of risk management so that the trade doesn't close with a loss while I try to maximize profits.

My entry was 1,7319 USDT, TP was 1.9021 and SL was 1.5741 USDT.

After several hours, the price hit my entry. You might be wondering why I didn't sell noticing the price would drop that much. Most of my trades are long positions because of fear. I used to run at losses with short positions. Currently, I'm working on getting control of my fear to take advantage of bearish markets.

I set a new SL in the profits area just in case the trend reversed. I expected the price to move up violently after hitting the entry but that didn't happen. The price retraced and continued in the downtrend.

The position was closed when the price hit the new SL at 1.7366 with a profit of 0.4606. The trade details can be seen from the image above.

I'd recommend others to buy FTM because I think its team is one you can trust to provide a platform very attractive to developers. This would in turn cause the platform to grow which would lead to an increase in the value of FTM as its demand grows.

Please note that this recommendation isn't financial advice. And like I usually say, if you make an investment, make an analysis to sell off when you make profits instead of leaving the asset for it to rise and fall several times.

Fantom has 80+ dApps deployed on its platform. It is Ethereum compatible also which paves way for developers to deploy and run their Ethereum dApps.

In its ecosystem, you can find a variety of decentralised exchanges (DEXs), cross-chain bridges, lending, borrowing, yield farming, NFT platforms, tools and wallets. Sushi, Solidly, socket, Geist and Yearn are among the many dApps you can find on Fantom.

I wasn't happy with today's trade. I expected more profits but then what's happened already has. I hope tomorrow might be better.