Crypto Academy Week 14 - Homework Post for @stream4u | Crypto Prices & Market Source: Review of CoinGecko

Hello everyone, it’s a privilege to be contributing to the Steemit Crypto Academy Week 14. For this week’s lesson, we’d be looking at Professor @stream4u’s lecture and then proceed to answer the assignment questions.

Discussed as per your understanding on Reverse Strategy with some graph examples. (Title For this topic will be Technical Details On Reverse Strategy)?

Technical Details On Reverse Strategy

When you hear the term “Reverse strategy” what comes to your mind? Well, it simply involves trading against a trend. While it may not be recommended for newbie traders, this is a very profitable form of trading. The profits are usually very massive when the tactics are employed at the right time.

There are two kinds:

• Bearish reversal strategy
• Bullish reversal strategy

(Photos of both are shown subsequently)

The reverse tragedy is used when a market experience a bearish or bullish trend that last for over a day. That could be either a -20% reduction or +20% increase in the price of the crypto.

First, a trader will have to identify the the trend reversal region. After that, analysis will be used to determine the possible gain from upward and downward price movements. So, a trader will simply have to wait for signs of a reversal before entering into the trade.

A good example is what happened some days ago when BTC fell as low as 30,000 USDT. At that point, there was likely to be a trend reversal. Like a falling knife, you need to know when to stretch your hands to catch. So traders that identified the reversal early enough were about to purchase it at that bottom.

With a current price of over 40,000, those traders are already at a profit that is above 25% within few days. That is the kind of profits that comes from trend reversal. But before entering such trade, you have to look for a retracement.

While the example given above is about a falling price, reverse trading can also be used in a bull run. But, it just happens that we are currently in an unstable market.

Here are four things to look out for in reverse trading: accumulation zone, advancement zone, distribution zone and last but not the least; declining zone.

With the knowledge of those trends, traders are likely to make a sound decision.

Discussed the COINGECKO and explore it well. (Title for this topic will be Review Of COINGECKO and below points need to explain).

• What Is A COINGECKO?
• How COINGECKO Can Be Helpful for you in a Crypto Market?
• Explore COINGECKO features with information.

Review of CoinGecko

Let’s talk about one of the leading platforms for getting information on so many cryptocurrencies.

What is CoinGecko?

From the brand name “coin + gecko” you can easily infer that it is a platform related to “coin” or crypto. Well, it’s actually more than that. I like to look at the platform as an encyclopaedia of cryptocurrencies.

If this is the first you’ve heard of the platform, CoinGecko is a that shows cryptocurrencies ranking and information for their evaluation. Majority of traders before buying a new token, they simply look it up on CoinGecko or CoinMarketCap and get information on it. If you are looking for the total supply or circulating supply of a token, then this is a platform to fetch you those details.

The platform was founded by TM Lee and Bobby Ong. While Lee serves as the company’s CEO, Bobby serves as the Chief Technical Officer.

Other platforms like CoinGecko are Coinmarketcap, CryptoCompare, Live Coin Watch, Cyptoyote, Neofolio, Coin Market Manager, WorldCoinIndex, etc.

When you visit the platform for the very first, this is the what you get to see. A welcoming homepage with arrays of various cryptocurrencies.

How COINGECKO Can Be Helpful for you in a Crypto Market?

• Price Forecasting

With the aid of CoinGecko a trader can conduct technical analysis with ease. When it is connected to TradingView it offers far more insights, such as analysis for the last 15 minutes and so on. That serves as buy and sell signals depending on the trend on the charts. So that can help a trader make sound decisions. Because those are decisions that are backed by data accessible on Coingecko. Hence, it reduces the possibility of losses that could be incurred.

• Finding new gems

Let’s say you want to invest in a new token, and you want one that can go up to 10x within a short time. You simply head over this encyclopaedia of cryptocurrencies. You can check the circulating supply, total supply, supply dedicated to the team, their social media channels, and even current market cap. I hardly not buy a token without conducting such basic fundamental analysis. The knowledge of the information that the platform offers positions a trader better in the market.

• Coin Historical Data

The historical data that is available on the platform makes it easier to understand the growth of cryptocurrencies over the years. It shows the price of cryptocurrencies since they date that they were released or included to the platform. One interesting factor is that is this data is available for everyone coin that is available on exchanges and listed on the platform.

Explore COINGECKO features with information

Customizations

One important feature that makes Coingecko stands out from other competitors are its customizations. These are features that are available on the platform and are nonexistent on other platforms. For example, you can rank tokens simply on their price within the last hour. There’s no other cryptocurrencies directory that has that feature. It also shows the ATH on the homepage of the website.

Developer Section

The website has a section on its cryptocurrencies that shows the development activities on the various crypto projects that are listed on the platform. Coins can also be listed according to the developers activity. Hence, you can see the most active projects on the website with the aid of this section. Since this applies to mostly open source projects, you can access the commute and forks as well.

The platform also gives a Gecko score that is based on the development activities of the respective coins.

Filters

These are several ways that you can sort cryptocurrencies on Coingecko.

• by Top 100 Coins

You can sort cryptocurrencies based on their market cap. This can be done based on their market cap in dollars or your local currencies. Hence, when this option is selected you will to see the cryptocurrencies with very high market cap. And it’s not surprising that Bitcoin takes the lead.

• by Hashing Algorithm

You can also sort cryptocurrencies based on the hashing algorithm. While many newbies are not used to the hashing algorithm, this can be used to different between tokens that use Proof of Work, Delegated Proof of Stake and even Proof of Burn.

• by Platform

You can also sort coin based on the platform that is was built. For example, you can sort all the tokens on the Binance Smart Chain or Ethereum blockchain. This makes it possible to filter coins that are alike and have some similarities.

• by Other Categories

On the website, you can filter DeFi tokens, NFTs, gambling tokens, exchange tokens, etc.
d tokens’ among dozens of other metrics.

• By Developer Activity

You can sort coins based on the development activities on the various crypto projects that are listed on the platform. This displays coins according to the developers activity. Hence, you can see the most active projects on the website with the aid of this section. Since this applies to mostly open source projects, you can access the commute and forks as well.

• By Social Activity

Coins can also be sorted based on their respective social activity. The number of followers, likes on Facebook, telegram group members, etc. While this filter wouldn’t work for a project like Bitcoin that has no known group associated with it, other newer projects tend to have management teams.

• by Blockchain Metrics

You can also sort coin based on the number of activities or transactions on the blockchain. Around 2018, steem had the most transactions on blockchains. Currently, the Solana blockchain currently leads the chart based on activities.

Derivatives Markets

There’s also the derivative market that is available on the Coingecko website. There you can find futures contract, perpetual contracts, and other derivatives etc. It also compares the funding rates and interest between exchanges that supports this form of trading.

There’s also the Beam Updates, Exchange Rankings, DeFi Rankings and NFT Rankings.

Coingecko vs CoinMarketCap

Coingecko	Coinmarketcap
Independent data aggregator	Purchased by Binance
7,437 cryptos listed	9,982 cryptos listed
474 exchanges listed	381 Exchanges listed

Coingecko serves as an independent data aggregator, unlike its greatest competitor, CoinMarketCap, which was acquired by Binance. When the acquisition happened some years ago, crypto enthusiasts felt that it would be a conflict of interests as that would not be healthy for the ecosystem. On the other hand, Coingecko turned down offers that it had.

Coingecko also have a higher market cap of tokens listed on the platform despite CoinMarketCap has much more cryptos listed. This is because Coingecko listed more exchanges.

Weekly Price Forcast For Crypto Coin: XXXXX(Title will be the same just replace XXXXX with the Coin name and covered all below points in it as a part of Price Prediction for the next 1 week.)

• The basic information or your thoughts on the Crypto Coin that you would like to Predict its price for the next 1 week? (Title for this will be the same as above and cover answer for this under the same.)

Weekly Price Forecast For SFP/USDT

Okay, for this week’s analysis, we’d be looking at the SFP/USDT pair.

Safepal (SFP) is an interesting token that I have been monitoring for weeks. One interesting factor about this Cryptocurrency is that it has a physical product. In 2018, Safepal Wallet was released. It was not not till early this year, that they launched their token.

Also, SFP is a Binance Launchpad project and the Binance team is also invested in the project.

The current price for SFP is about $1.10 USD with a 24-hour trading volume of over $18,700,000 USD. SFP is still recovering from its recent dump as a result of the crash in price of BTC.

The current circulating supply of SFP is about 108,166,667 SFP, while it has a maximum supply of 500,000,000 tokens.

Reason why you would like to predict the selected Coin? (Title for this will be Why XXXX?, replace XXXXX with the Coin name.)

• First, the physical and digital product; the Safepal Wallet. For a new product, over 80,000 user currently trust the platform for storing cryptocurrencies. And I happen to be amongst those members.

• Also, it is based on the Binance Smart Chain. In the past weeks we’ve witnessed the growth of the blockchain. Right from the Bake token to the Cake token.

• The platform does not have a single invest that manipulates the price. That is unlike what Elon Musk does with Dogecoin.

For the purpose of Technical Analysis, I’d be looking at the support and resistance levels of the SFP token. The token is not as volatile as other tokens out there, hence the reversal strategy can barely be used as the bearish or bullish trend is not currently sharp. If it were prolong, then a reversal Trading would be recommendable.

From the chart above, it can be observed that the price for SFP is the lowest since it was listed on Binance as a Launchpad Project. It is currently $1.15 and that is the bottom since it was listed. Hence, the price of the token is more likely to pump in the coming weeks.

I would predict a price of $1.5 within the next one week, that is if the price of BTC doesn’t dump any further.

Conclusion

I want to thank professor @stream4u for this week’s task. We have been able to look in details what reversal trading is about and how it works for a prolong bearish and bullish market conditions. We’ve also been able to look at Coingecko and see some unique features on the platform.

A crypto tracking website is a friend to every trader, and that’s exactly what coingecko does. I like to keep updated with the market, and I use coingecko and CoinMarketCap for that purpose. Whenever I feel the circulating supply is not updated on one, I turn to the other.