FX/IDR Buy | S6T3 | Team Trading Contest Post for Reminane
Hello steemian ...
This is my new post in the Steemit Crypto Academy community. On this week, I will be working on a homework from professor @nane15 and professor @reminiscence01 with the theme "Trading Competition By Team Reminane ”.
we will discuss it through the homework below:
Name and introduction of project tokens, and which exchanges can be traded, project/technical/team background, etc.
Function X
FX is a token supporting the Function X network and it is part of the Ethereum token. Project FX is used for such tasks as payment for data storage and fees for smart contract creation and also as an upgrade to the decentralized network of the Function X platform.
Another project that Function X has is a cross-blockchain platform project that allows linkages between other blockchains such as Polygon and Ethereum. Function X projects adhere to a proof-of-stake (PoS) system or concept for their network consensus mechanism.
Proof Of Stake is a newer consensus than Pow (Proof Of Work). In generating blocks in this PoS system, miners don't have to struggle to solve math problems because there are no math problems. PoS has its way of generating blocks on blockchain based on the number and length of time a node keeps its assets or coins. Each node that has more coins and keeps it for a long time will get higher points. There's a lot of fun in this PoS mechanism, like the many rewards it gives to miners.
The reason why PoS systems prioritize the nodes with the longest number and retention times is that these nodes will directly contribute to increasing the performance and value of the coin. Because it is easier and less complicated, PoS systems are much more energy-efficient and do not require miners to have high-end PC devices. The PoS system does not require miners to be able to create and produce blocks. They have a validator that works for producing blocks.
Based on data obtained from coinmarketcap, the Function X coin is ranked 173rd. at the current price of $0.6753. the market cap is $275,888,254. The circulating supply of coins is 408,520,357.00 FX from a Maximum supply of 1,893,022,625 TRX.
which exchanges can be traded
Currently, Function (FX) assets are widely traded on 12 leading exchange platforms, such as:
- Bithumb
- Coinbase Exchange
- KuCoin
- Gate.io
- Bittrex
- UniSwap
- ZB.com
- BitGlobal
- Upbit
- CoinEx
- Latoken
- Hotbit
Why are you optimistic about this token today, and how long do you think it could last?
As I said before, the fundamentals of this FX coin are quite good. They are part of the Ethereum ecosystem and of course, their vision of future projects cannot be doubted. This means I believe that this ecosystem will continue to grow and investing here is a good thing.
In addition, the FX coin is also showing a very good movement. I am optimistic about this token due to the condition of the chart which shows that it has penetrated the upper band of the Bollinger indicator very strongly so that we can take advantage of this momentum.
In addition, the condition of the FX coin chart shows price movement above the 20 MA line which indicates that the market is experiencing a bullish trend. In addition, the candle also moves towards the upper band as if predicting an overbought occurrence, and that is the right time to enter a trade.
Regarding how long it can go up, I'm quite cautious as there is potential that the price will go down. For this reason, I recommend always monitoring your assets 24 hours a day. Because this is too strong a breakout signal, it even broke the nearest resistance. For that, you should not be careless about the reversal signal.
How to analyze tokens? (Using the analytical knowledge learned from the professor's course)
I analyzed this token using technical analysis, namely with the help of the Bollinger band indicator and I observed it within a 4-hour timeframe. For the addition of other indicators, I use the MACD indicator.
From the screenshot above, we can conclude what is displayed by the Bollinger band indicator. it shows that the price has just overbought (candle penetrated the upper band) and is now reversing direction and we can use this momentum as a place to open entry positions. In addition, the MA 20 line of the Bollinger band indicator also shows that the candle is above the line which means an uptrend is in progress. Based on that information, I am confident to implement the purchase at this time.
Then, what the MACD indicator shows, shows that the positive MACD line crosses the signal line from the bottom up and this indicates a very good time to buy. With the collaboration of these two indicators, it is confirmed that the market is in a bullish trend and this is the right time for entry buys.
Do you plan to hold it for a long time or when to sell it?
In buying it at a price of 9,890 IDR (0.69 USD) with a purchase of 32.822 IDR (2.29 USD), and I got assets of 3.31203235 FX. in my plan I would only prioritize keeping it within 24 hours. Since the price is at its peak, I am worried about a reversal signal. Therefore I will keep an eye on this with the aim of getting the maximum price.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
For now, I still recommend people to buy. The reason is that the movement of Solana's assets is very good and both indicators are showing buy signals. However, for tomorrow I do not dare to recommend unless the charts and indicators remain supportive. I'm not completely instinctive in trading but rather referring to the signals given by my mainstay indicator.
It takes awareness and focused analysis so that you don't miss a moment's signal so you fail to make a profit. At times like this, you should pay attention to the reversal signal and avoid it, you should sell it immediately if it happens.
Conclusion.
FX is a token supporting the Function X network and it is part of the Ethereum token. Project FX is used for such tasks as payment for data storage and fees for smart contract creation and also as an upgrade to the decentralized network of the Function X platform.
For day trading with this asset, we can use the help of more than one indicator and also the help of candle patterns. It's good for us to pay attention to the direction of movement as well as possible, you should not be in a hurry in using indicators, and you should confirm with the help of other indicators so that you can be more confident.