Crypto Academy / Season 3 / Week 3 - Homework Post for @imagen || Staking on Pancakefork.finance and Technical Analysis
I am happy to be part of your class this week, dear Professor @imagen. I have learned a lot about technical analysis of crypto market.
For the homework, I will be writing on staking using pancakefork.finance and I will be doing my technical analysis on XRP/USDT, LTC/USDT and CAKE/USDT.
Pancakefork is one of the popular AMM platform built on Binance smart chain. As the name implies, it is was forked from Pancakeswap and is believed to be the advance version of Pancakeswap. The native token of this platform is CAKF and it can be used for staking both on farms and on pools.
I will be looking at pools for this piece.
Part of the information on Pancakefork will be seen on why I choose it for staking.
Why I chose Pancakefork (Benefits)
I chose this platform for the following reasons:
1.It was audited by a top blockchain security; TechRate. Thus, the platform is secured and safe for investors.
2.Transactions are fast with low gas fees, compared to Pancakeswap.
3.It is completely decentralized. Activities here are seamless and transactions are scalable.
4.The platform is user-friendly and offers a wide range of functions ranging from farms, pools, exchange, and more.
I will be using Trust wallet to illustrate the steps in staking, but before that, let’s look at how to connect Trust wallet to pancakefork.finance.
Step1:Open your Trust Wallet and click on Dapps (the second icon from left to right at the bottom of the App). It is assumed that you have downloaded and set up the app already.
Step2:Paste the link pancakefork.finance on the search space displayed on top of the page. Click on search.
Step3: The page opens with a welcome page saying welcome to PancakeFork. Click on Launch App to connect your wallet.
Now your wallet is connected and you are ready to buy, stake and make profit.
Step1: Buy CAKF from pancakefork exchange. All you need is BEP 20 BNB in your wallet. then click on the menu sign on top left as shown in the screenshot below.
When it opens, click on trade, then exchange, as shown on the screenshots below.
Step2: The exchange for swapping opens and you select CAKF under BNB where you see choose currency. Put the amount of BNB you wish to spend and click on swap, confirm swap and approve. Now your CAKF is bought and ready for staking.
Step3: Go back and click on menu. Then click on pools.
Step4: Enable the first pool where you can stake your CAKF to mine CAKF. Include the amount and confirm.
Now your CAKF is staked and will start generating income.
One year earning on My CAKF Pool
As seen on the screenshot, the APR is 213.45%. My 243.448 CAKF tokens mines 5.2 CAKF per day. At the current price of $0.064, if the price remains stable, a year earning will be as follows:
365 X 5.2 = 1,898 CAKF
1,898 X $0.064 = $121.472
Thus, the profit for one year will be $121.472.
From the screenshot below, there is a flag chart pattern between point A and B due to reduction in trading volume. This is followed by an uptrend and subsequently a price reversal that leads to a downtrend.
From the chart below, we can again see the flag pattern between points A and B due to reduction in volume of XRP, followed by uptrend at C and a downtrend at D.
Here, there is a continuous uptrend with support at points A and B. This is followed by a downtrend at point C.
There is uptrend at point A, a downtrend at point B, which is followed by a price reversal that leads to a downtrend at point C.
The chart experiences an uptrend at point A, followed by a price reversal that leads to a downtrend at point B.
There is uptrend at point A and a downtrend at point B.
The word bear means the prices of assets are down or on decrease, while the word bull means when the prices of assets are high or on increase. Thus, the major difference is that during the bearish season the prices are down and the chart shows a continuous downtrend, while in a bullish season the prices are high and the chart a continuous uptrend.
The price breaks on chart during bearish season are called resistance and the breaks on chart during bullish seasons are called support.
During a bearish season, trend lines are drawn on the tips of resistances and during bullish season trend lines are drawn on the tips of supports.
Technical analysis helps traders to make trading decisions, especially for scalping and day traders. The crypto market is governed by events and speculations.
It is advisable that new traders should take caution to avoid loss of funds. However, staking is a safe investment for non-traders.
Thank you for checking on my blog.
Cc:
@imagen
@steemitblog
Thank you for participating in Season 3 of the Steemit Crypto Academy.
Congratulations, you made a great effort, however, the amount of coins mined daily is 1.42367 (243.448 x (2.1345/365)), which multiplied by 365, gives 519.63975 coins that added to the stake amount of 243.448, gives a total of 763.08776 at the end of 1 year .
Continue to strive, I look forward to continuing to correct your next assignments.
Thank you very much, dear. Steem on!