FTTUSDT (Sell) | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team
Hello everyone, this is the fourth week of the Steemit Trading competition. And this my fourth trade as well for this week as I decided to join an interesting group for this competition which I’d known as the Fredquantum-Kouba01 Traders Team. The Token I am analyzing I’m this article is known as the FTT token and I will be detailing all aspects of this project. Hope we all can learn from this article.
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc
The FTT is a centralized exchange that was introduced not long ago. A lot of trading can be carried out on this exchange and tokens can also be stored in wallets on this exchange. The native token of this exchange is called the FTX token or FTT token according to how an exchange decides to name it. Tokens can be staked on this exchange, especially the newly introduced tokens that are yet to be publicized. These tokens are used as a form of rewards for those that stake tokens within the platform.
Two prominent people came together to develop the FTX exchange back in 2019. These two people are Sam Bankman-Fried and Gary Wang. The main reason this exchange was developed was that these two people had the vision of improving on the shortcomings of the already existing exchanges.
Source
The main man behind the introduction of the FTX token was Bankman-Fried and he was able to make this possible due to his experience in software engineering and was also a CEO of a certain research institution.
For one to get the FTX token on the exchange, he will have to be involved in some staking which takes a lot of hard work. This means that the supply of FTX tokens will be very low will mean that there will be high demand for FTX which will eventually result in the token price to keep rising hence making it a good token for investment.
There are a lot of opportunities on the exchange that are meant to reward people that hold the FTX token within the exchange. Those who don't hold the FTX token are not qualified for the rewards because the prizes are only made to reward and motivate the holders of the FTX token.
The FTX token is relatively new so it cannot be found on the majority of exchanges. However some of the most popular exchanges contain the FTX token and we can trade the token on these exchanges. Some of these Exchanges in which the FTX can be traded include; Huobi pro exchange, Binance, FTX etc. All these exchanges are centralized.
Why are you optimistic about this token today, and how long do you think it can rise?
Personally I am very optimistic about the project of the FTX token because this token is the native token of the FTX centralized exchange and users can earn the token by staking. This provides a solid foundation for the token to build on as more users will work hard to earn this token making it stay relevant for a very long time.
The FTX has a very promising project because as I explained already, the coin has a low supply due to the staking to earn rule and this means the demand in the market is very high as well. This means that the price of the will keep rising as we all know high demand in the market means price is very likely to rise.
Due to the above reasons, I am very optimistic about the development of the FTX token and I have high hopes for it.
Now let's look at the statistics of the FTX token on CoinMarketCap.
CoinMarketCap
CoinMarketCap
Looking at the screenshots above, we can see that the FTX token has a market cap of $6,992,272,152.21 which we can say is relatively high. We can also see that the FTX token is ranked #27 on CoinMarketCap which is relatively taking into consideration the fact that this token was introduced not long ago and it also vindicates the progress this coin is making, meaning it is moving in the right direction.
We can also see that the FTX token has a circulating supply of 137,298,427 FTT which is very low. The low circulating supply also means that the FTT token has a high demand in the market and the price is likely to keep rising. We can also see that the price of the FTT token reached an all time high of $85.02 on the 9th of September 2021. This remains the highest point it has ever reached till date.
Analyzing the Token
In this section, I will make an analysis on the FTX token. So I decided to add the candlesticks to the chart because these candlesticks are very clear and the reduce the noise in the market as well. I will proceed to add three different indicators to confirm my entry point and I will also be using different timeframes for this analysis. The indicators I will be using are the EMA indicator, Parabolic SAR and the RSI indicator as well.
Screenshot from: Tradingview
Looking at the chart above, I marked the support and resistance levels. We could see that the price broke below the support level and continued to make a downtrend. This is a clear indication of a bearish trend. I then added the EMA indicator to the chart as well and we could see on the chart that the indicator was above the price. When this happens, it means the price is on a bearish trend.
Screenshot from: Tradingview
On the chart above, I changed the timeframe to 5m to be able to add some variety to my analysis. Then I added the Parabolic SAR indicator to confirm my exit point. We can see that the dots were forming above the chart which is an indication of a bearish trend. This went on to confirm the signal that were given by the EMA indicator and the support and resistance levels.
Screenshot from: Tradingview
Then finally, I went on to add the RSI indicator to confirm my trade position. We can see that the RSI indicator was approaching the 70 level which signals a bearish trend. So it means this indicator has confirmed the signals generated by the previous two indicators.
After all these, I then went to the Huobi pro exchange to place my trade order as seen in the screenshot below.
Screenshot from: Huobi pro
The order was placed at an average price of $50.0772 USDT.
Your plan to hold it for a long time or when to sell
My intention is that I will be holding this coin for a long time. This is because the FTX token has a very strong project and the coin is likely to keep rising. The users of the FTT exchange are able to stake to earn the FTX token and this shows some great promises of the token.
There are a variety of projects that take place simultaneously on the FTT exchange and thus increase its relevance in the crypto world. This token has been in existence for a very short period of time and it is already ranked #27 on the coinmarketcap rankings. This shows how rapid the development of this project is and it gives a signal that the FTX token will keep rising.
Like I said earlier, the holders of the FTX token within the FTT exchange have the chance of getting some new tokens for free within the exchange. The newly launched tokens within the FTT exchange are usually distributed among the holders of the FTX token and the holders get these tokens at a very low price. They can then sell to make huge profit when the price of the newly launched token rises after being released for public use. Among others, these are some of the advantages of holding the FTX token within the FTT exchange. For these reasons I will be holding this token and hoping to make some profit from my decision.
Do you recommend everyone to buy? and the reasons for recommending/not recommending.
I think I will recommend that everyone buys this token because this time the price of the token will rise even more. This token was introduced not long ago and it has already made some positive moves and the good reward initiatives implemented means that it will continue to rise and for that those who invest in it at this point in time will continue to make some profit from their investment.
However, I will advise that those who wish to invest in the FTX token should do their own research on the token before making their move. This will make them gain much knowledge on the and this will help them to be such of the project they are about to invest in.
Other information about the token
In this section, I will be sharing the social media handles of the FTX exchange where users can get some information and updates that will be vital to them. I will also be providing the site where you can get access to more information on the FTX exchange.
Screenshot from:Telegram
The above is the official Telegram channel of the FTX token. A lot of information and updates are always posted on this channel for users of telegram to get access to.
Screenshot from:Twitter
The above screenshot is the official Twitter handle of the FTX token. The users of Twitter can visit this handle for more updates and information on the FTX token.
This site contains a lot of relevant information that the users of TRX tokens can access to get more details.
Conclusion
Like we discussed above, the FTX token is the native token of the centralized exchange known as the FTT exchange. The users on the exchange can stake to earn the FTX token in the form of rewards.
There are several projects that run of the FTT exchange and that makes the FTX token to keep growing. The FTX token keeps rising and is ranked very high despite the fact that it is a new token.
Cc:
@fredquantum
@kouba01