FLOW/IDR - Steemit Crypto Academy / S6W2 / Team Trading Contest Post for Investors-Team

This is my post for Steemit Crypto Academy Trading Competition Season 6 Week 2. And this week I am joining the team INVESTORS with Professor @pelon53 and Professor @imagen.

^{FLOW logo used on this editorial pic was gained from https://www.onflow.org/.}

1 – The Token I Trade This Round: Flow (FLOW)

1.1. About FLOW

1.1.1. A Brief Introduction of the Token

^{FLOW logo as seen on https://www.onflow.org/.}

FLOW (sometimes written $FLOW) is the native token for the Flow blockchain. Flow, acts similarly to the main properties of other cryptocurrencies: as a means of payment on a blockchain (in this case the Flow blockchain), and also as a tradable asset, or even a long-term investment. In addition, users can also stake FLOW and be involved in governance.

1.1.2. The Token Statistics

At time of writing, CoinMarketCap showed that Flow (FLOW) was traded at USD 6.48 (or equivalent to 0.0001461 BTC) per token. The page ranked FLOW at #49 based on market capitalization.

^{FLOW price, as seen on CoinMarketCap.}

^{FLOW ranked #49 based on market capitalization, as seen on CoinMarketCap.}

The screenshot below, which was also gained from CoinMarketCap, shows the all-time FLOW to USD price chart. This price chart shows us that the price of FLOW soared high in only three or four months since its early history at the end of January 2021 to reach the All-Time High on April 5. Furthermore, the chart shows FLOW could not maintain its good performance and continues to show a sharp decline in price. Although during July to early September 2021 FLOW tried to improve its value, but after that a continuous decline in value happened. At the time of writing, FLOW price dropped to USD 6.17 per token, which means it's down by 86.45% from ATH.

^{The All-Time FLOW to USD price chart as seen on CoinMarketCap.}

Below is the table of the FLOW token statistical and another related data as per time of writing which was gained from Flow page on CoinMarketCap.

Aspect	Value
Token Name and Ticker	Flow (FLOW)
Market Capitalization	USD 2,127,007,771.84
Market Cap Dominance	0.11%
Market Cap Rank	#49
Circulating Supply	330,613,882.00 FLOW
Total Supply	1,378,211,739 FLOW
Maximum Supply	No Data
All Time High	USD 46.16 on Apr 05, 2021
All TimeLow	USD 4.34 on Jan 24, 2022
Website	https://flow.com/
	https://www.onflow.org/
Explorers	Flowscan
	bigdipper
Community	Forum, Discord
	Telegram, Twitter
	YouTube, Medium

The Whitepaper can be obtained here.

1.2. Where to Trade Flow (FLOW)

FLOW is now available widely to trade including in major exchanges like KuCoin, Binance, Huobi Global, UPbit, Kraken, and many more.

The screenshot below shows the top 15 FLOW spot market based on trading volume per time of writing. Screenshot source: https://coinmarketcap.com/currencies/flow/markets/.

^{The Top 15 FLOW spot market as seen on CoinMarketCap at timeof writing.}

On perpetual trading, FLOW is available on 4 markets as showed on the screenshot below.

^{The FLOW perpetual market list as seen on CoinMarketCap.}

And per time of writing, there was no data on the futures trading of FLOW.

^{No data on FLOW perpetual market as seen on CoinMarketCap.}

1.3. The Token Background (A Brief History)

The history of FLOW which is the native digital asset of the Flow blockchain, probably dates back to the famous blockchain game CryptoKitties developed by Dapper Labs, a game developer founded in February 2018 and headquartered in Vancouver, Canada.

^{Dapper Labs logo as seen on https://medium.com/@hellodapper.}

^{One of the expensive digital cats available to trade on CryptoKitties as seen on https://www.cryptokitties.co/catalogue. A new comer can start with much cheaper ones.}

CryptoKitties is one of the first NFT projects. And it was created by leveraging the NFT technology offered by the second generation of blockchain, Ethereum. This game is a digital pet genre, where players can collect, keep and trade digital cats. CryptoKitties was first released on November 28, 2017 on the Ethereum blockchain. Soon, in December of that year, the popularity of the game had caused a bottleneck on the Ethereum blockchain due to the large number of transactions being carried out related to CryptoKitties.

We are all aware of the problems of early generation blockchains like Ethereum including speed of handling transactions and scalability. Dapper Labs, as the developer of CryptoKitties soon realized that Ethereum was not ready to handle the popularity of NFT games like CryptoKitties, and instead of waiting for Ethereum to be ready, they decided to build a reliable ecosystem (blockchain) that could handle CryptoKitties and other projects in the future that demand high speed and scalability.

Flow blockchain is focused on the NFT sector of the blockchain, including the activities of collecting and trading it. Currently, Flow's partners who utilize the Flow blockchain technology are NBA, UFC, LaLiga, Anomica Brands, Dr.Seuss, and others.

2 – My Opinion on This Token

2.1. Why I Traded This Token

When I checked the market on UPbit exchange, I found that FLOW is one of the tokens that shows positive performance at time of writing. This is indicated by the FLOW/IDR price which is included in the “green” token group, and is reinforced by the signal given by the technical analysis tool that I use to analyze the price chart as I will show in section 3 (Token Analysis).

2.2. How Long It Can Rise

In the current state of the market, I find it difficult to expect price increases for long. I think the longest the trend is increasing is only in the span of one day. Hence under the current circumstances I prefer intraday trading. I didn't expect big profits in the current state of the market. And if things take a sudden turn for the worse, avoiding bigger losses is considered a profit too.

3 – Token Analysis

On Monday 28 February, at 03:22 PM UTC, I checked the market on UPbit exchange and found that at that time FLOW was among the “green” tokens” (it had positive performance in the last 24 hours) as indicated by marker (1) in the following screenshot.

^{The FLOW price and price chart condition on Monday 28 03:22 PM UTC as seen on https://id.upbit.com/exchange?code=CRIX.UPBIT.IDR-FLOW.}

I -once again- used the combination of 2 EMAs to analyze the chart. The shorter period EMA was set to 15 while the longer one to 50, as usual. And on this 15m timeframe chart, the 15-EMA showed an upward movement making the wider gap with the 50-EMA as indicated by marker (2). I thought it might be a good time for an intraday trade.

While, on the other hand, the 14-look-back-periode Aroon Indicator, the indicator of my choice, confirmed the signals, by showing the intersection make by Aroon Up which crossed Aroon Down from below as indicated by marker (3).

The signals delivered by the combination of 2 EMAs and Aroon Indicator made me confident enough to enter the market. So, I entered the market. I placed the limit order for as much as IDR 250,000.- (equivalent to USD 17.24) on Monday 28 February, at 03:27 PM UTC.

^{Placing Limit Order on https://id.upbit.com/exchange?code=CRIX.UPBIT.IDR-FLOW.}

Confirming the order.

^{Confirming the limit order.}

The order was successfully filled 3 minutes later at 03:30 PM UTC.

^{A successful buying.}

4 – The Trade Plan

As I mentioned earlier, as I did not think the positive signal of price raising will be for such a “long time”, then this will be a short trade as well, an intraday trade. Making a little profit is better than losing. But losing a little is also a profit when compared to losing more.

5 - Recommendation

I believe that NFT -including collectible cards- has a great future. Flow blockchain has proven itself as one of the important players in this field by tying itself into contracts with various parties such as the NBA and the NFL, as well as being a platform that hosts collectible cards of the famous characters from the Dr. Seuss comic. This is a positive consideration.

But on the other hand, we see FLOW prices continue to show a decline, not only during the current uncertain situation, but since September last year. This certainly raises questions and doubts.

So, at this point I would not recommend FLOW for long term investments. But it is possible for short term trading like intraday. Maybe if things change later, which is indicated by the improved performance of FLOW, I will dare to recommend it for long-term investment, but now -as I said- no.

Thanks

Thanks Professor @imagen and Professor @pelon53.

Pictures Source

The editorial picture was created by me.
Unless otherwise stated, all another pictures were screenshoots and were edited with Photoshop CS 3.
The screenshot sources are mentioned in the picture caption right below it.

Reading Sources and Suggestion

My Introductory Post | Artikel Perkenalan Saya.

^{Picture created by @aneukpineung78}

Thanks for stopping by.