Good day everyone. I am so happy to be part of this competition once again on the @Fredquantum team. It is really a pleasure to participate in the ongoing competition.
As of today 's trade analysis I will focus on the interest of the FIL known as the Filecoin and as well the technical and as well the project behind and where this can be obtained.
Therefore the FIL token Is an established native token of the Filecoin ecosystem is a P2P digital storage market, hence this operates as a decentralized technology, the Filecoin was aim to resolve the online storage issues, on the case renting and purchasing of hard disk to enable online save on the network.
The Filecoin was actually initiated by the protocol lab which was introduced in the year 2014, hence the initiation was done by a man known as the Juan Benet, the main activity of this Filecoin is to initiate new means if saving data's which could be well reliable in the operation with the blockchain technology as well.
In Filecoin, users can as well be a Miner of the network, hence there three category of individual which are the client, the storage miner and the retrieval miners, hence the clients are those that actually pay for retrieving and storing data while the retrieval miners is the miners that works as the facilitator of the data which play in-between the client and the storage miners, while they also receive the awards in FIL.
The Filecoin can be stored in the save in three different places which are the lotus, Glid wallet, and Binance earn. Hence since the Mainnet of these Filecoin was launched in the year 2020, since then till now, FIL can be traded in some many of the exchanges.
Hence with respect to the Coinmarketcap as the time I collected the Screenshot below , the Filecoin was ranked 37 with a trading volume of $796,345,813 with the price tag of $24.62.
It as well has the market capitalization of $4,566,395, 813and as well circulating supply of $185,490,867 FIL as also shown on the below screenshot.
On the other hand, Filecoin can be traded on many exchanges where it can be traded as shown below with Screenshot.
•Binance
•Kucoin
•Coinbase exchange
•Huobi Global
•coinone
•Gate.io
•Etc.
As shown on Screenshot as well, below are exchanges where the Filecoin can be traded.
On this pair am on the bullish just because the technical analysis I conducted on the FIL/USDT pair was actually going towards the Bullish position which actually shows that the buyers are the one in charge of the market over the seller which has a less push of the market, hence I was able to confirm this price action towards the bullish with the help and assistance of different time frame I used alongside with the RSI showing a push on the Bullish end which is in accordance with increase in volume as well.
As regards to the technical analysis I was able to illustrate this on the first phase with 15M time frame
My observation was that the market has been on a downturn all of a sudden. There was a little accumulation phase in which I predicted that the price would break out of the resistance zone of the accumulation, as shown on the below screenshot.
Hence to the justify the first analysis I use a lesser time frame of which I was able to utilize 5 Minutes time frame where I was able to justify that the chart was in a serious downtrend before accumulation stage occur which actually for form a Bullish order which tend to break out on the resistance side, then I place my order to buy with my entry point with my stop loss below my entry position and take profit above my entry point as shown on the below parameters and as well on the Screenshot below.
Entry price: $23.459
Stop loss: $23.350
Take profit: $23. 559
Profit realized: $0.69000000
Below is my order history for the FIL/ USDT trade.
As of this regards, I don't actually see any reasons to keep on this because of the risk involved, hence as regards to the future trade actually involves a lot of risk which could lead to liquidation if the risk are properly managed, hence is recommended to trade on the short term, hence my plans towards this is not keep on this, rather to keep on a short term trade once dividend is realised.
As for recommendations I will definitely recommend to those investors that actually trade on a long term trade, hence is recommended for them to take advantage of this in place to realize dividend in time to come when the price is set to gone high, meanwhile as for now is recommended to take advantage now the price is down as shown on the Screenshot in other to sell when the price has gone high.
As regards to this post I was able to carry out the discussion behind the Filecoin project, the team behind the this project and as well the exchange this can be traded and as well of which I was able to carry out technical analysis before executing the trade on Binance which I was able to yield dividend on the trade carried out.
Thanks for reading…
Cc: @Fredquantum
Am: @kingworldline
#fredkouba-traders6t4 #cryptoacademy #club5050 #crypto-trading #filusdt #nigeria