Introduction

Hello crypto Lovers!
It is a good day here again. Today is the second day of the week 3 which happens to be phase 2 of trading competition in the crypto academy community. I hope you have been enjoying this trading competition. My name is Kehinde Micheal and my username is @msquaretwins here on this platform. Like I said in my previous post, for this week of trading competition, my team is Fredquantum-Kouba01 Traders Team, which is led by Professors @koubs01 and @fredquantum.

Today I will be discussing about FLM crypto project. Without any further ado, let's go to the historical background of the project.

---

Historical Background of FLM

FLM is a short name for Flamingo. Flamingo is a Decentralized Finance DeFi platform. Flamingo is deployed on neo blockchain and makes use of poly network protocol for its interoperability. It was the innovative idea of an entrepreneur and crypto enthusiastic called Da Hongfei. This man is also the founder of neo blockchain, the blockchain on which flamingo decentralized finance is built. Da Hongfei studied English and technology at South China University of Technology. Prior to him entering the world of cryptocurrency, he has worked as the CEO of a company called IntPass Consulting firm.

One of the mist notable advantages of flamingo DeFi platform is that apart from it purpose of Defi application, it also serves as a robust platform which compliment other decentralized finance system. Flamingo DeFi application helps the swapping of crypto assets to be easy and simple, i.e it makes it possible to perform blockchain liquidity pool. It also allows traders to trade crypto assets from different blockchain.

Flamingo DeFi is a platform that allows crypto lovers to perform any DeFi related operation just in a place. This makes DeFi operation easy for them, because they need not to be going to various platform to carry out DeFi operation, all they need to do can be perform on Flamingo platform. Flamingo helps traders convert their token while they earn yield as they provide liquidity.

---

What is FLM Token

FLM is a short name for Flamingo token. It is a native token of flamingo Decentralized Finance. There are many use cases of this token. One of the use case is the power of holders to do flamingo decentralized autonomous organization. Apart from this, FLM token is also used as yield farming, meaning, traders can stake their token and ear reward. Another important use case is crypto lending, which allow people to borrow crypto assets and allows lenders to earn reward.

The wonderful thing about flamingo token is that it does not have maximum supply. The Market capitalization of Flemingo token is $66,954,798 as indicated by a red box in the screenshot below. The current circulating supply is 312,284,062.00 FLM as indicated by a blue box in the screenshot. The total locked value is $82,992,370 and the current trading volume is $11,769,787

source

---

The All-Time High of FLM token is $1.59 and this was attained on September 28th, 2020 and the All Time Low is $0.120 which occurred on January 4th, 2021.

Source

---

Exchanges where FLM can be Traded

There are many exchanges where FLM token can be traded. Some of the exchanges are;

• Binance
• FTX exchange
• OKEx
• VCC Exchange
• BitZ
• Lbank
• Gate.io
• CoinDCX
• Hotbit
• Mandala exchange
• Tokocrypto
• Pionex
• Jubi

---

Technical Analysis FLM/USDT

The picture uploaded below is a chart of FLM/USDT on a daily timeframe. As we can see from the picture, this asset is on a bearish trend as price keep making a series of lower highs and lower lows which is confirm by market structure. Also we can see an order block created by a last high created before a move down. This order block then is my area of interest because great order are lying up there and it is a great area of price reversal in market.

_{tradingview.com}

---

Then changing the chart to a 4 hour timeframe, I find out the this area is a key level area in market. As seen from the screenshot uploaded below, we have a key level area which is the multiple rejection area. Price has previously rejected this are many times and that makes it an area of concern in market

_{tradingview.com}

---

Then I switched the chart to 1 hour timeframe. As we can see, price has been trading on a channel and we can see that it keep moving up whenever it touches the lower trendline and moving down at the touch of the upper trendline. But currently, price just touched the upper trendline and I am of the opinion that it will move back to the lower trendline as projected in the screenshot below.

_{tradingview.com}

---

On a 5 minutes timeframe, we see a break of structure as price could no longer make a new high higher than the previous high. Then sellers dragged the price downward causing a break of structure as seen below.

_{tradingview.com}

---

Also we can see that before a break of structure on 5 minutes timeframe, RSI entered the overbought region as indicated in the screenshot below. This then signifies that the current trend has weaken and that sellers are about to take over. Then we can see that shortly after this time, there was a break of structure to the downside.

Then after the break of the last low, I waited for price to make a retest of the broken support as seen in the screenshot below. At a retest of that place, I opened a a sell order with;
- Entry = $0.2123
- Stop loss = $0.2175
- Take profit = $0.2027

_{tradingview.com}

---

The real order is taken on Binance future trading as displayed in the screenshot below. I entered the stop loss, and take profit at current market price and hit the sell buton.

_{Screenshot From Binance Platform}

---

Then I confirmed the sell order by clicking the the "confirm button" as displayed below.

_{Screenshot From Binance Platform}

---

Then the order got executed. The screenshot uploaded below is a running order of FLM/USDT on Binance platform.

_{Screenshot From Binance Platform}

---

Your plan to hold it for a long time or when to sell?

I don't plan to hold this token. According to daily timeframe, and has explained earlier, the FLM/USDT asset is currently on a bearish trend. Therefore I believe that price is going to make another low. So I just want to sell this asset to the support zone before I get out of the market. If there is a nice reaction after reaching the support zone, then I can look for a buy opportunity.

---

Do you recommend everyone to buy? and the reasons for recommending/not recommending

As I said earlier, this asset is on a downtrend. Therefore, it is not advisable that traders buy this asset now. The only recommendation I can give is that traders should look for a sell opportunity to enter a sell order and join the current trend. Then when price gets to a support zone, if there is a reaction to a buy side, traders can look for the opportunity to buy. But for now, sell opportunity is cool to me.

---

Conclusion

Flemingo crypto is a decentralized finance project that allows traders to provide liquidity while earning yield reward. It also helps the swapping of crypto assets to be easy and simple, which then makes it possible to perform blockchain liquidity pool. It also allows traders to trade crypto assets from different blockchain.

In this post, I have explained the Flemingo project and discussed the use cases of the FLM token. I also listed some exchanges where FLM token can be traded. More so, I did a technical analysis of the token by looking at the daily timeframe, 4hours, 1 hour and 5 minutes timeframe. Lastly I took the real sell order on Binance platform with necessary screenshots.

Special thanks to Professors @kouba01, and @fredquantum and the entire member of Fredquantum-Kouba01 Traders Team.