In the midst of a generalized bearish sentiment where Bitcoin has a rather undesirable performance for many investors with the danger of accentuating a drop below five digits, it is normal for many altcoins in the bottom of the ranking to be the refuge for long-term strategies that allow for the amortization of losses in the main cryptocurrencies.
That is why many frenziedly seeks any token or currency with some sustainable technology and constant development activity that will allow the crypto market enthusiasts to generate benefits. Such is the case of FLETA, the homonymous token of the South Korean third generation platform that is currently in the development phase of decentralized applications on its main net.
At the time of writing, according to the leading CoinMarketCap.com price reference index, the FLETA token trades at a spot price of $ 0.011472 USD, with a slight price correction amid a bear market on -1.34% , with the FLETA / KRW pair dominating the domestic market, contributing 88.29% of the contribution to the token price.
In view of the fact that the FLETA / KRW pair is the guideline in the price ecosystem for the token, we will take as reference the aforementioned pair listed on the GDAC Exchange to perform our respective analysis in the short and medium term.
Short term FLETA is Bullish.
According to the 1H graph in GDAC for the FLETA / KRW pair, the token presents a possibility in lengths of up to + 2.60%, judging by the next crossing that project the exponential moving average at 15 and 60 days for this purpose of the week. The token has fallen from the levels of $0.0119852 USD (14.30 krw) to minimums of $0.0112664 USD (13.44 krw) at the beginning of this Saturday, September 21, 2019 after a pullback that depreciated the currency at the time that the market in general fell by the decline of Bitcoin.
Despite this fall, the crossing of EMA @ 15 Y @ 60 Dy projects a price recovery at least to levels of $0.118343 USD (14.12 krw) and this is verified through the respective technical indicators shown in The previous chart.
According to the Stochastic indicator, the increase in token demand is coming for the next few hours and its increase in levels coincides with the projected positive slope.
Likewise, AO indicator has made a pattern change in its negative bars, which form lower and lower minimums indicating that a change in trajectory is about to occur at any time.
Finally, for this adjusted time frame, the Aroon indicator tells us that any change in trend we currently have can occur at any time. This is because both signals, bearish and bullish fall to the bottom of the chart and with the possibility that their bullish green line will cross over the next few hours.
Medium-term FLETA: Longs.
In the medium term in the 6H chart for the above-mentioned pair, the FLETA token is currently being debated at medium levels in the area between the Fibonacci levels at 23.6% (S1) and 38.2% (key resistance).
In case of an upward, closing of the developing candle, the possibility of breaking the key resistance at levels of $0.01201 USD (14.33 krw), would give investors a hope of a recovery of up to 7.1 % up to the purple box (R1).
Otherwise, we would see the token deepen its fall below S1 levels in the gray area of strong support.
To corroborate our previous analysis and try to visualize the path that the token could follow, we reflect the previous graph with the respective technical indicators.
As we can see, FLETA is testing the Bollinger moving average that is right in the middle of an inverted wedge with an upward trajectory.
The upper and lower Bollinger bands have not yet been broken by any candle and for now their cloud fits perfectly with low volatility at projected maximum-minimum levels.
The RSI has made a positive change above the buy-sell balance zone and projects a growth in its value as the token's purchase interest increases.
MACD has crossed into the positive direction, although its bars are less high, but the signal remains parallel for now and no immediate crossing is expected to result in a sharp pattern change.
In summary, the FLETA token presents a good opportunity in both short and medium term lengths, given how positive most of its indicators are seen and the upward trend that the token is expected to have in the coming days, as the FOMO on the market is clear and a possible volatile explosion is executed next week with Bakkt and all that it means for the crypto market in general.
FLETA Platform: A place for the development of highly scalable dApps.
For now, the South Korean platform has arguments to position itself in the market. High scalability with proven speeds of up to 20,000 TPS along with the proposal of an algorithm for the consensus mechanism (which is an improvement of the best of PoS and dPoS), assume that it has everything to take a place within the so-called platforms third generation blockchain.
The newly launched main FLETA network allows the development of highly scalable, decentralized applications at low cost, without worrying about excess fees, and is fully compatible and interoperable with other blockchain platforms such as Ethereum, Tron and EOS. Precisely when the latter presents a large developer leak due to its failures in centralization and security, third-generation platforms seem to be the new logical destination to test new capabilities.
For now, the mining of its protocol reports an estimated annual earnings up to 17.5% for those who participate in its block validation, which makes it one of the best in terms of profitability, especially at times when Tron promises more encouragement for their participation mechanism.
The team has indicated that they will be present as speakers at the prestigious Delta Summit event to be held on the first days of October 2019, in which they will report new developments and updates of their road map.