TRX/IDR Buy | S6T3 | Team Trading Contest Post for Reminane
Hello steemian ...
This is my new post in the Steemit Crypto Academy community. On this week, I will be working on a homework from professor @nane15 and professor @reminiscence01 with the theme "Trading Competition By Team Reminane ”.
we will discuss it through the homework below:
Name and introduction of project tokens, and which exchanges can be traded, project/technical/team background, etc.
TRON
TRON is a crypto asset used on the Tron network, a decentralized platform based on a blockchain-based peer-to-peer (P2P) system. The goal of the Tron project is to build and develop a digital content entertainment system. the digital content entertainment system has a distributed storage technology system.
Tron was first published in 2017 in Singapore, by a non-profit company known as the Tron Foundation. The Tron project is headed by Justin Sun, an expert in cryptocurrency technology.
This Tron network has a cryptocurrency in the form of Tron Coin (TRX). Based on data obtained from coinmarketcap, the TRON (TRX) coin is ranked 26th as the best coin, with a current price of $0.06394. the market cap is $6,502,728,703. The circulating supply of coins is 101.71 Billion TRX out of a total supply of 101,705,200,457 TRX.
With TRON's current position in the top 26 of the best coins, it is certain that Solana's presence in the market is highly valued and that they have an influence on the crypto market.
Tron ecosystem
In its ecosystem, the Tron blockchain has many projects namely TRON Wallet, TRONSCAN, TRON Dapps, Application Scenario, TRON SR, TRC20-USDT, JustStable, JustLend, SunSwap, WinkLink, SUN, SUN Network, and TRON Crypto ETFs.
Which exchanges can be traded
Currently, Tron (TRX) assets are widely traded on 81 leading exchange platforms, such as:
- Poloniex
- BTSE
- BitMart
- Bitfinex
- Huobi
- vizierX
- bitvavo
- Upbit
- Indodax
- Binance, and more
Why are you optimistic about this token today, and how long do you think it could take?
As I mentioned earlier, Tron is a promising project that has a clear vision. Under the auspices of their CEO, Justin Sun, they have now done a very big development on the TRON project and some of their other assets. Based on the company's track record and also based on fundamental analysis of the market capitalization of Tron's assets, this makes us as traders quite optimistic.
In addition, the condition of the TRX coin chart shows price movement above the 20 MA line which indicates that the market is experiencing a bullish trend. In addition, the candle also moves towards the upper band as if predicting an overbought occurrence, and that is the right time to enter a trade.
Regarding how long it can go up, I'm quite cautious as there is potential that the price will go down. For this reason, I recommend always monitoring your assets 24 hours a day. But if it breaks through the upper band, then you may hold it a little longer because the price will go up.
How to analyze tokens? (Using the analytical knowledge learned from the professor's course)
I analyzed this token using technical analysis, namely with the help of the Bollinger band indicator and I observed it within a 4-hour timeframe. For the addition of other indicators such as MACD and RSI, I have tried using both. However, it is not quite helpful because the use of the MACD indicator does not show any intersection between the signal line and the MACD line, nor does the RSI indicator show a line in the oversold or overbought area.
From the screenshot above, we can conclude what is displayed by the Bollinger band indicator. it shows that the price has recently been overbought (candle broke through the upper band) on a large scale around the 20th of March. Now the price movement does not show a buy or sell signal because the candle does not come out of the upper band or lower band.
However, as I explained in the previous question that the 20 MA line of the Bollinger band indicator also shows that the candle is above the line which means an uptrend is in progress. Based on that information, I am confident to implement the purchase at this time.
Do you plan to hold it for a long time or when to sell it?
I bought it for 927 IDR (0.064USD) with a purchase of 48.157 IDR (3.35USD), and I got 52.06200100 TRX assets. in my plan, I would only prioritize keeping it within 24 hours. However, if the chart breaks the upper band resistance of the Bollinger band indicator, I may hold it for a bit longer. For a clear and safe profit, you have to wait until the candle comes out of the upper band of the Bollinger band.
Do you recommend everyone to buy and the reasons for recommending/not recommending?
For now, I do not recommend people to buy. The reason is that the movement of TRX assets has very few buy or sell signals. For the use of three indicators such as Bollinger Bands, MACD, and RSI, only the Bollinger bands show signals and even that is very minimal and only from the 20 MA line.
However, you can still make purchases even if you only use the MA 20 line signal. But it takes awareness and focused analysis so that you don't miss a momentary signal so that you fail to make a profit.
Conclusion.
TRON token (TRX) is a token with promising potential, they have shown very good development and innovation is continuously increasing under the control of Justin sun. The data shows that TRON is ranked 26th as the best coin. We can see many brilliant projects that they are running and this makes them one of the very important blockchain projects. You can make TRON a long-term investment even more with its blockchain fee which is very cheap compared to others.
For day trading with this asset, we can use the help of more than one indicator and also the help of candle patterns. Although for today I only find it good to use only one indicator. It's good for us to pay attention to the direction of movement as well as possible, you should not be in a hurry in using indicators, and you should confirm with the help of other appropriate indicators so that you can be more confident.