TRX/USDT - SELL | S6T4 - Team Trading Post for Fredquantum-Kouba01 Traders Team
.png)
Hello everyone, How are you all doing? I welcome you to week 4 of the crypto academy trading contest. This week, we will be focusing on what we have learned so far from our previous lessons to carry out real Crypto trading. I will be joining professor @fredquantum and professor @kouba01 this week on the "Traders Team".
In today's, I get to explain to you how I was able to execute a Sell trade of the crypto pair TRX/USDT using Binance Futures on the 3 min chart timeframe, combined with the help of the TEMA indicator and Relative strength indicator strategy.
I will also explain the TRX token analysis, both (Fundamental and Technical) which I made before I carried on my trade. HAPPY READING!!!
The name of the coin I will be analyzing today is the TRX token, otherwise known as Tron, which is the native currency of the TRON blockchain.
The TRON blockchain is one of the most popular blockchains in cryptocurrency history as the platform is a backend or lets me say origin to most dAPPS due to its flexibility in the blockchain network, the Tron blockchain has created a suitable system for day to day activities at a high speed of executing transaction of 2000 per seconds, we can consider the blockchain as one of the strongest with a large capacity as well.
The Tron network is a decentralized platform that was built to focus on content creating and entertaining, where the platform had its file sharing platform BitTorrent, the network aims to accelerate dAPPs usage, the network has gained massive users over the year with 78milllion users and over $8 billion assets locked in its value, the Tron network was founded by Justin Sun in September 2017.
TRX is the native coin of the Tron blockchain as the coin is made use of when transactions between parties, to execute a transaction on any Tron platform or dApps, users burn some amount of TRON as bandwidth when executing a transaction for the first time, the coin as well is used as rewards for stakes, whereby the platform uses PoS consensus and the Highest staker wins the nodes, Tron has varieties of a project for its users whereby you can also delegate to nodes and win returns, participate on governance and as well vote decision with the TRX token.
TRX token Analysis:
TRX Token is ranked 25th on coinmarketcap, at the price of $0.07582, and a market capitalization of $7,709,619,012, and the TRX market has been up by 4.68% since the past 24hrs, TRX has a circling supply of 101.69B TRX, and the Total supply of 101,686,218,129 TRX, while the Maximum Supply is not available yet.
TRX can be traded on several exchanges such as Binance, KuCOin, Gate.io, Huobi Global, and others, the coin can as well be traded with several crypto pairs such as TRX/USDT, TRX/KRW, and others.
I have been optimistic about the token since the coin has been rising in the past days as we have seen the coin to be framing bullish in the past days and the market has been rising by 4.8% and the Tron market has been getting a lot of awareness since it rises meaning we get to likely see a new surprise in the coin price, the market also had a 24hr volume of $1,020,267,274 which is quite intriguing as not all cryptocurrency have this volume.
Altcoins have been gaining in the past days since BTC is likely to hit 50k sooner, this has been bringing bullish to most coins which we see the similarity in the TRX market as well as the JST market, we might procure this to the surprise as I expect more future uprise in other crypto markets sooner.
For my analysis, I will be using the trading strategy learned from professor @fredquantum's class on TEMA indicator and RSI to perfect my entry and as well use the indicator to smoothen my decision. my technical analysis will be carried out on https://tradingview.com and my trade execution will be made on the Binance futures.
TEMA indicator work in a similar way as the exponential moving average indicators, the triple exponential moving indicator displays the purchasing or selling amount using a moving line, TEMA works in a way that, when the TEMA line crosses below the market shows the market is bullish, and when the TEMA cross is moving above shows a bearish market, the RSI indicator as well works using the lower and upper band to shows the oversold and overbought region of the market, when the market is at the lower band shows that market has been oversold, and when the market is at the upper band shows the market has been overbought.
I will be making my trade using TEMA lengths 10 and 25, after witnessing a slow length cross in the TEMA, I will execute a sell trade when the short length TEMA crosses above the Long length TRIMA, and as well the trade will be executed when I already witness the market to be done at the overbought region on the RSI indicator.
15 min chart - On the 15 min timeframe, I was able to see a bearish signal from the TRX market as the indicators are traveling above the market price and the market is moving below signifying a bearish, the RSI as well is traveling towards the lower band which shows the market has been overbought and it's now moving in a downward direction.
5 min chart - I was also able to witness the same movement from the 5 min frame as well as the market is now moving below as the Fast TEMA has crossed the long length TEMA 25, and the market is traveling below the two indicators, the RSI is already at the oversold region, which means we might see a bearish market, the best trade to execute in this position is the selling market.
3 min chart - From the 3 min chart, I was also able to mark the support and resistance zone, as this case, the market has already been oversold and what is expected next is the bearish signal as those who bought the other time will now be willing to sell the market, the RSI is now at the lower band and the market has crossed below the TEMA indicator.
I was able to analyze a selling feature using the support and resistance zone as the market is now moving towards the support region, I execute the order the moment the market breaks the support region and moves to the next support zone, the order to sell was placed when TEMA indicators are above, the take profit was set at the support level, and the stop loss close to the resistance level in 1:1 management.
After getting my analysis from tradingview, I launch the binance app and took the futures market, I placed an entry to Sell TRX at the entry price of $0.07532, and my Take profit was at $0.07466, then my Stop loss was at $0.07614.
Some minutes later, I went back to my trade and I saw that I was already making a profit as I was having an ROE of +10.88%, with a profit of 0.7264.
The market went exactly in my trade direction and eventually hit Take Profit.
No, I do not plan to hold the TRX coin for long as I believe the coin has done it is bullish, and a bearish trade is expected, I was once an early investor in the Tron market not until I lost hope as the coin shown great bullish, I could recall the coin to once hit an ATH of $0.3 but ever since, we have not seen such movement in the TRX market again.
Yes, I could recommend others but TRX, the project is one of the top Defi projects with several features, you can stake with Tron, delegates and also participate in Yield Farming, Tron has one of the largest dApps which offer any features in gaming and entertainment platform, so buying the TRX token with the idea of staking or participating is recommended as the returns are great on the highest order.
I participate in Staking Tron on the token which I believe the projects have been good so far as you get rewarded for any amount of assets staked.
Other information regarding the Tron network can be accessed from their official website https://tron.network/, where you can learn about the Ecosystem, and explore the DAPPs and others.
Here comes the conclusion of my analysis on the Tron token(TRX) which is a native token of the Tron Blockchain, I have also given a detailed analysis of how I was able to identify a sell trade on the 3 min chart of TRXUSDT with the help of the TEMA indicator and Relative strength index(RSI) indicator and my exit was placed with the identification of the support and resistance level.
Special mention to professor @fredquantum and professor @kouba01, for carrying on the Traders Team, it's an honor to be part of your team for the week.
Steemit Cryptography Student: