TRX/USDT Buy | S6W1 | Team Trading Contest Post for Investors-Team
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Introduction
The Name of Token and its Introduction of Project and the Technical background of the project and the team in charge of the project
TRX token is the native token for the TRON blockchain network which was founded in September 2017. The Founder of this token is Justin Sun, a leader of a non-profit organization named Tron Foundation which is established in Singapore.
This Tron blockchain permits users to trade and advertise their articles through the use of the peer-to-peer networks in the blockchain which has really helped in the elimination of third parties in distributing digital assets on the platform. TRON launched its open-source protocol in December 2017 and also its testnet was launched in March 2018. Similarly, in the same year (2018) TRON launched its mainnet in May which marked as a milestone for the TRON blockchain.
TRON celebrates its independence day in June 2018 by creating its block (Genesis Block) and in July that is the following month they acquired BitTorrent on their platform which was a plus for the TRON network.
Furthermore, in October 2018 TRON then launched a Developer toolset which is complete, and also the TRON Virtual Machine (TVM) as well as a 360 support system on its blockchain network. It was noted that somewhere in December 2018 there were about 100 million-plus transactions being performed from the Dapps running on the TRON blockchain network.
Finally, in 2019 TRON network launched the biggest Dapp in the world on its platform, which is "Project Atlas". In the early stages of the TRON network, the Proof of Work consensus algorithm was what its uses but currently TRON makes use of the Delegated Proof of Stake (DPoS) consensus algorithm.
In which Exchange or exchange can be negotiated.
As shown from the screenshot taken below, there are a lot of listed exchanges where TRX can be traded or negotiated on. They include Binance, OKEX, Kucoin, MXC, BKEX, Bithumb, BitMart, Kraken, BitZ, BigONE, ConEX, Huobi, bitbns, bitrue, FTX, Poloniex, HBTC, Dcoin, HOO, etc.
I have Chosen the TRX token because of the following research I made for which I realized that this token would surely rise in the near future. I had information from coincodex in doing my research whereby this site indicates that the price of TRX could rise to $0.0796 by February 22nd with an indication of buy signals from 12 different indicators.
In addition, another website DigitalCoin also predicted the price of TRX to increase higher at a slower pace after analyzing the historical data price of TRX. They came out with a prediction that TRX price would trend at an average price of $0.0934 this year and $0.11 in the next coming year (2023). They further predicted future average prices for 2025 and 2027 which are $0.14 and $0.32 respectively.
Furthermore, Another site called Gov Capital also came out with a prediction in the price of TRX and they said that its price could possibly trend at a price of $0.0859 by the close of 2022. They further stated that by the close of 2023 TRX can trade at $0.158.
I think that this currency would trade higher in the future and can even surge above the previous high of its price. I think that this token can rise for about a year but I would trade this token for today and I would be using my technical analysis methods learned in this academy.
In this section, I would show the technical analysis I did on TRX USDT Chart using TradingView before placing a buy trade order on my Huobi platform.
First of all, I added my two indicators which are the RSI indicator and the MACD indicator. We know the MACD indicator comprises of two lines i.e. the macd line and the signal line whilst the RSI indicator only has a single line used in the analysis.
In reading the TRX chart using these two indicators, we should put in mind that a buy signal is indicated when the macd line crosses above the signal line and similarly when the RSI indicator line is also seen trending above the 50 mark towards the 70 mark (overbought region).
When I first open this chart the price wasn't trading at my preferred choice so I have to wait until all these conditions are favorable then I execute my buy trade.
From the above chart shown, we can see that the price of TRX was trading in a bullish trend and for which the MACD indicator signaled a bullish trend as we saw to it that the macd line has started to cross above the signal line.
Moreover, we saw that the RSI indicator was also moving above the 50 mark towards the 70 mark indicating a bullish trend signal. After observing all these conditions, I then executed a buy order trade as indicated.
I bought 87.61 TRX tokens at the order price of $0.063263 as shown in my trade history. I also indicated a take profit at the price of $0.065608 and also stop-loss was set at $0.061637 with the help of the TradingView chart as shown above.
After some hours of placing my trade, I can see that my trade is moving positively getting closer to my target set and this is an indication of me reaching my target before the said days. We see the RSI moving further up trying to cross the 70 mark and also a buying volume creating at the bottom of the MACD indicator.
My plan for this trade is to keep it for some days before selling back my asset. I have the plan to sell it on either Friday or Saturday and I believe that by then I would earn a lot of profit because of the research I have done. From the above chart of my analysis, I set the reward to risk ratio at 2:1 indicating that If the price of TRX hits the take-profit target I can earn double what I invested in buying the TRX tokens.
My target was set at $0.065608 and believe by two or three days' time the price would hit this target and I can sell and earn profit.
Yes, I do recommend everyone to buy TRX tokens and my reasons are as follows. Per my research, as I indicated earlier, the price prediction of TRX tokens from different websites is an indication that the price of TRX would go higher in the coming days or in the near future.
In addition, I would recommend everyone to invest in TRX tokens because we saw the fall of BTC recently and it has started rising which is an indication of a bullish market because BTC is the dominant cryptocurrency and it influences the price of the Altcoins. As such when BTC rises back again, the price of TRX would also rise and follow.
Moreover, we know the all-time high of TRX was at $0.3004 with an average price of $0.1536 on January 11, 2018, indicating that the price prediction of those crypto analysts is possible to happen and so therefore I recommended TRX token to everyone to buy.
In this section, I would like us to look at the current price analysis of the TRX token. The TRX token currently has the following statistics when I was writing this article.
| SN | Statistics |
|---|---|
| Rank | 23 |
| Price | $0.06339 |
| Market Capitalization | $6,450,193,482 |
| Fully Diluted Cap | $6,426,348 |
| Volume | $1,079,592,483 |
| Fully Diluted Market Cap | $6,426,626,348 |
We also have the all-time price chart for the TRX token indicated below here. We can see the all-high that was recorded on the 11th of January 2018 as indicated below.
Conclusion
I would conclude here for today I come out with another trade tomorrow. Join and let's share our knowledge about crypto trading using the little that we have learned from this academy. I came out with my analysis and we must put in mind that the crypto market is full of volatilization and fluctuations as well and so anything possible can happen in my trade. Thank you all for your time and attention.
I would like to say a very big thank you to professors @pelon53 and @imagen for the wonderful lessons they have been lecturing us with.