TRX/USDT Sell - Steemit Crypto Academy - S6T2 - Team Trading Contest Post for Team-Frontline
The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc.
Our focus today is to explore the Tron network (TRX).
TRX is the native token of the Tron ecosystem. The Tron ecosystem became the habitat of the Trx in 2018 after the coin was initially launched on the Ethereum blockchain a year earlier. The TRX during its time on the Ethereum network was part of the ERC-20 tokens.
The Tron ecosystem was a massive upgrade on the Ethereum network especially with respect to the speed of transactions. The Tron ecosystem has a very high transaction speed whilst the Ethereum network is relatively slow in terms of speed of transaction.
Source
Users that create contents within the Tron network get paid. The TRX token is used to pay these users within the Tron network. This is one of the benefits of the Tron network. Another privilege enjoyed by these content creators is that they can create the content without paying any transaction fees.
A lot of transactions able to take place at the same time on the Tron network as well. This is because the Tron network is able to support over 2000 transactions in a second.
The the TRX token is listed and ready to be traded of several exchanges. Some of these exchanges include Binance, Huobi pro, KuCoin etc. In this article I decided to trade the TRX on the Huobi pro exchange.
Why are you optimistic about the project/ Coin Analysis.
I don’t have much optimism for the TRX token and the chart analysis also went on to confirm my doubts on the token. I was holding the TRX token already in my wallet but after this analysis I decided to sell the TRX assets and then look for better alternatives in the market.
Because I wanted to engage in scalp trade, I used a short timeframe for this analysis. I also added three indicators to the chart which are the EMA indicator, Parabolic Sar and RSI indicator.
Looking at the chart above, I have added the EMA indicator to the chart. We can see clearly that the EMA line is above the price and that is an indication of a downtrend.
I then went on to add the parabolic Sar indicator. As we can see in the chart above, the dots are forming above the price. This is a signal for a downtrend and it goes on to confirm my exit position when using the EMA indicator.
Then finally I went on to add the RSI indicator to the chart. As seen in the chart above, the RSI indicator also signals a downward movement and this goes on to confirm my exit point in the market.
After this confirmation with the 3 different indicators, I went to Huobi pro exchange to place my spot order. I decided to sell my TRX assets and then made small profit from it.
I placed the sell order at an average price of 0.058032 TRX.
The details of the trade can be seen below.
Screenshot from Huobi pro
Your plan to hold it for a long time or when to sell?
Basing on the analysis I made for both the technical and fundamental aspects, I am not convinced on the project of the Tron network so I’m not interested in holding the TRX token for a long time.
I don’t also intend on holding the TRX for a long time because this token has a constant supply and the high in supply means the coin is not likely to make any significant increase for holders to gain profit from it. So those who hold this coin for a long time wouldn’t be making much profit.
Do you recommend everyone to buy? and the reasons for recommending/not recommending
I don’t recommend this coin to anyone due to the same reasons I decided on not holding the coin. The project doesn’t convince me and I don’t advise that anybody will invest in it.
However interested people can conduct their personal research in order to learn from it and make their own decisions.
Anything other users want to share about the token/project.
The Tron network has various social media platforms where users can visit for more information on the project.
source
The above is one of the Twitter handles of the Tron network and we can visit it for more information and updates.