TRX/USDT Sell - Crypto Academy / S6T4- Team Trading Contest Post for Reminane
Hello steemians, I would love to join Prof. @reminiscence01 to welcome each and everyone of us to week one of the crypto academy trading competition. Today, I will be trading TRX/USDT pairs on spots trading to make some good profits. If you reach the requirements, you could join me to do same by reading up the competition rules on this link.
Introduction to TRX
TRX is the native or official token of the Tron blockchain. When using the network, all transaction fees are paid using TRX and staking is also done with the TRX token.
Tron is a smart contract blockchain which was created to be as Ethereum’s competition. It was founded by Justin Sun in 2017. An ICO was put in place on the Ethereum platform in order to raise money for the develop the blockchain’s mainnet. Finally, the mainnet was launched in May 2018 and released to the public.
Tron runs using the Delegated Proof of Stake consensus mechanism which is alike with that of the Steem’s blockchain. There are 27 validators which are Elected by the community, these validators are called the Super representatives and the other validators which are ranked between 28 and 127 are called the Super representative Partners. The Super representatives validate blocks to receive block rewards and also receive voting rewards for each block created while the SRP just receive voting rewards.
After a period of time, the blockchain recounts votes to re-select another set of Super representatives.
The Tron network is capable of processing 3 blocks per second with a speed of 2000 transactions per second which beats the speed of the Ethereum network. It also has cheaper fees.
TRX is ranked 25th with a market cap of $7,485,276,166 and a circulating supply of 101.69 billion TRX. It’s current price is $0.07361 and if we look at the above image, in the last year, ALGO has attained a high of $0.1799 and a low of $0.04662
TRX can be traded on the following exchanges.
- Binance
- Kucoin
- Huobi
- Gate.io
- Coinbase
- OkeX
- Fairdesk
- Upbit
- Crypto.com
- Kraken
- Bitfinex etc.
With the current bull run in the market recently, I checked out the TRX/USDT pairs and I noticed a trading opportunity. There was amount to be a downtrend, so I decided to take out some TRX from my tronlink wallet and trade with them.
From my analysis chart above, I used the support and resistance price action technique with the parabolic SAR and RSI indicator on a 15 mins chart.
As you can see above, price hit the resistance level and reversed. From my understanding of support and resistance zones, at the point of resistance, price should reverse to a downward trend.
The parabolic SAR indicated a dot above the price and that symbolic a stract of a down trend. The RSI was also in the overbought area. With all my analysis I decided to make a sell order
- First, I made a sell trade at the market price on spot trading TRX/USDT.
- I changed the trade type to an OCO trade in order to include my take profit price and stop loss. We should all note that, when using the OCO feature, for buy trades, you trade on the sell side and for sell trades, you trade on the buy side.
On the trade,
Entry: $0.07828
Take profit: $0.07722
Stop loss: $0.07949
If you look at the chart above, price my take profit level and I was able to avoid some losses and buy TRX back at a cheaper rate.
For now, I do not have a say in not holding TRX because on the steemit platform we are being issued some of the TRX tokens. But, I don't think TRX is strong enough to stand the taste of time.
Well, for sure, the TRON blockchain has better competitions like Solana, NEAR protocol, Avalanche etc, but looking at its tokenomics, tron has and excessive supply of about 100billion tokens and this isn't so good for the value of token, econimically speaking. On the other hand, Tron may be out thrown by its competitions like the Ethereum network which is planning on an update to Etherium 2.0. Once this happens, Etherium will be more scalable than Tron and as users migrate to the Etherium platform, this may not be healthy for the TRX token.
Today, I made a sell trade on TRX/USDT trading pairs. I made some profits and learnt a lot today. I so much thank all the Profs for teaching me all I know
Hello @zekea , I’m glad you participated in the 4th Trading Competition at the Steemit Crypto Academy. Your grades in this task are as follows:
Recommendation / Feedback:
Thank you for participating in this trading competition.
Wow, thanks for the grade Prof