TRX/USDT Buy | S6T4 - Team Trading Post for Team- Frontlines
INTRODUCTION TO TRON BLOCKCHAIN
The Tron blockchain can be easily be described as a decentralized open-source blockchain created with the sole purpose of making the blockchain a daily used based token, the Tron blockchain was created due to the issues at the time we had with bitcoin and ethereum not being scalable and does not have a low transaction fee to an extent it can be used for the everyday transaction.
Bitcoin was handling not more than 10 transactions per second while ethereum was doing a little better but with a more steeper transaction fee, the Tron blockchain was created to facilitate a lot of transaction per second currently up to 2000 TPS which make the blockchain very scalable
The blockchain was founded in 2017 in Singapore by its founder and current CEO Justin sun, the Tron ecosystem carried out an Initial Coin Offering (ICO) to raise up to 70 Million dollars which were used to help the blockchain's launch on mainnet in 2018 and have been experiencing tremendous growth ever since.
The Tron Blockchain has its native governing token to be Tron(TRX), this token can be frozen up in the ecosystem to accumulate energy and bandwidth which can be used to pay for transaction fee instead of being charged a certain percent, the TRX token can also be staked in the platform to earn a certain passive income and can be staked to give be able to participate in the Blockchain governance or cast votes for Super Representatives
The Tron blockchain uses the Delegated Proof of Stake consensus algorithm which involves the selection of 27 super representatives in the blockchain to validate blocks every few seconds and are rewarded per block validated, the DPoS is also responsible for the blockchain's impressive scalability.
The Tron ecosystem being a smart contract friendly ecosystem which implies that developers can develop several Dapp on the Blockchain following the blockchains standards (TRC20), the blockchains has its own virtual machine called the Tron Virtual Machine (TVM) which serves as an Operating system where Developers who are developing Dapps can run their Dapps. The Ecosystem features quite a large number of Dapps some of which are
- Zethyr Finance
- Wink
- Sunswap.io
- Justswap e.t.c
Below is a brief time Journey the Tron blockchain has gone through
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TOKENOMIC
The Tron Token during its initial launch had a value of $0.001801 and has been growing ever since it currently has a value of $0.066212, the token is ranked #27th among all other cryptos in the world with a current fully diluted market cap of $6,792,407,844.70 and a market dominance of 0.34%. The Trx token has seen its peak value at $0.3004 January 2018 and its lowest value was at $0.001091 in Sept 2017, the token does not have a proper data on maximum number of the asset but it has a current circulating supply of 101,699,898,090 TRX.
PURCHASE
The Trx token can be purchased from the following Exchanges screenshotted below
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Why are you bullish on this token today?
Due to the most recent bullish rise, we are currently experiencing a good rise in majorly all cryptocurrency pairs,
The Tron cryptocurrency has been on a bullish rise for the past few days now and this is due to an all-round increment in cryptocurrency
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The blockchain is steadily integrating and creating partnerships with large incorporations, and the more users or transaction is performed via the blockchain the more likely the asset is to rise in value, the Tron blockchain has a partnership with a lot of giant companies and with time we will see a gradual but steady rise in the value of the coin. For the day being i am bullish on this coin due to the technical analysis i performed which indicates the coin will still rise today.
ANALYSIS
For my Buy or sell entry i will be making use of the RSI and Median indicator strategy to make my buy or sell entry,
Our strategy is quite simple and straightforward but has conditions attached which to maximize profit one has to stick to, For a buy entry our RSI has to be in the oversold region and our entry is made only after the green coloration is perceived in the median indicator and ice versa for sell entry
With this information in mind we will be making our Buy entry when our RSI is seen in the beneath 30 RSI value
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Our buy entry was taken at around the value 30 in our RSI indicator a confirmation was awaited in our median indicator and a buy order was executed when the coloration green appeared on our median indicator
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My buy order was executed at an entry price of 0.06940 with a take profit to stop loss percentage of 1:2
What is your plan? Do you want to keep it for a long time? Or when to sell it?
I am at the moment only opening a long trade to cart profit for the purpose of the steemit crytoacademy trading contest, my analysis as we can see was done in a short time frame and that pretty much depicts my holding duration of the coin.
My analysis was performed for a short term trade which implies that i have no intention of holding the asset for too long, after my post has been made for the course I will sell and return back to my neutral position even though i know its only a matter of time before the asset experience a long term bull run
Do you recommend that everyone buy it? The reasons for recommending or not recommending it.
The tron is a great project and it has a projected price by the end of 2022 to be 0.18$ which is more than twice its current price, if you are a long term profit seeker there is no better time to buy the tron token than now, i would recommend this coin to anyone with conditions though
I belive recommending a crypto asset might be misleading in some cases as we are both buying for different motives and the asset might serve my purpose and be profitable and it might not serve yours so always do your own research and buy coins for reasons known to you not cause others are buying or are recommending it, if you are someone who can HODL for a very long term then TRX is definitely a coin for you
CONCLUSION
Aimed profit are very important, before entry to a trade i would suggest you have a said profit at heart which when achieved we would exit our position no matter how good the trade is looking because we know how volatile the market is an asset might be looking really good and the next minute the trend might reverse and be against us, it is very crucial to enter a trade with a targetted profit so we don't get caught by greed and lose all our profit.Thanks to abdu.navi03 for the course