Greetings to you all Steemians and you my wounderfu and intellectual team leaders fredquantum-kouba01 Traders Team. Today a I am here again to present my day 3 competition which I will be discussing and showing you all the complete trade of TRX/BTC that I perform on my Binance exchange after finishing my day 1 trade, and day 2 Trade. So without wasting much time let's get started.
The name and Introduction of the project token
TRON as we all known is a blockchain based operating system with its own digital currency, called TRX. In a nutshell, TRON is a blockchain based decentralized digital platform that is determines to ensure that its cryptocurrency is suitable to met users daily need. TRON was founded by H.E. Justin Sun, in 2017 with its offices in San Fransisco and Singapore. Justin Sun the founder of Tron was also the CEO of BitTorrent, which is a file-sharing program, since the MainNet launch in 2018, TRON network hasn't relented in delivering impressive achievement rather it's has continued in bringing more achievement to it network.
Tron project is best known as a decentralized network (platform) that is focused on entertainment and content sharing, and in regards to this one of the Tron acquisitions was that of BitTorrent which is a file sharing service program. Although, Tron goals is divided into six phases which includes;
- Driving creation through financial rewards
- Allowing content creators to launch a personal tokens of their own
- Delivering simply distributed file sharing
- Decentralizing of gaming industry.
Nevertheless, apart form the six phases of Tron, it network is comprised of three (3) different layers:
Application Layer:
The application Layer is where smart contracts and application interact with the Tron blockchain. With the application layer, companies and developers make use of it when their are creating news application or services.
Core System:
Just like how other blockchains are Tron make uses of a Virtual Machine. In this layer computer send instructions that are written in Java, computer languages to the Virtual Machine which before it can be run an any system because the written instructions turned into butecode. What this means is that transactions in the Tron need to be broadcast across the whole system.
Storage Layer:
Storage Layer is where information that is written directly into the Tron blockchain by developers are being saves.
Why I am optimistic about TRX token today, and how long I think it can rise.
Although, me investing in TRX is not a get rich scheme to me that I will become rich overnight tomorrow.i am optimistic about TRX token today, because I know there is a huge potential investing in TRX. As of late last year when I venture into buying and selling of cryptocurrencies it was TRX that I started with because it was very cheap then which was around $0.02087 (11 Naira) as it last two years but today TRX has rise far above 5 times the $0.02087 (11 Naira) it was backed them. Let's consider looking at the difference in price at as 23th February,2020 and 23 February, 2022 and see the potential that is in TRX.
23th February,2020
screenshot gotten from Coinmarketcap
24 February, 2022
screenshot gotten from Coinmarketcap
The above information on the chart is what make me to be so optimistic about TRX token today. The potential of TRX in the future is the actual reason to why am optimistic about it.
Analysis of Tron (TRX)
As at November Tron was trading at $0.1279 up to January when the price then rise to $0.0516, as at December there was a major set back in TRX price. Although, TRX price get better a bit as at January 22 which the price of TRX as at then reach as high as $0.0723 USD before it becomes bearish again which makes the price to fall down. Ever since then Tron has been trading in a downtrend following a lower highs. As at 23 February, 2022 Tron (TRX) retested support level at $0.0589 USD before the price then rise up to $0.0631.
As at 23rd February, when I looked at the Tron chart I TRX was trading at $0.06238, and the price drop to 0.6%. The Relative Strength Index (RSI) at 53.45 recovered from being oversold to overbought.
Coming to look at the analysis of today 24th febuary, as I open my TradingView TRX was in a bearish trend with an harma candles. The RSI fall below 50 RSI which is a signal of oversold.
I waited for few minutes to see if the RSI can cross above 50 RSI and I did meaning a buy signal trend, bullish is about to take place, seeing this I then place a buy trade. Below is the screenshot of it
After placing a buy trade on TradingView, I then open my Binance exchange to confirm the movement before placing order. On the Binance chart 50 MA has crosses above 200 MA which means the price is on bearish trend. What I did was to buy TRX/USD at the current market price.
My Plan to Hold Tron (TRX) long or Sell
My plan is to hold TRX for a short period time before selling it. Although this short period of time is just about 1 to 2days interval. The reason why I will sell it off is not just because I need money but because I know that TRX is just swing high and swing low. Meaning that it can take a long time for me to get a profit.
Reasons why I am recommending traders to buy TRX
Buy of cryptocurrencies is always at the best interest of traders who has the mind to take the risk. Tron (TRX) has previously been performing very well, most especially when it's been compared to other blockchain network that is founded the same year with Tron. Within the period of 1 year the value of Tron (TRX) has increased by over 300.4% which means that there is a lot of potential when a trader buy TRX. So I will just end my words by saying that you can Buy TRX since the value of 1 TRX is still cheap.
Conclusion:
H.E Justin Sun is the founder of TRX in 2017. Delegated proof of stake is the mechanism that is uses in TRON blockchain network. All thanks to Professor 👍 All thanks to professor @kouba01, @fredquantum and to you my readers for your time here.