Hello Steamians... welcome to my third trade post for this week trading contest. In this post I'm trading on TRB/USDT pair.
The name and introduction of the project token, which exchanges it can be traded on, project / technical information of the coin/ team background, etc.
Introduction of the Tributes (TRB) token
TRB also known as Tributes is a token built on the Tellor network and it is regarded as the governance token of the network because the TRB token powers the Tellor network.
The Tellor network is a decentralized oracle blockchain, the aspect of the Tellor network as an oracle network help to update off-chain data on the network and make them accessible for on-chain smart contracts.
One of the barriers that is limiting smart contract potential of applicability is lack of off-chain data trustless source. Hence the development of Tellor which aims to bridge the gap. The Tellor oracle network help smart contracts to be able to access off-chain data, the Tellor network creates trustless access to off-chain data.
The Tellor network access off-chain data in a process whereby the oracle request for these informations, verify the information to know the authenticity of these informations and then send it to the blockchain and translate it to a language the on-chain can understand and use.
The Tellor oracle consist of staked data reporters and these reporters are responsible for providing accurate off-chain data to the oracle. Any user holding more than 100 TRB on the network can become a data reporter by staking TRB inorder to be able to report on the Tellor oracle blockchain and earn rewards. But data reporters must provide accurate off-chain data to the blockchain oracle inorder for their stakes not to be disputed.
Exchanges TRB can be traded on
There are different cryptocurrency exchanges where TRB can be traded and these exchanges includes;
- Binance
- Huobi Global
- Gate.io
- OKX
- Coinbase
- Mandala Exchange
- KuCoin
- BingX etc.
To find out more other exchanges you can trade TRB visit crypto exchanges page
The Tellor project Development team
Tellor network was developed and laughed by U.S based team in the year 2019.
The Tellor development team members are;
Brenda Loya the Chief Executive Officer (CEO) as well as the co-founder of Tellor.
Michael Zemrose is the Chief Security Officer (CSO) as well as co-founder of Tellor.
Nick Fett is the Chief Technology Officer (CTO) ans was also a co-founder of Tellor.
The aim of developing the Tellor blockchain oracle was to solve the oracle problem faced by the Ethereum blockchain.
Why you are optimistic about this token today, and how long do you u wish it can rise.
I'm optimistic about the TRB coin because it is one of the popular coin in the crypto space.
Wallet Investor have predicted in years back that the price of TRB will appreciate in growth from its current price of $50 then to $128 in the space of one year. They also predicted that price of TRB might even go up to $444 by the year 2026 and this is a very high optimistic prediction.
TRB reached it's All Time High of $161.12 on the 10th of May 2021 showing great growth potential in the price of TRB, although presently the price of TRB has dropped to $19.65 but the drop in price not withstanding, the price of TRB will still scale in growth.
At the time of writing this post on the 3rd of March 2022, the price of TRB was at $19.65 as per CoinMarketCap statistical data. And it is ranked #558 with a 24 hours trading volume of $8,388,135 and a Market Capitalization of $45,398,072. A Circulating Supply 2,309,982.55 TRB. More statistical data of TRB is shown on the image below.
CoinMarketCap
How to analyze the token? (This can technical analysis and trading strategies learned from professor's courses) - This section is very important.
TRB/USDT chart analysis TradingView
Making the trend your friend is the normal ideology in technical analysis. Hence, looking at the price action of the 5M chart, it's on a downtrend and there is a bearish crossover which means the price will move downward simultaneously. Also, the EMAs signals a downtrend as the price break below the EMAs. This was a clear confirmation, then I placed my sell Entry around $21.94 and Take Profit around $21.71 while my Stop-loss was around $22.16.
After my analysis, I placed the trade on the Binance platform. A few minutes, my sell order activated and the transaction process was not encourage as I was losing -0.03 which is equivalent to -1.99% of the trade.
TRB/USDT sell order in progress from my Binance account
Later, I checked back it hits Stop-loss again. The below image displays the transaction details.
TRB/USDT sell history from my Binance account
Your plan to hold it for a long time or when to sell.
Before going into the trade I already have a trading strategy which is Margin (Futures), as such I had no plans of holding the coin.
Following the strategy I used, once the market hit my target of stop loss or take profit, I'll exit the market.
Do you recommend everyone to buy this token?Give reasons for your answer.
I recommend traders and investors to buy the coin. My reason?
Following the overview of the Tellor coin given above, it is understood that the coin has a great potential to scale very high in growth as it has reached an All Time High of $161.12.
And also the decentralized nature of the network is also another reason traders and investor can buy the coin without fear of it crashing.
My recommendation is that short-term traders should perform a proper technical analysis on the coin inorder to spot an entry position before entering the market.
And for long-term traders, fundamental analysis should be conducted on the coin and the project behind it before making any purchase.
Conclusion
Before entering any market it is very important to perform both technical and fundamental analysis on the particular token as this will help traders spot an entry position and when is best to buy the coin. It is also necessary to choose a trading strategy that suits your kind of trade inorder to avoid bad trading decisions.
Cc:-
@reminiscence01
@nane15
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