Hello, everyone. This is the presentation of my third trade with team Reminane. Let's get started!
Grading
Information About The TRONIX Coin (TRX)
TRX is the native coin of the Tron network. The network was built to serve as a medium for the sharing of media and the creation of decentralized applications. The Tron network serves as an open-source operating system with the use of blockchain technology, and users with the TRX coin have access to most of the features of the network. The Tron network was originally running hand in hand with Ethereum until later in 2018 when the mainnet of the network was launched. Since then, there have been a lot of technical improvements and new technologies have been implemented, making it totally independent, although the smart contracts on the network are compatible with the EVM.
The TRON network uses Delegated Proof of Stake (dPOS) to validate transactions on the network. It is a modified version of the POS consensus mechanism. According to various sources, the Tron network is capable of executing about 2000 transactions per second with negligible transaction fees.
The Tron network is backed by a very strong team. Its development was initiated by Justin Sun, a Chinese crypto enthusiast, and he is a very popular character in the crypto space. The Tron Foundation is the institution backing the Tron network to ensure its development. It consists of an experienced executive and developer team, and it was led by Justin Sun until very recently when he resigned from the CEO position for a role in his country.
Some of the core partners of the Tron network include Samsung, Poloniex, Steemit, Bittorrent, and Opera. There are different projects that run on the Tron network, popular among them are Justswap, SunSwap, Kraftly, Wink, Luminous, Justlend, and many others.
TRX is currently trading within $0.06, roughly 80% lower than its all-time high of $0.3004, and its market cap is $6,242,493,411, ranking it 26th on coinmarketcap.com. TRX's total supply is 101,734,134,469, with a circulating supply of 101.73B TRX. The trading volume for the past 24 hours was $749,716,292. TRX is listed in almost all the popular crypto exchanges like Binance, Gate.io, Kukoin, Houbi, Poloniex, Justswap, Sunswap, and many others.
TRX datafrom coinmarketcap.com
Why am I optimistic about the TRX today, and how long do I think it can rise?
TRX is a popular cryptocurrency in the crypto market with a huge market cap of over $6 billion. I am bullish about the token after the fundamental and technical analysis. The price is ranging above a support level with significant trading volume and I believe it is going to hit my take profit level within the week. This will largely depend on the general performance of the crypto market, especially BTC.
Technical Analysis of ONE/USDT
The technical analysis I used today involved the price action and the cross-over of the EMA lines.
In the 4 hour timeframe, I spotted the break of a descending triangle in the upward direction, and the price was rising above the EMA-100 line. I then reduced the timeframe to 1 hour for suitable entry and exit positions.
TRX/USDT 4hours chart| Screenshot from tradingview.com
On the 1 hour timeframe, there was a bullish crossover of the EMA lines as the EMA-20 was above the EMA-100 and the price was seen to break a significant resistance level and was trading above it. I then set my entry and exit levels with the necessary risk management strategies.
TRX/USDT 4hours chart| Screenshot from tradingview.com
TRX/USDT buy order details
My plans for this coin and recommendations
I am a Tron fan and I hold a small amount of TRX tokens. I believe in the project in the long run. The purpose of this trade is to make some profit from the current state of the coin. Hence, when my take profit or stop loss target is hit, a sell order will be executed. I think TRX is good for long-term investment, but there are many other alternatives if you want a long-term investment.
The growth of the token is not what was expected by many, taking a look at the benefits of the network and its use cases. You can conduct extensive background research on the network to determine whether any of the projects that run on it are suitable for your investment. There are many projects with investment opportunities on the Tron network, particularly the Defi projects, and if any of them meets your investment criteria, you can accumulate some TRX tokens to participate in the project.