REPOST- TRX/USDT Long | S6T2 | Team Trading Contest Post for Team Frontline

Hello Steemians. I am happy once again to be participating in the second trading competition week in the steemit academy. I have learned trading discipline last week and I am willing to improve again this week as I join the team of professors @abdu.navi03 and @shemul in Team Frontline to continue the real trading discipline the academy is teaching me.

Tron is one of my favorite cryptocurrencies in the crypto space and one of the first things that draw me close to this cryptocurrency is that it is cheap in terms of transaction cost and transaction delivery is faster when brought side by side with many popular cryptocurrencies. TRX (Tron) is built on top of its own blockchain which is the Tron blockchain and this makes this cryptocurrency the native cryptocurrency of the blockchain.

Tron blockchain was created in March 2014 and it is an open-source blockchain with smart contracts functionality that allows other developers to build tokens on the blockchain. TRX as the native cryptocurrency of the blockchain is a TRC20 token that uses the Proof of Stake consensus mechanism, in the same way, all tokens that are built by other developers on the Tron blockchain are all TRC20 tokens. Furthermore, TRX is an entertainment-centered token to allow users in the crypto space to seamlessly share digital products in a peer to peer fully decentralized system.

The cryptocurrency TRX was primarily built on top of the Ethereum blockchain when it entered the crypto space in 2014 and that makes it an ERC20 token at the beginning of its life. In 2018, it was moved to its own blockchain (Tron) which also has the smart contracts functionality just as Ethereum's. Before the move to its own blockchain, TRX was first offered in an initial coin offering program between the 30th of August and September 1st, 2017.

Furthermore, a total of 100,000,000,000 TRX was created in the beginning and 40% of it all was made available for the initial offering that accepts Bitcoin and Ethereum for purchase of TRX that was then an ERC20 token. 1TRX at the time was offered at 0.00000038 BTC and at the end of the ICO, this project was able to raise $70,000,000 which some of it was used to finish the Tron project as TRX fully gets transformed into a TRC20 token.

Tron is a product of the Tron Foundation which is a non-profit organization based in Singapore and has most of the team members from China. In 2017, Justin Sun was the CEO of the Tron foundation until the year 2021 when he announced he is taking a position as an ambassador of the Grenada Government to the World Trade Organization (WTO) and claimed he is leaving the Tron project in the hands of the TRX holders. Tron has a legit and verifiable background, I love it more for that reason.

The cryptocurrency TRX is currently having a price of $0.06172 as the information on Coinmarketcap shows and it's on number 26 by rank among other cryptocurrencies in the crypto space with its market dominance to be 0.33%. TRX has a market capitalization of $6,278,432,171.24 and its circulating supply is 101,739,588,622 TRX, and this figure also represents its total supply.

TRX is a very important cryptocurrency that can be traded on many popular exchanges in the crypto space. Exchanges that have TRX for trading are Bitfinex, Bittrex, Binance, Huobi Global, FTX, Bithump, Coinone, Poloniex, Kraken, KuCoin, and many others.

TRX (Tron) is a utility token used for many things on the Tron blockchain, despite the news surrounding the resignation of its CEO, TRX has ever been doing good since the incident. My optimism about TRX became stronger today when I opened my chart to the hourly time frame and see how the market behavior of TRX is trying to be bullish and that gives me the confidence of a long position finding a level for my entry on a lower time frame.

To analyze the TRX cryptocurrency today, I will use technical analysis for the judgment. I will make use of the chart to see the TRX market in different forms before I enter a long or short position. TradingView will be used for the chart analysis of the TRX cryptocurrency that I selected today. My practical analysis will start from the daily chart of TRX.

In my practical analysis above on a daily time frame, the market of TRX is bearish. I marked support and resistance levels, the support levels marked in green color, and resistance levels marked in red color. I will switch to an hourly chart to see the behavior of the TRX market.

In my practical analysis of the TRX market on the hourly time frame above, the market is still bearish with some bullish reversals and that could be an opportunity for a long position. I marked out the support and resistance levels on the hourly time frame too. To see the chart clearly, I switched to 15mins time frame.

In my practical analysis of the TRX market on 15mins time frame above, the TRX price was at a resistance level that I marked before. I was waiting for a breakout at that level to place my long position or if it was reversed, I will enter a short position. I maintained some patience and the price break out of the resistance and I enter a long position.

In my practical analysis of the TRX market shown above, I entered the long position at 0.06200 USDT, marked my exit trade in profit at 0.06272 USDT, at a resistance predicting that price may be rejected at that level and my stop loss at 0.06123 USDT, the support below my long position entry, my risk to reward ratio is 1:1. The trade type today is short term. Binance TRXUSDT Perpetual 10x leverage was used for my trade today.

The TRX long position trade is still running and I will add the result when the trade closes. I'm coming to edit this now as my trade has closed when it hits the resistance level where I marked my take profit. The TRX Market on 15mins time frame may go more bullish as there is a breakout at the resistance. I made a profit of 0.12876 USDT on my TRX trade.

I recommend to people to buy TRX for so many reasons. TRX is a new era of a blockchain with smart contracts functionality that is associated with lesser transaction fees, especially when compared to Ethereum blockchain that has a high gas fee. TRX cryptocurrency is used for participating in the governance of the Tron blockchain as users can have influence with their TRX to vote for witnesses on the network and TRX can be staked to earn passive income on the Tron blockchain and many other benefits. I recommend that traders should buy this for long term holding and even for short term opportunities. I am also holding some TRX in my Binance wallet.

I have yet again started my trade for the new week of trading competition in the academy and I have entered a long position in the TRX market which I started my practical analysis from the daily analysis. Though the TRX market was downtrend on the daily time frame, I moved to a lower time frame to see an opportunity for long position because I am interested in a short term trade, had it been I want to go for a middle term or long term trade, I would have entered a short position because the market was downtrend on daily time frame. I humbly submit my entry for Team Frontline.