![Picsart_22-03-01_12-20-40-332.jpg](https://cdn.steemitimages.com/DQmU3DAGhHxoTyEtRPChEBD9gZQFnX61wCH66Sq2i7rhpyM/Picsart_22-03-01_12-20-40-332.jpg) ^{Free image from [Piqsels.com](https://piqsels.com/) edited with PicsArt} Hello everyone, this is my final post for this week's trading competition. I'm grateful to be part of **Team Frontline** headed by Crypto Academy Professor @abdu.navi03 & @shemul21. This week wasn't that fruitful, but we go again next week with more knowledge and experience. The token I chose was TRX. As usual, let's go!

![image.png](https://cdn.steemitimages.com/DQmdPjqsdMfteC8o56u3hw89SbtN7GGA15njQE4Bg8CxWQA/image.png) ------ >- The name and introduction of the project token, and which exchange can be traded on, project/technical/team background, etc. ------ ## Tron (TRX) ![image.png](https://cdn.steemitimages.com/DQmRFcRxjqk8fdZFZUgC6m1S59dpfmxPKNCzZDans3kpbSM/image.png)

As a member of Steemit Crypto Academy, it is impossible to lack knowledge about the Tron Blockchain. The main reason is that TRX forms part of the rewards earned on Steemit. Tron is one of the very popular blockchains known by many traders. It is a suitable blockchain for building DApps. Transactions are fast. Its blockchain can handle 2,000 transactions per second. It is scalable and also cost-efficient for developers. Developers can reduce cost with smart contracts by staking their TRX for bandwidth and energy which would be used for transactions instead of their TRX. Tron was founded by **Justin Sun** in September 2017. Its mainnet was launched in May 2018. After, it had an acquisition of BitTorrent in July 2018. This is marked as its biggest acquisition. Because of its extremely low fee charges, it has the highest circulating supply of stable coins. Tron uses the delegated proof-of-stake consensus mechanism. As stated earlier, developers can reduce costs with smart contracts by staking their TRX. Staking your TRX gives you votes which you can use to vote representatives to earn rewards. ![Screenshot (297).png](https://cdn.steemitimages.com/DQmX8mnqGUXLAnR96sg6wj2f4YQCxVBFvaYAhGnRg6MTJzs/Screenshot%20(297).png) ^{TRX price details | Screenshot from [CoinMarketCap](https://coinmarketcap.com/currencies/tron/)} TRX is the native token of the Tron blockchain. It is ranked #25 in the list of cryptocurrencies. It has a market cap of $6,149,787,650 and a circulating supply of 101.73B TRX. ![TRX_ALL_graph_coinmarketcap.jfif](https://cdn.steemitimages.com/DQmcWJNFpLjzPMmjs3FYadgRomquoAwYQ7CPEzvLKMSmK98/TRX_ALL_graph_coinmarketcap.jfif) ^{TRX full price chart | [CoinMarketCap](https://coinmarketcap.com/currencies/tron/)} TRX has an all-time high of $0.3004. This was recorded 4 years ago. Currently, it has dropped 79.89% from its ATH. Its lowest recorded within the past month is $0.0559. This is close to its lowest within 3 months which is $0.05137. ![Screenshot (296).png](https://cdn.steemitimages.com/DQmWGR7mGSrNFUtQpLkV8AjvLX4gdSuMMVLdfKH3zFWjmMr/Screenshot%20(296).png) ^{TRX Markets | Screenshot from [CoinMarketCap](https://coinmarketcap.com/currencies/tron/)} Tron can be found in many exchanges with different asset pairs. You can find Tron listed on exchanges like Binance, KuCoin, Huobi Global, Gate.io, Poloniex etc.

![image.png](https://cdn.steemitimages.com/DQmdPjqsdMfteC8o56u3hw89SbtN7GGA15njQE4Bg8CxWQA/image.png) ------ >- Why are you optimistic about this token today, and how long do you think it can rise? ------ ## Why I am optimistic about TRX today ![image.png](https://cdn.steemitimages.com/DQmRFcRxjqk8fdZFZUgC6m1S59dpfmxPKNCzZDans3kpbSM/image.png)

TRX's lowest within a month was recorded a few days ago. This is a sign that it is going to rise until it reaches its resistance level. This was the main reason I was optimistic about it today. For how long it can rise, this cannot be told. TRX was among the top coins expected to reach 1 USD last year. Unfortunately, many were disappointed. I think there is still hope for it and it'll rise steadily and get to about half a dollar.

![image.png](https://cdn.steemitimages.com/DQmdPjqsdMfteC8o56u3hw89SbtN7GGA15njQE4Bg8CxWQA/image.png) ------ >- How to analyze the token? (using the analysis knowledge learned from professors’ courses) —- important part ------ ## Analysing TRXUSDTPREP for Trading ![image.png](https://cdn.steemitimages.com/DQmRFcRxjqk8fdZFZUgC6m1S59dpfmxPKNCzZDans3kpbSM/image.png)

The TRX asset I chose to trade was TRXUSDTPREP. This asset can be traded on Binance futures. ![Screenshot (284).png](https://cdn.steemitimages.com/DQmQkroZjWwbhzBWeGqsxpt1SoeGVhfaG9tE1i8ukgxruoV/Screenshot%20(284).png) ^{TRXUSDTPREP 1-Day chart | Screenshot form [TradingView](https://www.tradingview.com/chart/jbrVnxXq/?symbol=BINANCE%3ATRXUSDTPERP)} I marked the support and resistance levels on the 1-day timeframe. ![Screenshot (287).png](https://cdn.steemitimages.com/DQmW14RJjpPqYNga3T7Ljp7MgEmnjJXJWEGnEeRYrwPpPq4/Screenshot%20(287).png) ^{TRXUSDTPREP 4 H chart | Screenshot form [TradingView](https://www.tradingview.com/chart/jbrVnxXq/?symbol=BINANCE%3ATRXUSDTPERP)} I switched to the 4 H timeframe, got a clearer view of the price movement and marked the support and resistance levels. ![Screenshot (289).png](https://cdn.steemitimages.com/DQmS2Co1pD8r65hxW6xtXmz6Hh5gMCUQRX9BrR1qq77aXKa/Screenshot%20(289).png) ^{TRXUSDTPREP 1 H chart | Screenshot form [TradingView](https://www.tradingview.com/chart/jbrVnxXq/?symbol=BINANCE%3ATRXUSDTPERP)} I switched to the 1 H timeframe and used RSI to check the overbought and oversold condition of the asset to determine the kind of position to take. The RSI was above 50 which suggested an overbought condition. The price was expected to fall. ![Screenshot (290).png](https://cdn.steemitimages.com/DQmakY5pNWod2csaJ46DHxJQGyk94jS9kxsNw5PtXqNjM9K/Screenshot%20(290).png) ^{TRXUSDTPREP 15 Min chart | Screenshot form [TradingView](https://www.tradingview.com/chart/jbrVnxXq/?symbol=BINANCE%3ATRXUSDTPERP)} I switched to the 15 Min timeframe to spot an entry and exit point. ![Screenshot (291).png](https://cdn.steemitimages.com/DQmU8n5oJaTHET2u41KXayvEA8YnVoFVwRweuPWsiWKLwPr/Screenshot%20(291).png) ^{TRXUSDTPREP 15 Min chart | Screenshot form [TradingView](https://www.tradingview.com/chart/jbrVnxXq/?symbol=BINANCE%3ATRXUSDTPERP)} I decided to take a short position. The trade details would be provided in the next section.

![image.png](https://cdn.steemitimages.com/DQmdPjqsdMfteC8o56u3hw89SbtN7GGA15njQE4Bg8CxWQA/image.png) ------ >- Your plan to hold it for a long time or when to sell? ------ ## My plan for TRXUSDTPREP ![image.png](https://cdn.steemitimages.com/DQmRFcRxjqk8fdZFZUgC6m1S59dpfmxPKNCzZDans3kpbSM/image.png)

Binance futures allows you to leverage to make profits with little capital. The risk is greater also and so I put in place a lot of risk management strategies. My plan was to not spend long hours on the trade. Just a few minutes to take what I can and close my position. ![Picsart_22-03-05_20-27-46-613.jpg](https://cdn.steemitimages.com/DQmeSULc7WMRSYV15Cna8LnhkFGSoHru6GNVGrodTCiW9F9/Picsart_22-03-05_20-27-46-613.jpg) ^{TRXUSDTPREP Order details | Screenshot form Binance Mobile App} My entry was 0.05983, TP was 0.05925 and SL was 0.06037. ![Screenshot (293).png](https://cdn.steemitimages.com/DQmWWHNa5EdDMKJWJsXbfri7bJ3xLbFYUAFgZj9TjdHmU7B/Screenshot%20(293).png) ^{TRXUSDTPREP 15 Min chart | Screenshot form [TradingView](https://www.tradingview.com/chart/jbrVnxXq/?symbol=BINANCE%3ATRXUSDTPERP)} After a few minutes, the price hit my entry and the position was triggered. I adjusted the SL for risk management just in case the price retraced in the opposite direction to minimize my losses. ![Picsart_22-03-05_20-32-57-228.jpg](https://cdn.steemitimages.com/DQmSB8sz7cxrcoeL9MAFWCczzP32srgWoAooHQDqzT4ii45/Picsart_22-03-05_20-32-57-228.jpg) ^{TRXUSDTPREP Stop order details | Screenshot form Binance Mobile App} I set a new stop loss at 0.05979. This was to exit with at least 0.3 profits but the trade closed at 0.05882. This was not according to my calculations. The trade ended with 0.03591 profits. ![Picsart_22-03-05_20-25-33-776.jpg](https://cdn.steemitimages.com/DQmbTSAtDDkPEsaGZMoP1fjVLi8oXeLchyG3qwhFuP7Npuf/Picsart_22-03-05_20-25-33-776.jpg) ^{TRXUSDTPREP Trade details | Screenshot form Binance Mobile App} The trade details can be seen from the image above.

![image.png](https://cdn.steemitimages.com/DQmdPjqsdMfteC8o56u3hw89SbtN7GGA15njQE4Bg8CxWQA/image.png) ------ >- Do you recommend everyone to buy? and the reasons for recommending/not recommending ------ ## My recommendation on TRX ![image.png](https://cdn.steemitimages.com/DQmRFcRxjqk8fdZFZUgC6m1S59dpfmxPKNCzZDans3kpbSM/image.png)

Tron is a very good blockchain suitable for DApp developers. Its market cap and rank shows that it interests many. I'd recommend others to purchase TRX. I'd say think smart money with TRX. Buy and sell when the prices go up a bit, rebuy at a low price, sell, repeat the process. You'd have to do some technical analysis. Identify the strong support and resistance points and use them for your entry and exit. It is important to note that this isn't financial advice. My thoughts about TRX may be false and you could run at losses if you regard this information as such.

![image.png](https://cdn.steemitimages.com/DQmdPjqsdMfteC8o56u3hw89SbtN7GGA15njQE4Bg8CxWQA/image.png) ------- ## Conclusion ![image.png](https://cdn.steemitimages.com/DQmRFcRxjqk8fdZFZUgC6m1S59dpfmxPKNCzZDans3kpbSM/image.png)

This week wasn't that bad. I'm always grateful I learn new mistakes and get better every time as I get myself used to the behaviour of the market. Below is a summary of this week's trade. No | Trade | Profit (USDT) --- | --- | --- 1 | SANDUSDTPREP | 0.2871 2 | DOTUSDTPREP | 2.0188 3 | MANAUSDTPREP | 2.608 4 | FTMUSDTPREP| 0.4606 5 | TRXUSDTPREP | 0.03591 Total | | 5.41041 *Thank you all for the attention*