Trx is a native coin of the trx network that can be transferred from one smart contract address to another without involvement of a third party thus making it a decentralised coin. On the trx network, users as well as developers are able to stake their trx coin to few staking pool thus in return they receive reward in form of new coin minted as well as transaction cost charge thus making it to use a proof of stake consensus. On Monday the 18th of May ,one trx started trading at around $0.01531. By Tuesday the same week, the price had managed to fall to around $0.01431. This downwards trend has been as a result of trx traders behaviour which can further be explained as follows;
Traders behaviour.
TRX has a huge community due to several dapps being built on its network. This makes it to be able to be traded in an upwards and downwards direction and still be able to make traders to profit from doing so. When the trx market is moving upwards, that will be an indication that the sellers are more than the buyers. On the other hand, when the trx market is trending downwards, that will be an indication that the buyers are more that the sellers. Therefore, since the trx market was able to show a bearish trending, the weekly market can further be explained as follows;
1.TRX bearish price analysis based on traders behaviour
In a bearish market, the trx will be moving in a downwards direction. On Monday the 18th of May, one trx started trading at around $0.01555. By Tuesday the same week, the price dropped to around $0.01505.This is indicated as from below;
The above is the trx market in terms of USDT. Two points are being indicated. There is point A and point B . Before point A, the trx market can be seen to be trending in a downwards direction all the way to $0.01505 from its previous high of $0.01555. This downwards trend has been as a result of the sellers being more than buyers. This causes the market to resist moving upwards and gains a downwards movement. At $0.01505, more traders are starting to sell their previously bought trx in the hope that the trx market will continue moving downwards thus causing their holding to decline in value. This causes the market to gain an upwards pressure and moves slightly upwards to point A at $0.01547. More traders are starting to buy some trx at point A in the hope that the market will continue moving upwards thus causing their holding to increase in value. This causes the market to resist moving upwards and reverse where it further moves downwards to point B at around $0.01540. If the buyers will continue being more than sellers, then the trx market will continue moving downwards to around $0.01400. This is the right time to sell if you had previously bought and wait until it reaches $0.01400 so that you purchase
Summary
TRX is a native coin of the trx network created by Justin sun and can be transferred from one tron smart contract address to another without involvement of a third party thus making it a decentralised asset. When the tron market is moving downwards, that will be an indication of an overbought market condition while when it is moving upwards, that will be an indication of an oversold market condition. You can sell your trx at around $0.01531 and wait to buy when the market reaches at around $0.01300
To receive our post directly to your telegram, then you can join our telegram channel from
below t.me/TeacherForexSchool
You can also join our telegram group to be able to comment on our channel post or support us over there .You can as well share your trading idea and market idea for both fiat and cryptocurrency and be able to be supported by other community member over there on the group with crypto. Here is the link to our telegram group
https://t.me/joinchat/DUNfZg9fTQttyxxGuNKAbg
You are always free to support our work from below;
skrill donation :mudigoomondi@gmail.com
Neteller donation :mudigoomondi@gmail.com
Bitcoin:3AFeiwUp6erj2iRBmdsnc7YhC7gcYVD6oj Ethereum;
0x346570c491b76c7cd51699bdd272762111b743a9 Litecoin: LeEH7B82ccXJ6QoibCryGJNpDGNx2x77fL Dogecoin: DLShs2vqhMc1ggqo8MPPMBTcPAZdqCZoWd lightning network:tipping.me:https://tippin.me/@quintomudigo