Chainlink collaboration could push Tron price to $0.2

[CryptoChamp]

TRON (TRX) is drawing attention as its price fluctuates between $0.16 and $0.17. Technical indicators point to the coin being oversold, suggesting a possible price reversal. With strong community support and recent strategic partnerships, the key question now is whether TRX can break through its resistance or face a pullback. If the coin manages to overcome this hurdle, Tron price could rise to $0.195.

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TRON Price Overview

• Current Price Range: TRX is currently trading between $0.16 and $0.17 as per Coinpedia Markets.
• Key Resistance Level: The immediate resistance is at $0.17. If TRX can surpass this, it could target $0.18, offering a potential 6% increase.
• Support Levels: In a downward scenario, $0.16 and $0.15 serve as the primary support levels, which could be tested if TRX fails to break through $0.17.

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Technical Indicators Signal Possible Reversal

• Relative Strength Index (RSI): The RSI is currently at 24.44, a clear signal that TRX is in the oversold zone.
• Stochastic Oscillator: Sitting at 4.69, the stochastic value also indicates oversold conditions, typically a signal that buying pressure may increase.
• SMA Analysis: The 10-day Simple Moving Average (SMA) is slightly below the 100-day SMA, indicating short-term bearishness, although the gap is narrow, leaving room for a potential reversal.

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Recent Partnership with Chainlink Boosts Optimism

• Collaboration Announcement: TRON has partnered with Chainlink to integrate the Tron Network into Chainlink’s data feed.
• Impact on TRON Ecosystem: This move is expected to enhance security and reliability for TRON, as Chainlink will serve as the official oracle for the Tron Foundation. Such a partnership could attract more developers and increase TRON’s value in the long run.
• Community Excitement: This development has generated significant optimism within the TRON community, as it positions TRX to be a reliable blockchain option for decentralized applications.

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Analysts’ Take: Potential for a Bullish Breakout

• Crypto Jack’s Perspective: Popular crypto analyst Crypto Jack, with over 350k followers on X (formerly Twitter), highlighted that TRX appears to be forming an ascending triangle pattern.
• Price Projection: According to him, if TRX breaks through the resistance at $0.17, it could push the price up to $0.195.
• Trading Alert: Jack has advised his followers to keep a close watch on TRX, as this bullish pattern could indicate a major price movement soon.

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Performance Highlights: A Strong Monthly Showing

• Green Days: TRON has recorded 17 green days over the past month, showing solid market interest and consistent performance.
• Longer-Term Gains: Over the last six months, TRX has surged 31%, and it remains up by 5% in the past month despite a recent 1.42% weekly dip.
• RSI Caution: The 14-day RSI on the 1D timeframe now sits at 67, suggesting that TRX could be approaching the overbought zone, though this level also indicates strong buyer momentum.

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Outlook and Price Prediction: Aiming for $0.20?

• Breaking Above $0.17: If TRX successfully breaks above the $0.17 resistance, a move toward $0.18 and potentially $0.20 could be in sight.
• Market Sentiment: Recent buying activity and the Chainlink partnership have boosted confidence, making a Tron price prediction of $0.20 plausible if market conditions remain favorable.
• Monitoring Resistance Levels: Traders should watch the $0.17 level closely, as clearing this point could signal a continued upward trend for TRX.