Tron TRX performance has seen significant shifts, currently experiencing a notable decline of 13.9% to $0.1676. This downturn comes despite the excitement surrounding the recent strategic collaboration between Tron DAO and Chainlink.
Today’s announcement: @trondao has joined Chainlink Scale, adopting Chainlink Data Feeds as TRON’s official oracle. Once upgraded, $6.5B+ in DeFi TVL will be secured by @chainlink , creating opportunities for Chainlink and TRON’s $60B+ in stablecoins and RWA! pic.twitter.com/ArDkMysuMq
— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 31, 2024
The partnership, aimed at bolstering decentralized finance (DeFi) capabilities, has sparked optimism among investors. However, the broader market’s unpredictable nature continues to weigh on TRX .
So what lies ahead for Tron? Analyzing key technical indicators may offer insights into its potential trajectory.
Tron’s Historical Gain Streaks Breached – When Will TRX Hit $1?
According to CoinMarketCap data, Tron (TRX) has shown impressive monthly growth , boasting gains of 9.06% and a modest 0.70% gain over the past week .
Additionally, its 24-hour trading volume has surged 15.77% to reach $409.45 million, suggesting ongoing investor interest.
However, despite positive movement, market fluctuations have made these gains somewhat unstable. TRX has dipped 1.39% to $0.1676. Still, analysts remain cautiously optimistic .
Historical trends suggest that impactful developments within the Tron ecosystem could be pivotal in driving a rebound. Events like the recent collaboration with Chainlink could strengthen TRX’s push toward the $1 milestone, igniting new interest and fueling further gains.
This is a step forward for both ecosystems and a milestone for the industry as we continue to strengthen the DeFi landscape. 🤝 https://t.co/Zw3aClI2C9
— TRON DAO (@trondao) October 31, 2024
TRON and Chainlink Join Forces to Strengthen DeFi Ecosystem
TRON DAO has officially announced a strategic partnership with Chainlink to enhance the decentralized finance (DeFi) ecosystem within the TRON network.
This collaboration is set to leverage Chainlink’s industry-leading Oracle solutions to secure over $6.5 billion in total value locked (TVL) across TRON’s expanding DeFi landscape .
By integrating Chainlink’s oracles, TRON seeks to accelerate the growth and adoption of DeFi applications, marking a pivotal moment for both projects.
Justin Sun, the founder of TRON DAO, emphasized that Chainlink Data Feeds will serve as the official oracle service for the TRON blockchain ecosystem. This comes after the Chainlink SCALE program.
The transition signifies a shift away from WINkLink as TRON’s oracle provider, positioning Chainlink as the go-to source for secure and accurate pricing data . It applies across TRON’s various DeFi applications, including JustLend and JustStable.
With TRON DAO now recognized as one of the largest DeFi networks globally, this collaboration with Chainlink is expected to catalyze further ecosystem expansion.
Sun also hinted at an exciting growth phase for TRON’s meme coins, which could be bolstered by increased community engagement and continuous network advancements.
Tron Forms Bearish Candle After Insignificant Break Above Key Resistance – Will TRX Break Above the Upper Bollinger Band?
Tron (TRX) has formed a bearish candle following a brief upward movement that slightly breached the upper Bollinger Band resistance. Despite this bearish development, TRX is trading above its middle and lower Bollinger Bands, which serve as crucial support levels for the asset .
The distance from these bands indicates that there is still room to move before TRX experiences significant downward pressure.
Should the market continue to fluctuate, potential retracements toward the middle and lower Bollinger Bands could spark bullish movements .
Furthermore, the Moving Average Convergence Divergence (MACD) indicator line currently sits above the signal line, accompanied by a green histogram bar. This positioning suggests that despite the bearish candle formation, the market has underlying bullish momentum .
Additionally, the last bearish candle managed to break through the resistance level at $0.16, as marked by the upper Bollinger Band.
This break indicates that TRX has the potential to initiate a strong reversal to the upside before the market closes, especially if buying pressure resumes .
Tron’s Relative Strength Index Plunging – What’s Next?
Despite bullish indications, Tron’s Relative Strength Index (RSI) is plunging from 64.63, moving away from the overbought region (above 70). This decline suggests that buying momentum may be weakening, signaling a potential correction.
It could indicate that traders are locking in profits after recent gains, leading to decreased demand . If Tron’s RSI drops below 30, the oversold territory, it could facilitate a price reversal or recovery.
Meanwhile, traders are taking advantage of new projects like FreeDum Fighters to diversify their crypto portfolio.
FreeDum Fighters is Bringing PolitiFi Drama to the Digital World
The emergence of meme coins has revolutionized the cryptocurrency market, merging humor and political satire to captivate communities and investors. One of the latest entrants is FreeDum Fighters, a PolitiFi meme coin that aims to capitalize on the 2024 U.S. presidential election .
As the political landscape heats up, the potential for this innovative cryptocurrency grows significantly.
$DUM Presale and Revolutionary Approach
FreeDum Fighters takes a humorous approach by featuring characters based on prominent political figures. It particularly brewed a comedic rivalry between Donald Trump and Kamala Harris. This thematic element provides entertainment and serves as a biting commentary on the electoral process .
Its native coin ($DUM) positions itself as a playful yet insightful take on the election, drawing in the crypto community with its unique narrative.
So far, the presale boasts over 7.4 billion DUM tokens sold, worth over $385,700. Currently, each DUM token trades at $0.00006 and will increase as the presale stages continue .
FreeDum Fighters transcends the typical buy-and-sell model of cryptocurrencies. It fosters community involvement through interactive features such as staking tokens for rewards.
The project’s team has launched a giveaway on X , offering participants a chance to win a share of $1,000 by completing specific tasks .
Users are invited to stake tokens for their preferred political figure—Magatron (a parody of Trump) or Kamacop (a parody of Kamala Harris). They’ll also engage in ongoing debates to express their opinions and vote on various issues .
Post-election, the project plans to adapt its narrative based on the results, expanding its lore and exploring potential partnerships to enhance its reach and utility.
For those interested in joining this emerging PolitiFi token, following their social media accounts on X and Telegram will provide the latest insights and updates about the project.
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Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.
View all articles by Rida Fatima
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