Tron’s TRX had a perfect start to the year like most cryptocurrencies in the market. While a majority of coins slowed down towards the end of January, TRX was still recording impressive gains.
Even at the start of February, things were looking fairly positive for the coin. It was not only setting new heights for itself but at times was defying odds by rallying when most coins were falling.
In recent weeks, however, the coin has fallen back and has begun moving with the waves. In the last seven days, the coin has dropped from $0.023 to hit a low of $0.021. This record low came yesterday and fortunately, the support allowed it to bounce back up. The last couple of weeks have seen the coin significantly drop and struggle breaking with some key resistance positions.
TRX was trading well above $0.030 at the start of the year. Now, its inability to break past $0.025 in recent weeks is signaling a long term bearish outlook. At the time of press, TRX is down by around 1% and trading for a little over $0.022.
Speculations Over Tron And Chainlink
In the last couple of days, rumors have been spreading that the Tron project is working on a partnership deal with Chainlink. ChainLink is a smart contract solution company with its share of prominence in the industry. One Reddit user has outlined the implication of the partnership:
“Chainlink is an Oracle solution that allows a safe and secure stream of data onto smart contracts. If any smart contract on the TRON network wants to utilize outside data like connecting to a pre-existing legacy system, or connect with data on another blockchain, it can now do that thanks to chainlink oracles. This will be beneficial to TRON’s ecosystem and allow for a wider variety of applications to be built on top of it while still maintaining a level of security that is guaranteed by smart contracts.”
When it comes to partnerships, Tron has always been active and its collaboration with Chainlink would not come as a surprise. Tron is currently working towards becoming the best Dapp ecosystem beating the likes of Ethereum. By guaranteeing security, this will boost its position in the battle of supremacy.
In the past, speculations, partnership announcements and project developments have seen TRX soar. If in the coming days there is an official announcement from Tron and/or Chainlink, this could see TRX gain substantially.