Troy Price Analysis: Can TROY Overcome the $0.002 Resistance Thanks to a New Collaboration with ChainLink?
- TROY has recently collaborated with Chainlink to optimize its trading platform.
- The recent crypto market drop in mid-March did its fair share of damage to the token.
- At TROY’s current price of $0.001948, can it overcome the $0.002 resistance and regain some of the value it lost in March.
The month of March 2020 will go down in crypto history as being the ultimate test of not only Bitcoin (BTC) but the entire spectrum of alt-coins. In the case of the latter, the market selloff of mid-March saw Troy (TROY) experience new lows of $0.0013. This level is now an area of support but recent developments at the project might lead to the token regaining the much needed psychological support of $0.002.
Troy Collaborates with Chainlink to Optimize the Platform
On March 19th, and right after the crypto market selloff, the team at Troy announced that they were collaborating with Chainlink to optimize TroyTrade’s Trading and clearing processes. The collaboration will allow Troy to tap into the vast experience and oracle tools available via Chainlink. Kira Sun, Founder of TroyTrade, explained this as follows:
Chainlink has an experienced team on new TEE-powered oracle developments, which are the same aspirations shared by Troy Network. We’re very excited to use Chainlink to aggregate cryptocurrency prices, trading data from centralized exchanges, and on-chain transaction data oracles to empower a next-generation trading experience on the Troy Network.
Troy has a system architecture that compromises four layers: the public chain protocol layer, the off-chain trading layer, the settlement network layer, and the application layer. Chainlink will be used to integrate an efficient and secure oracle that supports the application layer and thus optimizing the trading process.
Will TROY Reclaim the $0.002 Support Zone?
Further checking the 6-hour chart, we find that TROY/USDT is experiencing some sideways movement with a very close support zone around $0.0016. Additionally, the current price of $0.001937 is above the 50 (white) moving average with the 100 (yellow) moving average acting as a short term resistance.
However, with Bitcoin looking set to regain $6,900 and attempt $7,000 once again, BTC’s sideways movement might help alt-coins such as TROY, regain some much needed previous support zones that are now acting as resistance. With TROY/USDT, the current resistance of $0.002 looks set to being flipped into support if the current market environment is maintained.
Additionally, the 6-hour MFI is steady at 60 indicating the token is yet to be oversold in the crypto markets. This, in turn, means there is room for the token to move up in the crypto markets.
(Feature image courtesy of David Izquierdo on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.