- TROY was trading near levels last seen in July 2023.
- The intense demand of recent days, if it continues, could push prices much higher.
The TROY token (TROY) has gained nearly 72% since the opening of Monday’s trading session. The previous week was also strongly bullish and the token surged 259% before retracing over the weekend.
The uncertainty surrounding the US elections has kept many investors and traders on the sidelines, but the TROY token has been unfazed. The $38.7 million market cap token has been trading since January 2020 and has increased by almost 300% in ten days.
Traders should prepare for more gains
Source: TROY/USDT on TradingView
Since May, the TROY token has been in a downward trend. From the April 24 high to the October 25 low, TROY lost 58.88% in just over six months. The recent price surge has brought prices to their highest level since July 2023.
The A/D indicator on the daily time frame noted a strong uptrend and strong demand. The RSI was above the overbought threshold but does not necessarily indicate that a pullback is imminent.
Traders can use a bearish divergence between price and RSI to sell TROY and return to it after a pullback.
The Fibonacci levels highlighted $0.0048 and $0.0059 as the next upside targets.
High Open Interest Inflow Could Lead to Hunting for Long Positions
Source: Coinalyse
The price has increased by almost 300% in ten days and Open Interest has raised almost $40 million more in the last 24 hours. It went from $4.3 million to $50.57 million, a nearly twelve-fold increase.
This meant speculators were decidedly bullish, but also presented the possibility of a hunt for liquidity to flush out overenthusiastic bulls.
Is your wallet green? Check out the TROY Profit Calculator
Spot CVD also jumped higher. Market demand was high and the asset’s low market capitalization meant further growth was likely, but holders will need conviction. New entrants must be careful to limit their risks and not get caught in a bag containing a TROY token.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
