The post TROY token soars 80% in a day – Should you brace for a correction? appeared on BitcoinEthereumNews.com.

TROY was trading near levels last seen in July 2023. The intense demand in recent days, if it continues, could push prices much higher. TROY [TROY] token has gained nearly 72% since Monday’s trading session opened. The preceding week was also strongly bullish, and the token surged by 259% before retracing over the weekend. The uncertainty around the U.S. elections has kept many investors and traders sidelined, but TROY token was unfazed. The $38.7 million market cap token has been trading since January 2020 and is up nearly 300% in ten days. Traders should prepare for more gains Source: TROY/USDT on TradingView Since May, the TROY token has been in a downtrend. From the high on the 24th of April to the low on the 25th of October, TROY had shed 58.88% in just over six months. The recent price surge took prices to the highest they have been since July 2023. The A/D indicator on the daily timeframe noted strong bullishness and high demand. The RSI was beyond the overbought threshold but does not necessarily indicate a pullback is imminent. Traders can use a bearish divergence between the price and the RSI to sell TROY and re-enter after a pullback. The Fibonacci levels highlighted the $0.0048 and $0.0059 as the next bullish targets. The high influx of Open Interest could see long positions hunted Source: Coinalyze The price is up by nearly 300% in ten days and the Open Interest gathered nearly $40 million more in the past 24 hours. It swelled from $4.3 million to $50.57 million, a nearly twelve-fold increase. This meant that speculators were keenly bullish, but also presented the possibility of a liquidity hunt to flush out overeager bulls. Is your portfolio green? Check the TROY Profit Calculator The spot CVD also jumped higher. The…

---

Filed under: News - @ November 5, 2024 3:26 pm