- TROY surged by +70% in 24 hours, and nearly 150% in three days
- SuperTrend flashed a buy signal for TROY at press time – Will the uptrend hold up?
As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market mania, and TROY’s recent surge is certainly one for the books. The +150% gain in just three days is a testament to the power of cryptocurrencies and their potential for rapid growth.
On a remarkable surge, Troy Trade’s native cryptocurrency, TROY crypto, experienced a 70% increase in value within a day. This bullish momentum marked the beginning of an exhilarating uptrend that unfolded over the weekend. Incredibly, this altcoin skyrocketed by approximately 150% in merely three days, climbing from $0.0013 to $0.00335.
At this point in time, an extended upper wick on the candlestick suggests that buyers might be running out of steam, potentially leading to a brief pullback. If the optimistic market mood continues over the near future, it’s crucial to keep an eye on these significant levels:
TROY’s potential re-entry levels
Over the past three days, the price has significantly risen above the price range established between mid-2023 and mid-2024. However, the price increase was halted at approximately $0.0035, which may indicate a resistance, and there could be a potential challenge ahead near the previous high of $0.0030 (marked as the red zone).
If the current cooling-off period persists, the price of TROY might move towards the support level of approximately $0.002 (referred to as the ‘white zone’). A strong defense of this level could potentially push TROY back towards a target of $0.003. Should this occur, the support level could present another opportunity for bulls to re-enter the market, with potential targets at $0.0030 and $0.0035.
If the line below the 50-day EMA, currently at $0.0016, shows a break, it would contradict the bullish outlook. In such a scenario, the price drop might extend to the $0.0012 level – a critical support point for the second half of 2024.
SuperTrend flashed ‘BUY’
On October 26th, the SuperTrend indicator signaled a purchase opportunity for TROY, and it has maintained that position since then. This indicates that even after the market’s turbulent climb, there might be further room for growth.
Moreover, the cumulative volume difference (CVD) has been on an upward trajectory for the last three days, suggesting robust demand in the spot market.
This corroborated the bullish thesis and the potential for gains, especially if the pullback doesn’t morph into a downtrend. However, a drop below $0.002 would invalidate the bullish outlook.
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2024-10-29 10:47