The price of TROY has increased by more than 79% in the past two days, following a bounce from strong support at around $0.0036. A broader look at the chart shows that the price has risen by over 400% in the past five weeks.This indicates that the chart has been strongly bullish, and it could be in for a bigger rally.
At the time of writing, there are no strong fundamentals driving the price up, with some analysts on X expressing doubts about the rally. One of them is Sasha, a prominent crypto investor and commentator, who believes that the move is merely manipulation.
Increase in Crypto Exchange Use and Bullish Pattern
When considering the utility of this token, as it serves as a global prime broker specialized in crypto trading, one may understand why the token’s value is increasing. The prices of many cryptocurrencies are already rising, and many users are buying on exchanges, which are experiencing higher trading volumes. Therefore, with increased demand for the TROY token, the price is bound to rise.
One thing is also obvious: TROY has been following a higher high and higher low pattern, which is typical of an uptrend. The price moved from $0.0012 and found support at $0.002 before breaking out of the resistance at around $0.0036.
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Following this breakout, the TROY price spiked briefly and then returned to test the support. The continuation that started yesterday seems to stem from the bullish confidence triggered by the price holding support at around 0.0036.
The relative strength index (RSI) is currently at 74, indicating that the price is in an overbought position and there is a risk of retracement. If the price were to retrace, we could expect it to test the new support at around $0.0054.
If this support fails to hold, TROY price could test the next support at 0.0036. Thus, the support at $0.0054 is crucial for a bullish continuation of this strong trend.
