The digital currency TROY, the primary token used on the global crypto trading platform Troy Trade, witnessed a remarkable increase of over 70% in its value within a single day. This bullish momentum kicking off the week was part of an intense upward trend experienced over the weekend. In fact, the alternative coin saw a substantial spike of around 150% in just a span of three days, rising from $0.0013 to $0.00335.
However, as of the current moment, a long upper candlestick wick suggests a potential exhaustion among buyers and hints at a probable pullback. In case the positive market sentiment persists in the short run, what are the crucial levels that traders should keep an eye on?
Important Points for Potential Re-Entry in TROY Market
Observing the price movement in the past three days, TROY recently surged above the range set between mid-2023 and mid-2024. Notably, there was a resistance encountered at $0.0035 coupled with a possible hurdle at the previous peak of $0.0030 (highlighted in red).
If the cooling-off period continues, TROY might retreat towards the support level above $0.002 (marked in white). A firm defense at this level could pave the way for TROY to aim for $0.003 again. Rebounding from this support could potentially offer another buying opportunity, with targets set at $0.0030 and $0.0035.
Conversely, a breach below the 50-day EMA (exponential moving average) sitting at $0.0016 would nullify the optimistic scenario. In such a scenario, the price might drop further towards the demand zone at $0.0012, which serves as a crucial support level in the second half of 2024.
Positive Signal from SuperTrend Indicator
The SuperTrend indicator displayed a ‘buy’ signal on 26 October, which has been sustained for TROY ever since. This signal indicated that despite the recent significant surge, there might still be room for additional growth.
Moreover, the cumulative volume delta (CVD) for spot trading has been consistently trending upwards in the past three days, reflecting robust demand in the spot market.
These indicators align with the optimistic outlook, highlighting the potential for further price appreciation, especially if the current retracement phase does not transition into a downtrend. However, a drop below $0.002 could alter the bullish perspective.
Disclaimer: The views expressed in this article are personal opinions and do not constitute financial advice, investment recommendations, or trading suggestions.