The TROY token has gone parabolic, soaring for the past eight days in a row to reach its highest level since July 2023.
Troy (TROY), a cryptocurrency at the intersection of artificial intelligence and gaming, rose to $0.0042, up 342% from its lowest level in October. The rally boosted the company’s market capitalization to more than $41 million.
TROY’s rise follows listings on Bitget and Binance, two leading crypto exchanges that have added TROY futures to their platforms.
These listings helped push open interest in TROY futures to a record high of $57 million, with much of it concentrated on Binance, Bitget and BingX. This open interest is well above last week’s low of $3.5 million. Cryptocurrency prices often rise after listing on major exchanges.
TROY has also gained momentum after receiving strategic investment from Unicorn Verse, a company that invests in other cryptocurrencies such as LeverFi, Simon’s Cat, Ponke and CoralApp.
🎉 Troy AI is pleased to announce that we have received a strategic liquidity investment from @Unicornverse_io! pic.twitter.com/xxJJQwQozB
– TROY AI (The Pure Joy of Artificial Intelligence) (@TROY_DAO) October 28, 2024
According to the whitepaper, TROY is a blockchain network that operates TROY Play, a marketplace for AI agents accessible through TROY ID. This platform allows users to import agents from networks such as AgentStudio AgentLayer and other third-party applications.
The network also includes TROY DAO and TROY Trade. TROY DAO is a membership platform that provides owners with privileges such as early access to AI agents, and TROY Trade supports the growth of AI projects on the network. As part of the expansion, the developers announced the creation of a $10 million ecosystem fund.
The key risk for TROY investors is that the number of storage addresses has dropped from 2,197 on Sunday to 2,160. Additionally, the top ten holders own 98% of all tokens, meaning the price could be significantly affected if they decide to sell.
TROY token is overbought
The daily chart shows that the TROY token hit a low of $0.00097, its lowest level since August 8th, and has risen by triple digits since then. It formed a golden cross pattern when the 200-day and 50-day moving averages crossed.
The MACD indicator continued to rise, with both lines reaching their highest point in months. The relative strength index rose to an overbought level of 74.57.
Thus, the token could pull back in the coming days as the upward momentum fades. If this happens, the next support level to watch would be $0.0023, the lowest point on Sunday, November 3rd. Further gains will be confirmed if the price breaks above this week’s high of $0.0042.
