- TPY price has increased by 19.81% in the last seven days, suggesting a new high for the token.
- Thrupenny caught the attention of HTX Global and had TPY listed on the exchange.
- If the bulls continue the buying spree, then the TPY may approach $5 in the short and medium term.
At a time when many altcoins are correcting, Thrupenny (TPY) has proven that it can weather any storm the cryptocurrency market faces. In the last seven days, the price of TPY has increased by 19.11%. The last 24 hours have not been so optimistic as the value of the cryptocurrency fell to 2.76%, CoinMarketCap showed.
This decline came at a time when the broader market was facing some challenges due to the sanctions Binance received from the US Department of Justice (DOJ). Compared to top tokens like Cardano (ADA) and Polygon (MATIC), TPY appears to be weathering the storm better.
TPY plummets
For example, the price of ADA decreased by 5.12% while the value of MATIC fell by almost 7% in the same period. For Thrupenny, one of the reasons he was able to stay strong is his fundamentals.
Another reason for its impressive growth is its community. Since its launch, the TPY community has always united around the decisions made by the project.
Unlike other relatively new projects, the Thrupenny protocol understands the power of liquidity provision (LP) in the decentralized finance (DeFi) space. The project also explained this in its blog post published on November 21.
“The influence of liquidity provision on DeFi is the cornerstone of Thrupenny’s triumph. “Users who contribute to the platform’s liquidity not only enjoy greater trading efficiency, but also access a realm of community-driven decision-making and yield farming opportunities,” the blog post reads.
For this and more, Thrupenny caught the attention of HTX, the international digital asset exchange. In exchange, the exchange listed the TPY token. As Coin Edition previously reported, HTX now holds Thrupenny in high regard since he won the #Primevote9 challenge.
Bullish for the medium term
At the time of this publication, the price of TPY was $0.83. The TPY/USDT daily chart also showed that the market was still in control of the bulls. While there was a slight sell-off, it was minimal compared to the buy orders (indicated by the large green bars) that TPY has had.
Furthermore, the exponential moving averages (EMA) noted that the price drop does not mean that the token has ended its uptrend. At the time of writing, the 20 EMA (blue) was above the 50 EMA (yellow).
As a common trading strategy used in the medium term, the EMA positions mean that the TPY market structure may remain bullish.
TPY/USD Daily Chart (Source: TradingView)
Taking into account the current price development, it might be best for traders to desist from opening short positions in TPY. Otherwise, there is a possibility that they will be liquidated.
Looking ahead, TPY price has the potential to reach new highs. If buy orders continue en masse, then TPY cannot be exempted from potentially reaching $5 to begin with.
The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of using the content, products or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
