TROY token price surges after exchange listings but flirts with overbought territory

The TROY token followed a parabolic trend, rising for the last eight consecutive days and reaching its highest level since July 2023.

Troy (TROY), a cryptocurrency at the intersection of artificial intelligence and gaming, is up 342% from its October low to $0.0042. This rally increased its market value to over $41 million.

TROY’s rise follows listings on Bitget and Binance, two of the largest crypto exchanges that added TROY futures to their platforms.

These listings helped drive open interest in TROY futures to a record high of $57 million, with the majority of open interest concentrated on Binance, Bitget, and BingX. This open interest is significantly higher than last week’s low of $3.5 million. Cryptocurrency prices often see jumps following listings on major exchanges.

TROY also gained momentum after receiving strategic investment from Unicorn Verse, which has investments in other cryptocurrencies such as LeverFi, Simon’s Cat, Ponke, and CoralApp.

According to its whitepaper, TROY is a blockchain network that operates TROY Play, a marketplace for AI agents accessible via TROY ID. This platform allows users to import agents from networks such as AgentLayer’s AgentStudio application and other third-party applications.

The network also includes TROY DAO and TROY Trade. TROY DAO is a membership platform that gives holders privileges such as early access to AI representatives; TROY Trade, on the other hand, supports the growth of artificial intelligence projects within the network. As part of the expansion, the developers announced a $10 million ecosystem fund.

The most important risk for TROY investors is that the number of holding addresses will decrease from 2,197 to 2,160 on Sunday. Additionally, the top ten token holders own 98% of all tokens; This means that if they decide to sell, the price could be significantly affected.

TROY token is overbought on the TROY chart by TradingView

The daily chart shows that the TROY token dropped to $0.00097, its lowest level since August 8, and has risen by triple digits since then. A golden cross pattern was formed by the intersection of the 200-day and 50-day moving averages.

The MACD indicator continued to rise and the two lines reached their highest point in months. Relative Strength Index rose to overbought level of 74.57.

Therefore, as the bullish momentum fades, the token may pull back in the coming days. In such a case, the next support level to watch will be $0.0023, which was the low point on Sunday, November 3. More gains will be confirmed if the price clears this week’s high at $0.0042.