TROY Token Soars 342% to Reach Highest Level Since July 2023

The TROY token has gone parabolic, soaring over the past eight consecutive days and reaching its highest level since July 2023.

Cryptocurrency prices often see jumps following listings on major exchanges. This was the case for TROY, a cryptocurrency at the intersection of artificial intelligence and gaming, which soared to its highest level since July 2023.

TROY rose to $0.0042, a 342% increase from its lowest level in October. This rally boosted its market cap to over $41 million.

The surge followed listings on Bitget and Binance, two of the top crypto exchanges, which added TROY futures to their platforms. These listings pushed open interest in TROY futures to a record high of $57 million.

Most of this open interest is concentrated on Binance, Bitget, and BingX. This open interest is significantly higher than last week’s low of $3.5 million.

TROY also gained momentum after receiving a strategic investment from Unicorn Verse, a company with investments in other cryptocurrencies like LeverFi, Simon’s Cat, Ponke, and CoralApp.

According to its white paper, 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 like AgentLayer’s AgentStudio and other third-party applications.

The network also includes TROY DAO and TROY Trade. TROY DAO is a membership platform granting holders privileges such as early access to AI agents, while TROY Trade supports the growth of AI projects within the network. As part of its expansion, developers have announced a $10 million ecosystem fund.

However, there are some risks involved in investing in TROY. The number of holding addresses has dropped from 2,197 on Sunday to 2,160. Additionally, the top ten holders own 98% of all tokens, which could significantly impact the price if they decide to sell.

The daily chart shows that the TROY token bottomed at $0.00097, its lowest point since Aug. 8. It has since surged by triple digits, and the 200-day and 50-day moving averages crossed to form a golden cross pattern.

The MACD indicator continued to rise, with the two lines reaching their highest point in months. The Relative Strength Index surged to an overbought level of 74.57.

This upward momentum may cause the token to pull back in the coming days as it reaches an overbought level. If this happens, the next support level to watch will be $0.0023, which was its lowest point on Sunday, Nov. 3. Further gains will be confirmed if the price surpasses this week’s high of $0.0042.