2023-12-7 13:30 |
Global prime crypto brokerage firm Troy Trade recently made a major announcement that sent its token, $TROY, surging over 40% briefly. As TROY_DAO tweeted, “Big Announcement Time! $TROY is going to support the #Bitcoin #BRC20 ecosystem soon.” This news catalyzed a spike from $0.0024 to $0.0035 within hours.
Though TROY pulled back slightly, closing a 4-hour candle at $0.0027, trader Emma believes it remains in a “quite favorable buying position” for more upside. Troy technical analysis shows that $0.0026 represented crucial resistance that goes back to November. Now that TROY broke above this level, we will be looking for it to retest it as expected support. Analyst Emma also sees room for a more bullish continuation.
Price Action Signals Building MomentumThe sharp 40%+ spike on the initial Bitcoin integration news shows just how excited the Troy community is by potential expanded utility. And the successful breakout above multi-week resistance at $0.0026 is a pivotal technical development. As Emma notes, this level flipping to support bodes well for additional upside.
More Bullish News May Be ComingBeyond the price action, Emma also mentions that “There will be more bullish news coming their way.” This prediction certainly seems plausible given Troy’s ambitious roadmap. The project aims to become a top global brokerage, providing a full prime services suite from spot and derivatives trading to staking, lending and more.
Read also:
Bitcoin (BTC) Skyrocketed The Last Three Times This Bullish Signal Appeared Solana Loses Uptrend; Analyst Warns Failure to Hold Support Could Result in SOL Falling to This Price End-of-Year Crypto Boom: Mantle, Filecoin, and Rebel Satoshi Poised for GrowthSo with users cheering the Bitcoin integration, charts breaking out above resistance, and plenty of announcements still ahead, Troy does appear to be in a strong position. The 40% spike may just be the beginning if more major utility like Bitcoin/TROY cross-chain features are around the corner.
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The post Troy Spikes +40% Following Major Bitcoin Announcement; Price Enters ‘Favorable Buying Position’ as Crucial Resistance Breaks appeared first on CaptainAltcoin.
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