- TPY reached a new All-Time High, as the project community size continues to increase.
- With solid support at $0.70, TPY may blast past $1 in the short term.
- TPY has the potential to become one of the top performers in the bull market, as buying momentum dominates
Thrupenny (TYP), the native token of the in-built Derivatives Decentralized Exchange Thrupenny Protocol, increased by almost 10% in the last 24 hours, according to the data from CoinMarketCap. One of the reasons for TPY’s price increase was because of its recent listing on the HTX Global exchange.
This listing has ensured that market players who did not have access to the cryptocurrency earlier can now buy it. As a result, demand for TPY increased, leading to a surge in price. However, that was not the only reason that TPY has been able to gain market attention lately.
More Rewards for the TPY Community
On November 17, HTX launched at learn-and-earn and earn campaign which offered participants the opportunity to earn through the Thrupenny Protocol. With $20,000 up for grabs, the cryptocurrency community flocked to the Thrupenny and HTX pages to get a piece of the rewards.
#HTX Learn & Earn Campaign!
Answer the Quiz, Extra Rewards For 100% Correct Answers!
✅RT + Ace the Quiz https://t.co/FwSzSg2Uo8
✅Complete this form 👇
— HTX (@HTX_Global) November 17, 2023
Previously, HTX had also launched a campaign for several projects that involved the TPY community. Results from the campaign showed that there were an incredible 198.05 million participants who voted in favor of the Thrupenny Protocol
Also, the campaign outcome was in favor of TPY which topped the standings over CESS and ULTIMA. This win for Thrupenny is a sign that the project has a strong community capable of competing with top projects in the crypto market.
At the time of writing, TPY changed hands at $0.87— a new All-Time High (ATH) for the cryptocurrency. The surge in value also represents a 78.12% increase in the last 365 days.
TPY Targets the Moon
A look at the TPY/USDT chart showed that the market structure was largely bullish. Details from the analysis of the token also revealed that there was strong support at $0.76. This support has been instrumental to the uptick of the TPY.
While there was a slight rejection at $0.82, TPY bulls ensured that the retracement only lasted a short while. Currently, there is no sign that TPY holders are ready to sell. Furthermore, the Relative Strength Index (RSI) was 85.37.
Typically, the RSI reading is supposed to be considered overbought. But with TPY’s current momentum, the price is unlikely to reverse. Should the buying pressure continue increasing, then TPY may cross $1 in no time.
However, traders need to watch out for any kind of sell orders. If some TPY holders decide to take profits, there is a chance that the price will slip to $0.80. But a close look at the chart showed that there was high buy volume at the said price. Should this happen, $0.80 can act as support and send the TP
The Bollinger Bands (BB) also showed that volatility has become extreme (as indicated above). Should the bands fail to contract, then there might be large price fluctuations for TPY in the upward direction.
If TPY continues to perform excellently as it has done, it is possible to see more exchange listings. An increase in exchange listings means the adoption of TPY can increase. If that’s the case, then it might only be the start of new ATHs for TPY as the bull market nears.