TROY — Not Ready For A Long, Yet!
As requested, I had a quick look at the TROY chart.
Regarding trading (4H and 1D chart), I don't consider TROY a candidate. Here's why:
1️⃣ TROY trades at its all-time lowest level. On the upside, we have two resistance lines (1)
2️⃣ Moreover, TROY trades below the EMA200 (2) — an indicator widely used to determine the trade direction. Since the price below the EMA200 signals a bearish trend, you don't enter long trades (the trend is your friend ;)
3️⃣ Most importantly, TROY trades miles away from its downtrend line (3) that goes back to May 2022.
Based on these three factors, I don't consider Troy an interesting token to trade right now. The status might be re-evaluated once the lower resistances and the EMA200 have been broken.
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