The price of TROY token jumps following its exchange listings, yet it hovers near overbought levels.

The TROY token has experienced a dramatic parabolic rise, soaring for eight consecutive days and reaching its highest value since July 2023.

Troy (TROY), a cryptocurrency that blends artificial intelligence with gaming, surged to $0.0042, reflecting a 342% increase from its October low. This rally has propelled its market capitalization to over $41 million.

The surge in TROY’s price follows its recent listings on major exchanges, Bitget and Binance, which introduced TROY futures to their platforms. These listings played a key role in driving open interest in TROY futures to an all-time high of $57 million, predominantly on Binance, Bitget, and BingX. This figure marks a massive increase from just $3.5 million the previous week, as is often seen with listings on major crypto exchanges.

TROY’s momentum was further fueled by a strategic investment from Unicorn Verse, a company with stakes in several crypto projects like LeverFi, Simon’s Cat, Ponke, and CoralApp.

According to its white paper, TROY operates as a blockchain network supporting TROY Play, a marketplace for AI agents that can be accessed via TROY ID. Users can integrate agents from platforms like AgentLayer’s AgentStudio and other third-party applications. The network also includes TROY DAO, a membership platform offering exclusive benefits, and TROY Trade, which fosters the growth of AI-driven projects within the ecosystem. In line with its expansion plans, TROY has launched a $10 million ecosystem fund.

However, potential risks for TROY investors exist, as the number of active holding addresses has decreased from 2,197 to 2,160. Moreover, with the top ten holders controlling 98% of all tokens, there is a possibility that a large sell-off could significantly affect the token’s price.

TROY token gets overbought

The daily chart reveals that the TROY token hit a low of $0.00097, its weakest point since August 8, before experiencing a substantial triple-digit surge. The token has also formed a golden cross pattern, with the 200-day and 50-day moving averages crossing bullishly.

The MACD indicator has been climbing steadily, with the two lines reaching their highest levels in several months. Meanwhile, the Relative Strength Index (RSI) has surged to an overbought reading of 74.57.

Given these technical signals, there’s a possibility that the token could experience a pullback in the near term as upward momentum slows. If this occurs, the next support level to monitor is $0.0023, the low from Sunday, November 3. Conversely, further bullish momentum will be confirmed if the price breaks above this week’s high of $0.0042.