Back to the list

TPY Dives Deep Into DeFi as HTX Listing Drives Another High

source-logo  thenewscrypto.com 23 November 2023 08:51, UTC
  • TPY’s price increased by 19.81% in the last seven days, hinting at a new high for the token.
  • Thrupenny got the attention of HTX Global and got TPY listed on the exchange.
  • If bulls continue the buying spree, then TPY may approach $5 in the short to mid-term

At a time when many altcoins are correcting, Thrupenny (TPY) has shown that it may be able to withstand any storm the crypto market faces. In the last seven days, the price of TPY has increased by 19.11%. The last 24 hours have not been so rosy as the cryptocurrency value dropped to 2.76%, CoinMarketCap showed.

This decrease came at a time when the broader market was facing some challenges due to the sanctions Binance got from the U.S. Department of Justice (DOJ). When compared to the top tokens like Cardano (ADA) and Polygon (MATIC), TPY seems to weathering the storm better.

TPY Declines Plunging

For instance, ADA’s price decreased by 5.12% while MATIC’s value dropped by almost 7% within the same period. For Thrupenny, one of the reasons it was able has been able to stay strong is its fundamentals.

Another ground for its impressive growth is its community. Since its launch, the TPY community has always rallied around decisions taken by the project.

Unlike other relatively new projects, the Thrupenny protocol understands the power of liquidity provision (LP) in the Decentralized Finance (DeFi) space. The project also explained this in its blog post posted on November 21.

“The influence of liquidity provision in DeFi is a cornerstone of Thrupenny’s triumph. Users contributing to the platform’s liquidity not only enjoy enhanced trading efficiency but also access a realm of yield farming opportunities and community-driven decision-making”, the blog post read.

Because of this and more, Thrupenny got the attention of HTX, the international digital asset exchange. In return, the exchange listed the TPY token. As Coin Edition, previously reported, HTX now holds Thrupenny in high esteem since it won in the #Primevote9 challenge.

Bullish for the Mid-Term

At press time, TPY’s price was $0.83. The TPY/USDT daily chart also showed that the market was still in control of bulls. While there was a slight sell-off, it was minute compared to the buy orders (indicated by the large green bars), TPY has had.

Furthermore, the Exponential Moving Averages (EMAs) signaled that the drawdown in price does not mean that the token has ended its uptrend. At the time of writing, the 20 EMA (blue) was above the 50 EMA (yellow).

As a common trading strategy used for the mid-term, the EMA positions mean TPY’s market structure may remain bullish.

TPY/USD Daily Chart (Source: TradingView)

Considering the current price action, it might be in traders’ best interest to desist from opening short TPY positions. If not, there is a chance that they could be liquidated.

Going forward, TPY’s price has the potential to reach new highs. Should the buy orders continue in droves, then one cannot exempt TPY from potentially reaching $5 for a start.

The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.