TrueFi TRU Surged +162% in a Single Day After Raising $12.5M to Scale TrueFi Lending Protocol

TrueFi TRU is trading in an uptrend, like many other Altcoins. The cryptocurrency TRU just went up +162% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +195% in a week.

What is TrueFi?

TrueFi TRU is a protocol for creating interest-bearing pools with a high APR for liquidity providers. TrueFi includes utility and rewards mechanisms using TrustTokens TRU and rewards participants for maintaining stable, high APRs. TRU is the native token of the TrueFi protocol and TrustToken holders ultimately have a say over who is a credible borrower in the prediction market. TRU gives the holder the ability to rate credit for third parties.

TRU Price Analysis

At the time of writing, TRU is ranked 464^th cryptocurrency globally and the current price is A$0.4542. This represents a +195% increase since July 30, 2021 (seven days ago), as shown in the chart below.

After looking at the above 1-Day candle chart, we can clearly see that TRU was trading inside the rising wedge pattern on the TRU/USDT pair. The first resistance was on the A$0.2435 price levels, which TRU broke with a strong bullish trend buying volume and is now heading towards the previous monthly high price at A$0.4084. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, TRU may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

TradingView indicators (on the one-day window) mainly suggest TRU as a Strong Buy, except the Oscillators, which indicate TRU as a Buy.

So Why Did TRU Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying TRU for the next Altcoins rally. Recent news was also announced regarding TrustToken Raises $12.5M from BlockTower.

For @trusttoken's official statement and comments from @RafaelCosman, @AriDavidPaul, @alive_eth & @SBF_FTX, read our press release below:https://t.co/QY4ESDN0Tz

— TrueFi (@TrueFiDAO) August 4, 2021

Where to Buy or Trade TRU?

TRU has high liquidity on the Binance exchange, which could help for trading TRU/BTC or TRU/USDT pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia. However, you can also buy this coin from different exchanges listed on Coinmarketcap.