TORN Token Rises 50x Overnight as This Lesser-Known Crypto Secures $800,000 in Funding – What Does it Do?
The TORN token has risen by as much as 7.5% during the last 24 hours, with its price currently standing at $3.77 on a day when the market as a whole has gained by 1.5%.
TORN has now risen by 10% in a week and by 31% in the last 30 days, although it remains down by 20% in the past year.
This 12-month decline contrasts poorly with the performance of many major tokens, yet TORN is still suffering from the US banning the Tornado Cash mixing service in August 2022, despite recent attempts to appeal the Treasury Department’s sanctions.
However, there are a healthy number of other altcoins which promise bigger gains in the near and more distant future, with Bitcoin ETF Token’s presale suggesting that it could have a big listing in the next few weeks.
TORN’s indicators are looking increasingly bullish at the moment, with its RSI rising above 60 today.
This signals growing buying pressure, as also suggested by the coin’s gradual rising trading volume.
Another promising sign is TORN’s 30-day average (yellow), which is climbing steadily towards its 200-day average.
This is suggestive of the beginning of an upcycle, and if the 30-day average does overtake the 200-day, TORN could experience a more aggressive breakout rally to higher levels.
However, while TORN is arguably due a big rally in order to compensate for big losses in previous months and years, it needs to be remembered that its trading volume remains remarkably low.
It currently stands at only $1.5 million, which is minuscule in comparison to the volumes witnessed for coins such as BTC and ETH (e.g. $27 billion and $24.5 billion).
As such, TORN token continues to suffer from very low interest, which in turn follows from the US Department of Justice sanctioning its native platform,
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