- TRAC shows strong bullish momentum with buy zones at $0.51 and $0.70, but resistance at $1.00 calls for caution.
- A monthly close above $1.17 could trigger a long-term rally, with analysts projecting potential highs near $9.
- OBV divergence hints at slowing momentum, yet support near $0.85 provides a foundation for upward movement toward $1.30.
OriginTrail has seen strong market activity, with analysts highlighting potential upward movement. IncomeSharks noted dip-buying, while Skim6900waves projected a long-term target of $9 based on a cup-and-handle pattern. TRAC’s recent upward breakout past $0.70 underscores rising bullish momentum. However, OBV divergence and resistance near $1.00 indicate near-term caution.
Key Levels Signal Bullish Potential
TRAC’s price surged to $0.95, breaking a critical $0.70 resistance, supported by strong buying at $0.51 and $0.70. Significantly, the SuperTrend indicator remains in a green zone above $0.74, signaling sustained bullish momentum. Analysts expect consolidation near $0.80-$0.85 before a potential breakout past $1.00.
Source: IncomeSharks
Notably, horizontal resistance levels at $1.00, $1.17, and $1.30 present critical areas for traders. IncomeSharks emphasized adding positions after confirmation of a breakout or further dips. Skim6900waves highlighted a monthly close above $1.17 as a trigger for a potential long-term move toward $9.
Long-Term Outlook Bolstered by Rounded Bottom
The monthly chart reveals a rounded bottom spanning two years, signaling a steady recovery from 2022 lows. Moreover, moving averages show bullish alignment, with the shorter-term moving average crossing above the longer-term one. Increased volume supports this trend, reflecting strong market participation during upward moves.
Furthermore, TRAC faces intermediate resistance at $1.00 and $1.17, with the critical $1.58 level marking the rounded bottom breakout point. Skim6900waves pointed to the $1.00-$1.17 consolidation zone as key support during any retracement.
Source: Skim6900waves
Momentum Indicators and Price Projections
The OBV shows strong accumulation, aligning with price surges. However, recent divergence as prices peaked at $0.95 signals possible weakening momentum. Additionally, the RSI at 52.41 reflects moderate strength, suggesting room for further gains.
If TRAC sustains above $0.85, historical patterns suggest an upward movement to $1.30. Beyond $1.58, analysts foresee long-term potential toward $8.96, driven by the rounded bottom’s breakout trajectory. Consequently, traders remain focused on consolidation near $0.85 and the critical $1.17 level for confirmation.
The post OriginTrail (TRAC) Eyes Key Breakout as Analysts Monitor Bullish Momentum appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed