OriginTrail price analysis: TRAC breaks above $3, retracement ahead?

TL;DR Breakdown

  • OriginTrail price analysis is highly bullish today.
  • The TRAC is still racing above $2.5.
  • The Coinbase listing caught market attention.

The OriginTrail price analysis reveals the TRAC is still bullish after yesterday’s high jump. The token is covering upwards range at a good pace. The TRAC/USD is on an upwards trend from 19th October, when the token started showing good performance and reached near $1 on 21st October. The token also observed a higher high on 27th October when it touched $1.3, followed by a retracement for a period of four days. Yesterday on 2nd November, the TRAC rallied from $1.11 to $2.4 in a swift move gaining around 140 percent value overnight, and the token is still continuing upside.

The TRAC is the local token of OriginTrail, which is a decentralized knowledge base. OriginTrail is used to discover, store data, and manage everything from verifying art, diplomas, supply chain tracking, and business certification. The spike in price is also triggered by the Coinbase listing of the token as well.

TRAC/USD 1-day price chart: OriginTrail continues to rally higher

The 1-day price chart for OriginTrail shows the token is highly bullish as it also got listed at Coinbase only 21 hours ago, and the high rally was also observed during this time. Today the token still continues to cover upside, gaining 130 percent value over the last 24 hours, as the TRAC is trading hands at $3.05 at press time. The token also reports a 190 percent gain in value over the past week.

TRAC/USD 1-day price chart. Source: Tradingview

The trading volume shows some unusual figures as it is up by 3876 percent, this type of surge in trading volume is rare to be observed, providing the TRAC to settle at 100th position on the top hundred cryptocurrencies chart.

The TRAC is highly volatile at this time as the volatility indicator shows vast divergence with the upper limit of Bollinger bands at $2.29 representing technical support for the token. The relative strength index (RSI) has been trading in the oversold zone from 1st November and is continuously going up, presently found at index 89, the RSI indicates high buying activity.

OriginTrail price analysis: Recent developments and further technical indications

The 4-hour OriginTrac price analysis shows that price breakout was downwards at the start of today’s session, followed by an uptrend for the preceding eight hours and then again retracement for four hours. The highest spike was observed just a few minutes ago when TRAC started to rally again, breaking above $3.

OriginTrail price analysis: TRAC breaks above $3, retracement ahead? 2
TRAC/USD 4-hours price chart. Source: Tradingview

The volatility on the 4-hour chart is also high, and the RSI is in the oversold region here as well, as it shows a reading of 87. The RSI can any time give a sell call.

OriginTrail price analysis: Conclusion

The OriginTrail price analysis suggests that the token is highly volatile after it got listed at Coinbase. Traders are very keen on the token as the trading volume is blasting past the roof. TRAC’s current performance is beyond any technical speculations, but the token is based on a solid project with a track record of five years. There are so many less useful projects out there with higher valuations. So we can confidently assume a better future for TRAC in the coming time. For intraday trading token is highly volatile, and a retracement can commence any time. The opposite is also possible as wild swings are embedded in crypto nature.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Read Full Article

Latest articles

Whales Are Accumulating Ethereum Competitor Amid Crypto Market Drawdown, According to On-Chain Data

Whales are diving into an altcoin project that was originally designed to help to scale Ethereum but has since emerged as a direct...

Market Wrap: Cryptocurrencies Stabilize as Some Traders Buy the Dip

Bitcoin was roughly flat over the past 24 hours as buyers attempted to continue to reverse some of last weekend’s losses. Some short-term...

Cardano, Dogecoin, Avalanche Price Analysis: 8 December

As the broader trend swayed in favor of the sellers, the crypto market was in red in the last 24 hours. As a...

Weekend Volatility Awakens Bitcoin Buyers, Active Addresses

Following the volatility of the weekend, Bitcoin holders seem to have woken up as active addresses break one million. Number Of Active Bitcoin Addresses...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here