OriginTrail (TRAC) rallied 15% after breaking a descending resistance line, reaching a price level last seen on June 4. The breakout suggests a potential target of $0.49, the line’s starting point. Moving averages are approaching a bullish crossover, and the Balance of Power indicator reads 0.35, confirming buyer strength despite declining from 0.67. Trading volume surged 580% to $35 million over 24 hours. Social mindshare rose 1.37% to 1,370 posts. Community sentiment from 13,800 traders stands 83% bullish. However, the weakening Balance of Power could limit further momentum.
OriginTrail (TRAC) continued its rally with a 15% gain, following a structural breakout from a descending resistance line. The asset formed a new local high, reaching a level last seen around June 4.
The breakout from this resistance level should typically lead the asset to form a high of $0.49, the starting point of the descending resistance line. At press time, moving averages were about to form a bullish crossover, which historically precedes a rally.
The Balance of Power (BOP) indicator surged to a reading of 0.35, confirming that buyers remain active. However, buyer strength declined by nearly half from its peak of 0.67 on August 21.
Market momentum remains heavily inclined toward supporting the buying outlook based on volume analysis. When volume rises alongside price, buyers typically remain active and continue positioning for further upside.
Volume data showed TRAC’s trading volume increased by 580% over the last 24 hours, with approximately $35 million worth of the asset traded. If this continues, there is a high chance TRAC makes a continued upward swing in price.
TRAC also gained mindshare as market participants mentioned the asset more frequently across social media. Mindshare was up slightly by 1.37%, reaching 1,370 posts from several market participants.
Community sentiment, based on votes from 13,800 traders, shows that roughly 83% expect TRAC to maintain its bullish momentum. This remains a sentiment-based view, and traders could change their outlook before that shift is reflected in the indicators.
