OriginTrail (TRAC) Eyes Key Breakout As Analysts Monitor Bullish Momentum

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.

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