OriginTrailLong
TRAC Breaking Out Above Key Resistance Levels
It has been some time since I have posted on this asset, but we are seeing positive and bullish momentum in recent weeks across the crypto space. I wanted to wait for confirmations before posting and update here.
It has been a two year bear market that we appear to be coming out of as of October 2023 and into early 2024. We have gotten confirmation on several timeframes, but we are looking at the weekly timeframe currently. As you can see, during the month of February
TRAC has broken out above key resistance level of approx. $.73-.75 and is now climbing above a key psychological level of $1.00. On lower (daily and 4 hour) timeframes, we are looking a little extended, so this could mean a pull back to the 50 MA in the near term. However, on the weekly, gotten golden crosses of the 21 week moving average crossing above the 50 Week Moving average in December and the 200 day moving average crossing above the 50 week moving average, with all moving averaged currently pointing up. On the technical side, things are looking very good for TRAC.
On the fundamental side of things, Trace Labs has been making regular progress working through their roadmap, announcing key partnerships with established companies, and publishing tens of thousands of assets on their decentralized knowledge graph on their route to launching v2.0 - keep an eye on this project and associated assets in the coming weeks, months, and years.
It has been a two year bear market that we appear to be coming out of as of October 2023 and into early 2024. We have gotten confirmation on several timeframes, but we are looking at the weekly timeframe currently. As you can see, during the month of February
TRAC has broken out above key resistance level of approx. $.73-.75 and is now climbing above a key psychological level of $1.00. On lower (daily and 4 hour) timeframes, we are looking a little extended, so this could mean a pull back to the 50 MA in the near term. However, on the weekly, gotten golden crosses of the 21 week moving average crossing above the 50 Week Moving average in December and the 200 day moving average crossing above the 50 week moving average, with all moving averaged currently pointing up. On the technical side, things are looking very good for TRAC. On the fundamental side of things, Trace Labs has been making regular progress working through their roadmap, announcing key partnerships with established companies, and publishing tens of thousands of assets on their decentralized knowledge graph on their route to launching v2.0 - keep an eye on this project and associated assets in the coming weeks, months, and years.
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