Origin Trail (TRAC/USD) has been on a bull run since mid-October.
The rally accelerated this week sparking a 123% spike on Tuesday.
However, it has pulled back over the last three days to create an entry opportunity.
On Friday, Origin Trail (TRAC/USD) price continued to trim Tuesday’s gains extending Wednesday’s and Thursday’s declines to $1.80. The decentralised knowledge graph platform had spiked more than 123% on Tuesday, extending gains of the last two weeks.
Origin Trail allows project developers to organise their assets making them easily discoverable and verifiable in a decentralised network of blockchains. TRAC is the native coin of the multi-chain network, currently running on Ethereum, xDai and Polygon. There are also plans to deploy on Polkadot.
It runs on a permissionless network of 1000+ nodes globally, thus enabling data discovery, connectivity and immutability.
Buy the pullback?
From an investment perspective, Origin Trail is one of the few cryptocurrency projects with quantifiable intrinsic value. Its ability to provide tracking and verification services across different supply chains paints a bright future.
Therefore, with the price pulling back after Tuesday’s spike, it could be an opportunity to buy.
TRAC seems to have recently spiked to break out of an ascending channel formation in the intraday chart. However, Thursday’s and Friday’s pullback pushed it back to the normal trading range in the 14-day RSI, off overbought conditions.
Therefore, investors could target potential rebounds at about $2.328, or higher at $2.716. On the other hand, $1.106 and $0.547 are crucial support zones.
In summary, Origin Trail (TRAC/USD) price seems to have created an exciting entry opportunity after the declines of the last two trading sessions.
Source link By Motiur Rahman