OriginTrail [TRAC] The company has broken out of a sideways trend that lasted for months after it secured another important exchange listing.
TRAC gained more than 77% after its launch on South Korea’s leading crypto exchange. The sharp rise was also backed by several other factors.
Why was TRAC rallying so quickly?
This is what drives the most people to take action. TRACIts listing on Upbit, on May 18th was the catalyst for its rally. The KRW opened the exchange. Bitcoin [BTC]Trading pairs in USDT for tokens include.
In the meantime, artificial intelligence [AI] Narratives gave the rally a boost. OriginTrail promoted its drive towards a verifiable Internet combining AI and blockchain with web infrastructure.
The move was in line with the sharp increase of speculative activities.
At the time of press, daily trading volumes had risen by more than 60% and reached $40 million. This spike was due to aggressive positioning after the announcement of listing.
The volume growth has also led to improved liquidity.
The volume-to-market-cap ratio climbed over 8%. This suggests that larger orders have been absorbed with minimal price disturbance.
Further, the network activity spiked sharply.
Over 78.85 millions TRAC tokens were transferred in nearly 8,300 transfers, a record high for the year.
Two days prior to the announcement of listing, another catalyst was discovered.
OriginTrail released an Obsidian plugin. Holder count grew from 26,07K up to 26,18K.
The history of the listing kept traders on their toes, wondering if it could be used for a broader market through an increased exposure at exchanges.
The next 24 hours will determine whether or not the breakout is sustained.
Does TRAC’s break out lose momentum?
TRAC’s price surpassed its prior yearly peak near $0.48 and broke through a consolidation zone of five months. The token was traded in a range between $0.28-$0.40 for several months before soaring to a new daily high around $0.63.
Cumulative volume delta (CVD) shows the highest level of purchasing activity this year.
Chaikin Money flow (CMF) increased from 0.61 to 2.02 millions TRAC tokens.
Momentum weakened immediately after the breakout.
TRAC declined from $0.63 per share to almost $0.47. The drop suggests an early pressure for profit taking following the rally driven by listing. This decline indicated that the market was entering a “sell the news” The excitement of the first phase has subsided.
TRAC was not at immediate risk of inflation due to its existing maximum stock.
The concentration of the market remained high. Five percent of total stock was controlled by the top holders, with the other two holding roughly 12 per cent each.
Final summary
- OriginTrail [TRAC] After the Upbit listing the price of the cryptocurrency increased by more than 77%, this led to an increase in volume, liquidity and number of transactions.
- TRAC’s price action broke out of a five-month consolidation range, but the rally appears to be ending due to the ‘sell the rumor’ effect.
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Source: ambcrypto.com
