OriginTrail Rallies on Breakout, TRAC Surges 15% to New Highs

OriginTrail's price has surged by 15% in recent days, hitting new highs not seen since June. This rally follows a breakout from a descending resistance line on the chart, where the asset reached a level around $0.49.

The breakout typically precedes a high of $0.49, the starting point of the descending resistance line. Currently, the Moving Averages (MA) are about to form a bullish crossover on the chart, which historically tends to precede a rally. The 20 SMA trades above the 50 SMA on the chart.

The Balance of Power (BOP) indicator has also surged, with a reading of 0.35 on its daily timeframe chart. This indicates that buyers are still very much active in the market. However, buyer strength compared to the 21st of August has declined by nearly half, peaking at 0.67.

Market momentum remains heavily inclined toward supporting the buying outlook on the chart, based on volume analysis. TRAC's trading volume increased by 580% over the last 24 hours, with roughly $35 million worth of the asset traded.