- 1 The TRU price made a double bottom formation and rebounded from the 100-day EMA mark.
- 2 Buyers have gained traction and looked confident about stretching the gains.
The TrueFi (TRU) token signifies bullish momentum and has flipped sharply from the 100-day EMA mark this week.
A massive rebound of over 30% was glimpsed, and the token escaped its key EMA’s in a single go. Recently, the token has breached the trendline hurdle of $0.1000 and picked up momentum.
Meanwhile, a double bottom formation would confirm if the buyers break the neckline hurdle of $0.1360, which might result in a sharp surge ahead.
At press time, TRU traded at $0.1276 with an intraday gain of 1.20%, reflecting neutrality on the charts. It has a monthly return ratio of 2.28% and a yearly return ratio of 158.12%.
The pair of TRU and BTC is at 0.00000189 BTC, and the market cap is $145.27 Million. Analysts are neutral and suggest that the TRU price may gain momentum and will skyrocket gains above the $0.1400 mark soon.
Key Metrics Reveal Breakout Ahead
Despite the market correction, the TrueFi token did not breach its key support zone of $0.0800 and sharply reverted from the 200-day EMA mark.
The token is poised for a rise and might retest the upside trajectory of $0.1600 in the next few sessions. Buyers have gained momentum with follow-on buying pressure noted this week.
Source: Santiment
Over the past few weeks, the token has been in a range and has attempted a bounce. However, buyers have charged their muscles this week, and a massive upsurge was noted.
Going forward, popular analyst @WorldofCharts1 conveyed the observation that the token was gone per the analysis and had surged 15% so far after the buy call.
$Tru
Moving As Expected Running In Almost 15% Profit So Far#Crypto #Tru https://t.co/ubUf4jL2H1 pic.twitter.com/iHU4BtqFw6
— World Of Charts (@WorldOfCharts1) May 18, 2024
Source: X
A break and close above the $0.14000 mark would trap the seller’s army, and the token would fly ahead.
Likewise, the trading volume gave evidence of an upcoming breakout, and a significant spike in volume was noted. The intraday trading volume rose over 23.78% to $13.70 Million.
Sharp Uptick In Popularity
This week, a massive up move in the social dominance data was revealed, which conveys the investors’ discussion reports on the media platforms significantly increased.
The value surged over 54% intraday and reached 0.091%, revealing a positive outlook.
Source: Santiment
Meanwhile, the development activity data looked flat and stayed near the downside trajectory mark of 0.024, revealing a neutral stance.
Futures Data Reveal Decline In Open Interest
Amidst the price surge, future data represent the fear among sellers, which has resulted in short-coverage activity.
Source: coinglass
The Open interest data noted a decline of over 6.26% to $13.89 Million in the last 24 hours, highlighting the price upsurge ahead.
Conclusion
The TrueFi token (TRU) price looks bullish and might register a sharp breakout in the next sessions. Key metrics have turned green and suggest a significant bullish movement ahead.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.