TrueFi (TRU) Price Appears To Show Bullish Signals, Here’s A Potential Target
The price of TrueFi (TRU) has rebounded from long-term support and is trading within a short-term bullish pattern. It is expected to continue rising in the near future.
Long-term Support Zone
The price of TrueFi (TRU) has been declining since it reached its yearly high of $0.145 in mid-March 2023. This downward movement brought the price to a long-term support zone at $0.027 on August 15, marking a 100% retracement from the strong early-year rally.
The price has since rebounded and formed a potential double bottom pattern. This is a bullish pattern that often leads to a reversal in the trend.
Additionally, the weekly RSI (Relative Strength Index) has shown significant bullish divergence, supporting the possibility of an uptrend.
If the recovery continues, the TRU price could rise to the Fibonacci retracement resistance zone of 0.5-0.618, which is at $0.086-$0.1. This marks a potential maximum increase of 190% from the current price.
Short-term Prospects
The daily chart reveals that TRU has been trading within a descending wedge pattern since May 17, 2023. This is also a bullish pattern that often leads to breakouts.
In fact, the TRU price has bounced from the previous resistance zone at $0.033 and formed a bullish engulfing pattern (blue arrow). This suggests a shift in sentiment from selling on increases to buying on decreases.
The daily RSI has also formed an upward structure and is above 50, supporting the continuation of the uptrend.
Therefore, the TRU price may likely rise to the nearest resistance zone at $0.04.
TRU/USDT daily chart . Source: TradingView
Conclusion
Technical indicators suggest that the TRU price is likely to rise in the near future. The nearest target is $0.04, with a potential higher target at $0.086-$0.1.
This perspective may become invalid if the price breaks below the $0.033 support zone. In that case, the price could drop to the support line of the descending wedge pattern at $0.0027.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
Read more:
- NEAR Protocol (NEAR) Price Could Drop More Than 40% From Current Prices
- Biden Administration Calls For Disclosure Of Excessive Power Consumption