TrueFi (TRU) Price Could Increase By More Than 100% In The Near Future, Here’s Why?
The TrueFi (TRU) price has bounced from a long-term support zone and broken above a bullish pattern. It may experience significant gains in the near future.
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, often leading to a trend reversal to the upside.
Furthermore, the weekly RSI (Relative Strength Index) has formed a significant bullish divergence and crossed above the 50 level. Both are bullish signals, supporting the potential for continued upward movement.
If the price continues to rise, it could reach the Fibonacci retracement resistance zone of 0.5-0.618 at $0.086-$0.1, marking a maximum increase of 111.5% from the current price level.
Breaking the Bullish Pattern
The daily chart supports the bullish outlook from the weekly timeframe. It shows that the TRU price has broken above a descending wedge and confirmed it as support on November 9 (green arrow).
This means that the previous downtrend might have concluded, and a new uptrend may have begun.
The daily RSI supports this possibility as it enters the overbought zone but has not yet formed any bearish divergence.
Therefore, the TRU price could continue to rise to the next resistance zone at $0.06.
The most likely scenario suggests that the TrueFi (TRU) price will continue to rise in the near future. The immediate target is $0.06, with a higher potential to reach the zone of $0.086-$0.1.
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.
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