Taraxa (TARA) Price Surges 800% in the Past Week: What’s Next?
Taraxa (TARA) has experienced an astonishing surge of over 35% in the past 24 hours. This native cryptocurrency of the BlockDAG-powered smart contracts platform has outperformed numerous altcoins in the top 500 list by market cap, skyrocketing by over 800% in just one week.
What’s in Store for TARA’s Price After These Tremendous Gains?
Taraxa, a smart contract platform compatible with the Ethereum Virtual Machine (EVM), went through an Initial Coin Offering (ICO) in March 2021. After reaching an all-time high of $0.07 that same month, the platform’s native token suffered a significant decline during the crypto winter, dropping to nearly $0.001. However, on August 1, TARA experienced an unexpected explosion in value.
One of the main reasons behind TARA’s recent surge is the community’s response to the potential integration of artificial intelligence (AI) with Taraxa’s efficient BlockDAG-powered layer-1 blockchain. The token’s positive outlook is also supported by its usage and adoption in social analytics, dApps development, and multi-layered IP licensing. Furthermore, a recent Ask Me Anything (AMA) session held by the Taraxa team has increased the token’s visibility.
Data from CoinMarketCap shows that Taraxa’s daily trading volume has increased by nearly 200% to over $12.46 million, with the price now reaching levels last seen in December 2021. As a result, TARA’s value has surged over 800% in the past week and has accumulated a staggering 1,021% performance over the past 30 days.
From a technical standpoint, TARA is now firmly in the overbought territory, as indicated by the overextended Relative Strength Index (RSI) on the weekly chart. This suggests that there might be a weakness in the short term, with potential profit-taking by traders. However, the weekly Moving Average Convergence Divergence (MACD) indicates that there is still room for further strengthening, which could potentially drive the price up to $0.02.
Nevertheless, the downside presents the path of least resistance, and a retreat to the $0.006 support level could lead to a bearish flip to $0.002.
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