Why Is TRAC (Ordinals) Price Up?

Trac (Ordinals)’s TRAC has seen its price increase substantially over the past week. As of today, TRAC is up 13% and has risen 23% over the past seven days. The market capitalization has grown 12% in that timeframe, while 24-hour trading volumes are up 18%.

Major Exchange Launch Sparks Buying

According to crypto analyst Layer23.sats, the recent launch of Binance’s Inscription/BRC-20 marketplace integrating Web 3 wallets likely sparked increased buying of TRAC. Layer23.sats tweeted that TRAC quickly became the number one trending and highest volume token on the new Binance platform. They believe TRAC is still early in its growth cycle.

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Bullish Technical Outlook

In addition to the exchange listing catalyst, the technical chart for TRAC also looks bullish at the moment. TechnicalCoins posted an update to Twitter showing the 2-day TRAC chart. They pointed out a new impulsive move that appears to be just starting within an overall bullish structure. Initial projections based on the rally pattern put TRAC reaching resistance around $7, at which point another leg up could occur.

So in summary, TRAC has seen renewed momentum thanks to an influential exchange listing event and bullish chart patterns that traders are capitalizing on. The 20%+ surge over the past week could just be the beginning if the technical analysis proves correct. TRAC still seems to be in the early stages of price discovery as more platforms onboard the innovative project.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.