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In the fast-paced world of cryptocurrency, Crypto Busy, an eminent analyst, has shed some light on the potential of the TABOO token, which is currently being watched by both investors and enthusiasts. In a recent X post, the analyst put forth an interesting analysis that threw light on the bullish direction of TABOO. The analyst says that there is a “rounding bottom” formation on the charts, which implies the asset’s dollar value can go up.
$TABOO update:
Bullish rounding bottom is forming all the way up! 🔥
A +1400% gain is waiting if it retests the previous All time high!
And the price is currently at the 0.5 multi-month Fibonacci so we’re expecting a bounce! 📈#AD #DYOR pic.twitter.com/SXVNeCp31l
— CryptoBusy (@CryptoBusy) March 31, 2024
Digging into the technical details, the analysis pointed out that token is at the very edge of a major rally that can skyrocket its value by over 1400%. This bullish projection is based on the asset revisiting the old all-time high a mark that could remake its market status. At the moment, the valuation of TABOO matches the 0.5 level of the multi-month Fibonacci scale, an important indicator of the market bounce in the traditional sense.
TABOO’s Crucial Bounce
The expected bounce from this crucial level has created a lot of excitement among the crypto community. TABOO’s next steps are under the spotlight with Fibonacci retracement level acting as a lighthouse for both advanced and neophyte traders. Technical indicators such as the Fibonacci retracement upon which Crypto Busy’s analysis is based, add a note of legitimacy to the bullish perspective and connect speculation with educated guess.
Taboo is trading at $0.002433 marking a decrease of 3.26% over the past 24 hours and -2.30% over the past week. The coin has seen a 24-hour trading volume of $1,188,212.30.
This disclosure by analyst actually not only highlights the fact that cryptocurrency market dynamics are very unpredictable, but also stresses the role that technical analysis plays in this volatility. With TABOO drawing closer to this crucial point, the crypto community will be watching this space with anxious anticipation to find out if it will be the coin that fulfills the bullish prophecy as gauged by Crypto Busy.
Investors and beside traders too are looking out for the direction of TABOO and thus ready to take the opportunity of the likely rise. The digital currency space is famous for its quick twists and turns and the focus on TABOO could be a starting point of a new chapter in its market lifecycle. However, this, as with all investments, is particularly true in a volatile crypto market, please conduct due diligence and be cautious. However, the hype generated by Crypto Busy’s analysis of TABOO represents a significant chapter in the ongoing cryptocurrency trading saga.
