Taboo Token Price is Up 267% in 7 Days - What is TABOO and Should You Consider Buying It?

cryptonews.com:

Taboo Token price rally continues uninterrupted even as most crypto assets trim weekly gains in the wake of the United States Justice Department enforcement action on Wednesday that saw the founder of a little-known exchange, Bitzlato arrested and extradited to the US to answer to charges of money laundering. TABOO is up a whopping 267% in a week, which brings its total monthly cumulative gains to 361%.

Despite this explosive rally, Taboo Token price is down 74% in a year. Therefore, there is room for growth as investors look forward to a potential move to the all-time high of $0.0639 in November 2021.

Taboo Token price changed the course of its trend alongside other cryptocurrencies in the market in late December. Although not official, TABOO’s bottom may have come in with support at $0.0002, paving the way for a seemingly unstoppable bullish move.

For the first time since August, Taboo Token price traded highs around $0.0023, after bulls ‘ate’ one more zero. However, the rally took a brief breather on Wednesday, possibly to seek more liquidity while allowing sidelined investors to tap into the uptrend.

For now, bulls must push beyond a resistance highlighted by the 200-day Exponential Moving Average (EMA) at $0.001292. A successful break and hold above this hurdle would open the door to the next recovery phase, as traders eye possible take-profit targets at $0.0025, $0.005, and $0.0011, respectively.

Long orders in Taboo Token price are still viable in spite of the colossal recovery this month. As observed with the Moving Average Convergence Divergence (MACD) indicator, buyers would keep holding the reins as long as the MACD (line in blue) holds above the signal line (in red). Notice the momentum indicator above the mean