Assessing if TRUMP bulls should expect a 10% price bounce soon
- TRUMP has a bearish construction, however the bullish divergence may result in a worth bounce
- Constant promoting strain lately meant restoration could be tough and merchants should be cautious of going lengthy
Official Trump [TRUMP] has reversed from the $13.84 resistance stage. In an evaluation piece final week, AMBCrypto identified that the $14-level would possible rebuff the bulls and ship the memecoin’s worth additional south.
This has come to move although, and the 23.6% extension stage at $11.59 has lately been flipped to resistance. What’s subsequent for TRUMP?
TRUMP’s bullish divergence may see short-term positive factors
Supply: TRUMP/USDT on TradingView
In the direction of the top of February, the market construction flipped bullishly (blue), and the worth retested the native highs aroudn $18 earlier than dealing with a brutal rejection. The swiftness of the drop left a good worth hole (white field).
This resistance lined up with the 78.6% retracement stage. These ranges have been plotted based mostly on the upward transfer that adopted the bullish construction break. And, their extension ranges stay legitimate even now.
The OBV has been on a gentle downtrend alongside the worth, highlighting the emphatic promoting strain. The RSI was additionally under zero, though it fashioned a bullish divergence with the worth during the last two days.
Due to this fact, a worth bounce could be anticipated. It may leap as excessive because the latest decrease excessive at $11.59, earlier than retracing. A market construction shift would happen on a 4-hour buying and selling session shut above $11.59. Right here, it should be remembered that the swing construction of TRUMP has remained bearish. And, the $13.84-level is the one which should be damaged to vary this concept round.
The 1-week liquidation heatmap revealed the opportunity of a bearish reversal on the $11-level. The cluster of liquidation ranges right here might be visited earlier than a transfer south to gather the liquidity at $10, earlier than the subsequent transfer can play out.
Past $11, the $12.82 and $14-levels are ones to be careful for in case TRUMP manages to interrupt out past $11.6. Till then, the bias can stay bearish within the decrease timeframes.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion
