TRUMP price prediction – After the 75% surge, is $16 coming next?
- The $14.6 and $16 resistance ranges rebuffed the TRUMP bulls’ advance just lately.
- The Might twenty second dinner invite information meant TRUMP may see sustained demand over the following couple of weeks.
Official Trump [TRUMP] soared 75.2% on the twenty third of April, after the announcement that the highest holders of the memecoin could have a non-public dinner with President Donald Trump.
Labeled “probably the most EXCLUSIVE INVITATION on this planet”, it promised the highest 220 holders a non-public gala dinner with President Trump. Moreover, the highest 25 would get “an ultra-exclusive personal VIP reception with the President”, the announcement stated.
Beforehand, TRUMP had a bearish market construction and was down 80% from the $46.5 each day open on the twentieth of January. The continuing pump meant TRUMP was solely 71% down in comparison with the inauguration day costs.
TRUMP breaks bearish market construction, however faces rejection at…
Supply: TRUMP/USDT on TradingView
Based mostly on the transfer downward in March from $17.75 to $9.54, a set of Fibonacci retracement ranges was plotted.
As an alternative of bouncing to the 50% stage at $13.65, the worth reached the 23.6% extension stage at $7.6, forming a double backside—solely evident in hindsight.
Earlier than the banquet invite announcement, demand for the memcoin was weak, with the OBV displaying a downtrend from the twenty fifth of March to the twenty second of April.
Nonetheless, over the previous 36 hours, excessive buying and selling quantity pushed the OBV to a brand new excessive, surpassing its March ranges.
The construction of TRUMP stays bullish, as each the $8.7 and $12.2 decrease highs have been breached. Nonetheless, the 61.8% and 78.6% retracement ranges at $14.6 and $16 have acted as sturdy resistance.
Bulls are anticipated to defend the $12.2, $10.7, and psychological $10 help ranges to keep up momentum.
The Open Curiosity (OI) shot larger alongside the demand on the again of the dinner invite announcement. On Binance, the OI climbed from $97 million on the twenty first of April to $207.9 million on the twenty fourth of April.
The elevated speculative curiosity pointed to agency short-term bullish sentiment.
Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
