Why TRUMP memecoin traders should remain bullish, DESPITE 10% price drop
- TRUMP memecoin had a bullish bias as a consequence of sustained demand over the previous week
- A brief-term worth dip of simply over 3% could also be seemingly, however consumers would nonetheless have the higher hand
Official Trump [TRUMP] noticed whale accumulation forward of the unique dinner invitation for its high holders. This TRUMP memecoin ‘contest’ was termed “actually cashing in on the presidency” by Marketing campaign Authorized Middle’s Adav Noti.
In truth, the Trump-backed World Liberty Monetary has reportedly raised $1 billion for its WLFI token, which is but to hit crypto exchanges. The President’s affect is far-reaching although and will maintain the TRUMP memecoin’s sustained rally.
Can TRUMP bulls defend the $13.65 assist stage?
Supply: TRUMP/USDT on TradingView
Based mostly on its fall from $17.75 to $9.54 in March, a set of Fibonacci retracement and extension ranges was plotted. The 23.6% southward extension was examined as assist in April, earlier than the dinner invite information noticed the value soar past the $10 native resistance.
This surge flipped the 4-hour market construction bullishly. The OBV climbed above the highs remodeled the previous two months, signaling robust demand for the TRUMP memecoin. Nevertheless, two notable developments have come up over the previous three days.
To begin with, the rejection from the 78.6% retracement stage at $15.99. The provision zone at $16 was too robust to breach. Secondly, the following pullback despatched the RSI plunging beneath impartial 50 at press time – An indication of bearish momentum.
The native assist at $11.78 (white) may very well be retested if the short-term bearish strain pushes the TRUMP memecoin worth beneath the 50% retracement stage at $13.65.
The two-week liquidation heatmap revealed that the $14 and $13.4 ranges had been close by magnetic zones. The primary one has already been swept, and $13.4 may very well be the following short-term goal.
As soon as this worth dip happens, TRUMP might bounce larger in the direction of the $15.8 zone – The following liquidity pocket. It appeared to be comparatively nearer to the value than the $11.33 liquidity pocket.
Total, regardless of the short-term bearish momentum of the TRUMP memecoin, a transfer in the direction of $16 after a dip to $13.4 could also be seemingly. Alternatively, a sustained worth drop beneath $13.22 might see Official Trump’s worth fall to $11.78.
Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion
