Tamadoge (TAMAUSD) Bulls Eye $0.01100 as Their Next Target
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The TAMAUSD market has been experiencing a consolidation trend for an extended period. Despite this prolonged phase of directionless movement, the bears have successfully pushed through into bullish territory. Starting on August 13, the bear market gained downward momentum, eventually reaching the threshold of the $0.00600 price level.
Traders were poised to make purchases once again at this particular price level. In the previous daily session, the Tamadoge market witnessed significant liquidity during the bullish run. Within that session, TAMA reached a peak of $0.0109, coming close to the $0.011 price level.
Key Levels
- Resistance: $0.015, $0.016, and $0.017.
- Support: $0.0080, $0.0070, and $0.0065.
TAMAUSD Price Analysis: The Indicators’ Point of View
The indicators recorded a pronounced bullish movement, which quickly propelled the market into overbought territory. Such a price movement is likely to trigger a substantial response from the bearish segment of the market. This accounts for the sharp price correction evident on the chart. Analyzing the Relative Strength Index (RSI), we observed that following the price correction, the TAMAUSD market rebounded at the 61.8 level, with the RSI line now indicating 63.
Based on the chart analysis, the market still displays a prevailing bullish sentiment. Examining the candlesticks post-retracement, we noticed the emergence of spinning top candlesticks. This implies active involvement from both the demand and supply sides. While some traders are capitalizing on profits through selling, the stronger bullish sentiment has maintained the market’s position around the $0.00889 support level. Consequently, this situation will continue to exert pressure on the $0.0100 resistance level.
Tamadoge Short-Term Outlook: 1-Hour Chart
On the 1-hour timeframe, the TAMAUSD bear market appears formidable, as bearish resistance appears to have shifted from the $0.010 to the $0.0095 price level. However, despite this, the bullish side has also adjusted support levels three more times. But the appearance of the two most recent candlesticks suggests diminished strength on the part of the bulls, possibly due to the current low trading volume.
According to the Bollinger Bands indicator, the price channel is still trending upward. If the bulls are unable to swiftly breach this resistance, the market might consolidate around this price level before the bullish trend resumes.
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