Tamadoge (TAMAUSD) Demand Level Remains Impenetrable for the Bears
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The price action has shown indecisiveness, hovering around the $0.0100 level for a considerable period. During this time, the TAMAUSD bull market has regarded this price level as crucial support, leading to upward retracements whenever bulls respond to bearish pressure. Once again, the price rallies from this key baseline as the consolidation trend appears to approach its breaking point.
Key Levels
- Resistance: $0.035, $0.040, and $0.045
- Support: $0.010, $0.0091, and $0.0087.
TAMAUSD Price Analysis: The Indicators’ Point of View
Upon observing the 4-hour chart, we identified the formation of a falling wedge price pattern in the TAMAUSD market. This pattern is known as a bullish reversal pattern, and since it develops around a key support level, it suggests a potential bullish breakout is imminent.
The series of lower highs indicates that sellers are gradually losing momentum, while the consistent lows suggest that buyers are establishing a robust support level. As the price action narrows within the wedge, it indicates a potential breakout to the upside. A bullish move may be triggered if the price breaks above the upper trendline of the falling wedge, indicating a potential trend reversal.
Tamadoge Short-Term Outlook: 1-Hour Chart
On the 1-hour chart, we can observe a consistent trend in the TAMAUSD market, where it remains resilient above the $0.010 price level. However, bulls are encountering difficulty breaking the resistance, which has persistently stayed below the 20-day moving average.
Nevertheless, the Moving Average Convergence and Divergence (MACD) indicator is showing a bullish crossover below the zero level. This signals a shift in favor of the bulls, indicating that the market might be initiating its upward movement.
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