Tamadoge (TAMAUSD) Pushes for Upward Price Action
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The Tamadoge market saw two bullish spikes that followed each other, while the market itself tried to break out of the consolidation trend around the $0.011 price level. The rejection at higher levels might have exhausted selling pressure, and buyers may step in, leading to a potential upward breakout. Traders should monitor subsequent price action for confirmation of a bullish reversal.
Key Levels
- Resistance: $0.035, $0.040, and $0.045
- Support: $0.012, $0.011, and $0.010.
TAMAUSD Price Analysis: The Indicators’ Point of View
However, a source of major concern is that the Tamadoge bull market may be lacking sufficient bullish strength to sustain the market above the $0.012 price level, which explains why the price fell back to the $0.011 price level. Bulls may possibly regroup at the $0.011 price level and reattempt the $0.012 price zone. In confirmation of this, we noticed that the market, as represented in the Relative Strength Index (RSI), is ranging at level 45.10.
TAMA/USD Short-Term Outlook: 1-Hour Chart
Currently, the Tamadoge bulls hold ground against bearish pressure at the key support level. When a pattern such as this one occurs at a support level, it indicates that selling pressure has weakened and buyers might step in to reverse the downtrend. The diverging Bollinger Bands indicate increased volatility, which can contribute to a potential trend reversal.
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