Tamadoge (TAMA/USD) Pushing Through Bearish Resistance
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In our previous analysis of the Tamadoge price, it was observed that bulls were resiliently defending the $0.00009 price level against mounting pressure. However, faced with persistent pressure, bulls were compelled to retreat, regrouping below this threshold, specifically at $0.000083. Notably, the region below the $0.00009 price level appears to be a favorable zone for bullish activity, evidenced by traders’ willingness to engage at this level. Consequently, a robust price rally ensued, propelling the market above the $0.00009 price level.
Key Levels
- Resistance: $0.013, $0.014, and $0.015.
- Support: $0.0045, $0.0040, and $0.0035.
TAMA/USD Price Analysis: The Indicators’ Point of View
Upon analyzing the candlestick representing the current trading session, it is evident that a struggle persists above the $0.009 price level, characterized by a spinning top candlestick pattern. This indicates considerable volatility, with both bulls and bears actively participating in the market.
It appears that establishing a pivotal support level above the $0.009 price threshold may be imperative before any upward momentum can be sustained in the Tamadoge market. The Bollinger Bands continue to depict a ranging market, while the trade volume, reflected in the histograms, lacks convincing strength. Considering the facts, these crypto signals collectively suggest that the market is likely poised for a consolidation phase before resuming its bullish trajectory.
Tamadoge Short-Term Outlook: 1-Hour Chart
From a smaller timeframe analysis of the market, it becomes apparent that a significant resistance level has likely emerged at $0.0092. Traders should closely monitor this level, as repeated attempts by bulls to push the market beyond this point have consistently met rejection. This indicates that bulls may require a pivotal support level slightly above $0.009 but in close proximity to this critical resistance level.
Establishing such a support level is crucial to maintaining the bullish momentum in the market. However, if bearish pressure persists, the $0.009 threshold may emerge as a robust support level.
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Tama Army!
We’re happy to announce that liquidity will be added to $TAMA V2 on @0xPolygon later today! pic.twitter.com/oSQ4Y75kiK
— TAMADOGE (@Tamadogecoin) March 28, 2024
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