Official Trump (TRUMP/USDT) Eyes Breakout After Prolonged Downtrend
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The market for TRUMP against Tether is shifting from bearish to neutral, with early signs of potential bullish momentum. However, the price is still in a tight range, moving sideways below the middle Bollinger Band, suggesting declining volatility after a prolonged sell-off in the previous session.
As it stands, a slight uptick in volume and a rise in the Stochastic RSI lines out of the oversold zone have been noticed. This suggests a potential at a possible price reversal or breakout in the near term.
Currently trading at $8.73, recording 1.32 million traded volumes for the day.
Technical Indicators
Major Resistance Levels: $8.88, $9.39, and $10.65
Major Support Levels: $8.37, $7.85, and $7.00
Trump Technical Analysis
TRUMP is slightly above the lower Bollinger Band ($8.37), and it’s pressing toward the mid-band ($8.88), a short-term resistance with tight Bollinger bands. To this end, if the price can push above this level with good volume, we may see a breakout toward higher resistances.
However, on the other hand, the Stochastic RSI operates at 67.96 after a bullish crossover around the 50-mark level. As it stands, the pair may see a close above $10.65 if bullish momentum is maintained.
TRUMP/USDT Analysis: Can the Bollinger Squeeze Spark a Rally?
On the 4H timeframe, TRUMP/USDT has seen a bullish breakout attempt with the price operating above the mid-Bollinger Band and moving towards the upper band at $8.72, suggesting strong intraday momentum.
However, the Stochastic RSI appears overbought (89.67) with no bearish crossover yet, suggesting momentum is still alive, as volume steadily increased with the breakout, validating bullish pressure.
To this end, with the nearest support at $8.59, if the price pierces from below the $8.88 resistance, a move towards $10.65 would materialize. However, there is a possibility of a decent pullback in view.
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