OFFICIAL TRUMP (TRUMP/USDT) Faces Strong Roadblock as Price Extends Forward
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Official Trump against Tether over the past few weeks has been operating around the same spot, with occasional signs of market recovery. The market for the pair has been positioned for days on a straight line due to the lack of momentum from the traders after the recent market shock.
Though the price appears to be improving towards the $6.584 level in the previous session, as indicated by the Stochastic RSI, the recent session displays bearish dominance as the price extends a bit to the south. This suggests that the price may be heading south, contrary to the prediction of the momentum oscillator. However, the declining volume signals that a corrective phase is in progress.
Currently, Official Trump trades at $5.815 with over 1.43 million volumes already for the day.
Technical Indicators
Major Resistance Levels: $6.077, $6.584, and $8.333
Major Support Levels: $5.716, $4.835, and $4.500
Technical Analysis
Technically, Official Trump against Tether has been progressively moving with downward-sloping Bollinger Bands, operating within its lower segment in recent times. However, it appears that efforts to recover and break above the dynamic line seem to have met stronger resistance as gains were quickly erased.
Meanwhile, the Stochastic RSI suggests the pair is near the overbought zone, as the blue line reads 64; the price seems to be struggling with the immediate resistance, with activity holding at $5.815.
To this end, failure to maintain the current spot for a bounce will attract a further fall towards $4.500 as Bands expands.
TRUMP/USDT Analysis: Will There Be a Reversal?
On the 4-hour chart, TRUMP/USDT faces short-term consolidation as bearish momentum slows. This suggests that previous selling pressure appears to be waning, as indicated by the convergence of the Bollinger Bands.
From another angle, the Stochastic RSI appears to have stretched into the oversold region with a slight curve in its track. This suggests that the price may reverse soon. However, the lines need to complete the current curve and extend well above $5.932 for confirmation.
To this end, TRUMP/USDT is still bearish with potential for an impending upside move at the current level; a break below $5.815 would attract a deeper correction, while a cut above $5.932 would signal a fresh start to the north.
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