Tamadoge (TAMAUSD) Baseline Remains Strong as It Seeks to Rally Up
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In the past few days, we saw a bit of an increase in the volatility of the Tamadoge market as it tried to find a clear direction to take. We also noticed that on a number of occasions, the bull market tested above the resistance level, making the resistance continuously irregular through incessant bullish pressure. The market has also been able to maintain a bit of a consistent support level. This is putting bulls in a good position to take control of the market.
Key Levels
- Resistance: $0.035, $0.040, and $0.045
- Support: $0.015, $0.014, and $0.013
(TAMAUSD) Price Analysis: The Indicators’ Point of View
The TAMA bulls may be in a vantage position to take control of the market, but with the convergence of the Bollinger Bands, bears may be catching up with them. The recent four-hour session shows that the pressure is now on the bullish support level, and the support may break as a result. As the market opens for today, May 30, we can already see a bearish engulfing candlestick pattern between the first and second four-hour sessions, and at the support level in the current session, we see an intense struggle as bulls try to hold their ground, refusing to buy below the key support price level.
TAMA/USD Short-Term Outlook: 1-Hour Chart
In a 1-hour timeframe, we can see from the Bollinger Bands indicator that the market has fallen below the 20-day moving average. Although as the market hits the support level, the outlook of the candlestick patterns may be suggesting that bears are getting stronger; however, this current exploit may soon be short-lived because of the repeated appearance of shooting star candlesticks at the baseline of the market. It simply means that buyers won’t buy the market below the support level, and this might eventually result in an upward movement of the market.
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