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OFFICIAL TRUMP (TRUMP/USDT) Reveals Significant Upside Movement Amid Volatility

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OFFICIAL TRUMP (TRUMP/USDT) Reveals Significant Upside Movement Amid Volatility

In the recent update, it appears Official Trump against Tether has recorded a dip of around 3.77%, performing less than Bitcoin’s 3.2% and Ethereum’s 5% dip. As it stands, the market for the pair seems to have slid into the extreme fear zone, as the key driver of this development remains a market-wide risk shift and massive profit-taking, which is the major reason the price has failed to hold above the $7.25 Fibonacci support.

As it stands, the pair seems to be raising eyebrows, suggesting the start of a new trend despite signs of political volatility as the price seeks to balance above the mid-Bollinger band.

Currently, Official Trump trades at $7.169, with more than 7.12 million volumes on the daily timeframe.

OFFICIAL TRUMP (TRUMP/USDT) Reveals Significant Upside Movement Amid Volatility
TRUMPUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $7.750, $8.000, and $8.400

Major Support Levels: $6.700, $6.2500, and $6.000

Technical Analysis

On the daily timeframe, Official Trump against Tether seems to be indicating a slight uptick above a critical band level. This development further reveals support for a bullish narrative as the price aims for the upper band. Meanwhile, the Stochastic RSI signals the presence of bearish pressure as the lines extend to the south.

As it stands, the volume indicates the existence of strong buying support. However, more is needed for bullish confirmation as a result of prolonged selling pressure.

To this end, a change in the direction of the momentum oscillator with a surge in the volume might be the needed action to be taken to free the pair from the claws of the bears around $8.000; otherwise, a dip below $6.700 may invalidate this move.

Meanwhile, @Shamuzami98676 believes the Official Trump coin has managed its dip nicely, and soon the coin will pump. However, the analyst didn’t include a point of entry but expressed a strong belief.

TRUMP/USDT Analysis: Is an Upside from Here Possible?

On the shorter timeframe, TRUMP/USDT appears to be consolidating under the pressure of the $7.450 resistance level. At the moment, the pair is oscillating under the dynamic band level, suggesting the price might be lacking a push to the upside as the lines of the oscillator stretch to the front.

To this end, TRUMP might face difficulty in hitting above the $7.45 level unless the $7.191 20-period moving line is broken with strong support from the bulls; otherwise, the bear will pull further.

OFFICIAL TRUMP (TRUMP/USDT) Reveals Significant Upside Movement Amid Volatility
TRUMPUSDT-4H Chart

 

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