CryptoSignals News
Join our Telegram

OFFICIAL TRUMP (TRUMP/USDT) Faces Strong Sell-Off as Key Support Levels Tested

Estimated Reading Time: 3 minutes

Article Rating:
Based on 1 vote
Login to rate this article.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more

OFFICIAL TRUMP (TRUMP/USDT) Faces Strong Sell-Off as Key Support Levels Tested

Activities in the market for Official Trump against Tether on both the 24-hour and 4-hour timeframes have turned out to be bearish, recording declining value since yesterday. As it stands, the pair has gone down by 5.65% in the last 24 hours, operating slightly below the $8.00 level. Meanwhile, the drastic fall in value appears to be great when considered on the 4-hour chart, as the $9.50 quickly turned to $7.75 in eleven sessions.

Currently, the Guppy Multiple Moving Averages (GMMA) and the stochastic RSI across daily and 4H time zones suggest the pair is ranging as the price appears to be stuck between $7.69 and $7.80, moving down by 1.60% as of today.

OFFICIAL TRUMP (TRUMP/USDT) Faces Strong Sell-Off as Key Support Levels Tested
TRUMPUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $7.90, $8.30, and $9.50

Major Support Levels: $7.50, $7.00, and $6.60

Technical Analysis

On the daily timeframe, the official Trump against Tether seems to have recorded a massive gain some sessions ago. However, the gains appear to have been eroded as the pair now moves 1.55% below the previous depth. Meanwhile, the GMMA on one side displays that the pair for some period has not seen a surge in recent times, while the Stochastic RSI moves on a straight line.

To this end, for the pair to recover from the prolonged fall in price, a break above $9.00 must be seen with increased volume; otherwise, the trend continues.


Meanwhile, @Cai_Soren have detected that Trump is breaking the wedge for a move to the north. The analyst opined that a high pump may be seen once a breakout is confirmed.

TRUMP/USDT Analysis: Can a Bounce Be Seen?

On the 4h chart, TRUMP/USDT seems to be halting bearish pressure as a slight gain is spotted on the chart. The pair, though operating nearly at the bottom of the clusters of exponential moving averages, seems to be gearing for a northbound journey.

From another angle, the Stochastic RSI, which lies in the oversold region, shows that the pair is preparing a move upside. However, the momentum appears to be too low for now; an increase in the participatory level is needed for the potential upside move.

OFFICIAL TRUMP (TRUMP/USDT) Faces Strong Sell-Off as Key Support Levels Tested
TRUMPUSDT-4H Chart

 

You can purchase crypto coins here. Buy Crypto

Recent News

August 24, 2023

Uniswap (UNI/USD) Market Marks Down, Trying to Find a Baseline

Uniswap Price Prediction – August 24The Uniswap market operations have suffered a setback in their valuation against the US economy as the crypto market marks down a point around $4.50, trying to find a baseline. At this point in time, selling activities that will be trailing the remaining falling ...
Read More
July 24, 2024

Jito (JTO/USD) Finds Footing at $2.50 – Can Bulls Push Higher?

In previous months, the Jito market peaked at $5.00, followed by a prolonged bearish trend. In early July, a support level emerged at the $2.00 price point. Bullish intervention at this level was strong enough to initiate an upward price movement. After reaching a resistance level at $3.00, the pri...
Read More
July 20, 2022

Chainlink Rebounds but Rallies to an Overbought Region at $7.37

Chainlink (LINK) Long-Term Analysis: BullishChainlink (LINK) is in an uptrend as it rallies to an overbought region at $7.37. The current uptrend is approaching the resistance at $7.50. Since June 16, buyers have not kept the price above the resistance level. On the upside, if the current resistanc...
Read More

Join Our Free Telegram Group

We send 3 VIP signals a week in our free Telegram group, each signal comes with a full technical analysis on why we are taking the trade and how to place it through your broker.

Get a taste of what the VIP group is like by joining now for FREE!

arrow Join our free telegram