Official Trump (TRUMP/USDT) Facing Strong Resistance Amid Weak Sentiment
Estimated Reading Time: 3 minutes
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
In the last 24 hours, the market for Official Trump against Tether has extended its weekly decline to 10.5%. Though the drop in value seems modest, the broader trend of the market appears to be acting under supply pressure and fading political momentum.
As it stands, the price of the pair is acting under the Guppy Multiple Moving Averages (GMMA) with a downward Stochastic RSI, suggesting strong bearish pressure in the market.
Currently, Official Trump trades at $5.245, with more than 388,000 volumes traded today.
Technical Indicators
Major Resistance Levels: $5.360, $5.550, and $6.200
Major Support Levels: $5.150, $5.000, and $4.500
Technical Analysis
Technically, the price of Official Trump against Tether on the daily timeframe has been under pressure, as seen in the declining trend and the divergence of the GMMA.
Additionally, the Stochastic RSI appears to be in the oversold region, reading 3.01 with a declining volume. This action suggests the market participation is not strong.
To this end, with the direction of the momentum oscillator, the pair may see a bounce soon, but for now, the range-bound activity may likely continue.
Official Trump Technical Update
After what seems to be hype fatigue, the promoters of $Trump are set to reignite the token momentum using mobile gaming, relying heavily on political energy and viral moments. As it stands, developers are on the lookout to make the launch of the game and the reward system around December 30 of the year a success.
To this end, can the perfection recorded in black and white be seen in reality? Developers are working relentlessly as the token hangs around the $5.00 area despite shallow demand.
TRUMP/USDT Analysis: Price Volatility Continues
On the 4-hour timeframe, TRUMP/USDT appears to be experiencing short-term fluctuations with the resistance around $5.25. Also, the GMMA is facing the south, suggesting a continued downtrend in the near term as the line of the momentum oscillator points downward.
To this end, the overall structure of this market appears to be dictated by the bears, but a move above $6,200 would indicate the much-expected recovery.
You can purchase crypto coins here. Buy Crypto
