CryptoSignals News
Join our Telegram

OFFICIAL TRUMP (TRUMP/USDT) Struggles to Gain Momentum as Bears Seek Dominance

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) Struggles to Gain Momentum as Bears Seek Dominance

After experiencing a steep sell-off, the market for Official Trump against Tether appears to be somewhat mixed. However, there seems to be an attempt at recovery, though buyers’ interest is still building alongside selling pressure in the market.

Recently, the pair’s price has been moving to test resistance with minor upward corrections as the Stochastic RSI hints towards a move above the overbought region.

To this end, Official Trump trades at $6.288 with more than 1.47 million traded volumes for the day.

OFFICIAL TRUMP (TRUMP/USDT) Struggles to Gain Momentum as Bears Seek Dominance
TRUMPUSDT-Daily Chart

Technical Indicators

Major Resistance Levels: $7.362, $7.481, and $8.000

Major Support Levels: $6.222, $6.100, and $6.000

Technical Analysis

Technically, Official Trump against Tether has shown a consistent downtrend with recent consolidation and a brief upward correction in recent times. However, the Stochastic RSI on the daily timeframe appears to be hinting towards a bullish stance, but it is still far from confirming an uptrend, as the lines still operate below the 70-mark level.

Meanwhile, the Guppy Multiple Moving Averages (GMMA) signals strong resistance ahead, as the $7.000 – $7.500 needs to be broken for a sustained bullish movement.

To this end, the price is hovering slightly above the immediate support at $6.222 with potential for a short-term rally. However, the overall market bias relating to a heavy bearish presence still poses a risk to the upside.

Meanwhile, despite the current condition prevailing in the Official Trump market, @Atrades believes a breakout for $Trump is near with a massive risk-reward. However, no one is talking about this coin at the moment.

TRUMP/USDT Analysis: Price Consolidates; Is a Breakout Near?

On the 4-hour chart, TRUMP/USDT seems to be building a base above $6.290 after a drop in price in the previous session. However, the air seems to be consolidating in the neutral level as the momentum oscillator reads a value lower than the 50-mark level.

To this end, the short-term EMAs appear to be converging towards the longer-term EMAs, and only a breakout above $ 7.000 would confirm an upside breakout.

OFFICIAL TRUMP (TRUMP/USDT) Struggles to Gain Momentum as Bears Seek Dominance
TRUMPUSDT-4H Chart

 

You can purchase crypto coins here. Buy Crypto

Recent News

June 25, 2022

Ethereum May Decline as It Fails to Breach the $1,200 High

Ethereum Price Long-Term Analysis: BearishEthereum’s (ETH) price is in a downtrend as it fails to breach the $1,200 high. Today, Ether has risen to the high of $1,223 at the time of writing. Since June 18, Ether has been fluctuating between $881 and $1,200 price levels. A break above the $1,2...
Read More
July 12, 2023

SPONGE/USD ($SPONGE) Price Is On the Rise 

The price of $SPONGE began to rise in the latter part of yesterday’s trading session, and it continued into today’s trading session. As the price of the market rises, liquidity seems to be almost one-sided as the bullish candlestick patterns appear as marubozu candles. This means that bulls w...
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