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

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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

 

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