Tamadoge (TAMAUSD) Leans Towards $0.0087 to Gain Bullish Momentum
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The price level of $0.0087 serves as the established support level observed in August, marking the origin of the early September TAMAUSD bull market. Following the remarkable peak of the bull market, which reached a high of $0.0149, a subsequent bearish trend was initiated. It is noteworthy that at the $0.01100 price level, a protracted confrontation unfolded between the bearish and bullish forces before the bears ultimately gained the upper hand, leading to a breakout.
Subsequently, upon reaching the $0.00900 price mark, the bulls initiated another significant struggle, resulting in a price consolidation phase at this level. This consolidation has persisted since that time, and with the market now leaning to the early August support level, a bullish trend may unfold.
Key Levels
- Resistance: $0.013, $0.014, and $0.015.
- Support $0.0087, $0.00800, and $0.0075.
TAMAUSD Price Analysis: The Indicators’ Point of View
The TAMAUSD market has remained within the $0.00900 price range since September 18, leading to a clear convergence of the Bollinger Bands around this threshold. However, with the escalating struggle for market dominance, there are discernible indications that the bulls are ceding territory to the bears, manifesting as a movement towards the previously established support level in early August, specifically at the $0.0087 price level.
Despite this recent shift, which caused a slight downward tilt in the narrow price channel, there remains a possibility of a resurgence in the bull market. If the bulls can firmly maintain their position and diminish bearish sentiment, there is potential for another bullish cycle to materialize in the near future.
Tamadoge Short-Term Outlook: 1-Hour Chart
On the 1-hour chart analysis, we observe the formation of a hammer pattern as the market approaches the $0.0087 support level. This pattern signifies that traders are exhibiting reluctance to engage in selling activities below this price point. Furthermore, they are coalescing around this support level to execute buy orders, potentially instigating an upward trajectory in the market.
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