Tamadoge (TAMAUSD) Still Maintains the Possibility for a Bullish Bounce Back
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The TAMAUSD market is seeing a long session of indecision from traders, causing the market to float sideways. This market condition is expected to precede a decisive market movement as the distance between the demand level and the supply level grows closer to each other. On May 15, traders and market analysts expected a break from the deadlock. After securing strong support at the $0.0162 price level, the market bounced to a higher price level but could not go too far as it faced resistance at $0.0174. The market then fell back into the consolidating price channel.
Key Levels
- Resistance: $0.035, $0.040, and $0.045
- Support: $0.015, $0.014, and $0.013
(TAMAUSD) Price Analysis: The Indicators’ Point of View
The TAMAUSD market has been in a consolidation trend since May 10, in the aftermath of the bearish move that was triggered around $0.02 in the last bull market. Bulls were still very aggressive and determined, but then they faced formidable resistance at $0.0196. A volatile market resulted from this encounter. Then, in the long run, the volatility cools off into a tighter market. The Moving Average Convergence and Divergence (MACD) indicator is offering a ray of hope as the faded red histograms show progress toward recovery from the sell zone.
TAMA/USD Short-Term Outlook: 1-Hour Chart
In the 1-hour timeframe, we noticed that the bulls’ venture near the $0.017 price level was not reckoned with by the Bollinger Bands indicator. However, bulls secure the current price at the equilibrium level. Although the market continues to range in a sideways moving channel, bulls will have a better chance in the next decisive market movement.
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