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Trader TRUMP: Why remain optimistic despite a 10% fall in price
TRUMP officially witnesses the accumulation of "whales" ahead of an exclusive dinner invitation for top Holders. This competition of the TRUMP memecoin was called "really profiting from the presidency" by Adav Noti of the Campaign Legal Center.
In fact, World Liberty Financial, backed by Trump, reported raising $1 billion for the WLFI Token, which has not yet been exchanged on cryptocurrency exchanges. The influence of the President is very significant and can sustain the rise of the memecoin TRUMP.
Can TRUMP bulls defend the support level of 13.65 USD?
! TRUMP 4-hour Chart Source: TRUMP/USDT on TradingView
Based on the decline from $17.75 to $9.54 in March, a set of Fibonacci retracement and extension levels have been drawn. The 23.6% extension was tested as support in April, before news of party invitations caused the price to break through the $10 local resistance level.
This increase has overturned the market structure in 4 hours in an upward direction. OBV has risen above the high created in the past two months, indicating strong demand for the memecoin TRUMP. However, two notable developments have emerged in the past three days.
First is the rejection from the 78.6% retracement level at 15.99 USD. The supply zone at 16 USD is too strong to overcome. Secondly, the subsequent correction has caused the RSI to plunge below the 50 average – a sign of bearish momentum.
Local support at $11.78 (white) may be tested again if short-term selling pressure pushes the price of the memecoin TRUMP below the 50% retracement level at $13.65.
The liquidation heat map for 2 weeks reveals that the levels of 14 USD and 13.4 USD are nearby zones of interest. The first zone has been swept through, and 13.4 USD could be the next short-term target.
After the price falls, TRUMP may recover towards the 15.8 USD range – the next liquidity zone. It seems relatively closer to the price than the liquidity pocket of 11.33 USD.
Overall, despite the short-term fall of the memecoin TRUMP, a rise up to 16 USD after dropping to 13.4 USD could occur. Conversely, a prolonged decrease below 13.22 USD could officially bring the price of TRUMP down to 11.78 USD.
Thank you for reading this article!
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