Chart Analysis for TRUMP/USDT:
1. Technical Pattern:
• It appears that the price has been moving within a descending wedge pattern, which is typically considered a bullish reversal pattern.
• A bullish breakout has occurred from the pattern, which may indicate the beginning of an upward wave.
2. Important Levels:
• Strong support: at 9.51 - 8.57 USDT, a level from which the price has bounced several times.
• Target resistance: 12.40 USDT, which is a nearby resistance level that the price may struggle to overcome.
• Current price: 10.31 USDT, which means it is close to an important support level.
3. Trading Volume:
• There is an increase in trading volume with the breakout, confirming the validity of the upward move.
• Decreased volume after a rapid rise may indicate a retest of support before continuing upward.
Advice:
• Bullish Scenario:
• If the price closes above 10.50 - 10.60 USDT with high volume, there may be a chance to reach 12.40 USDT.
• The next target after 12.40 USDT will be around 14-15 USDT.
• Bearish Scenario:
• Breaking 9.50 USDT could bring the price back to 8.57 USDT or lower, indicating a possibility of continued bearish trend.
• Risk Management:
• A stop loss can be placed at 9.51 USDT to avoid a sharp decline.
• Entering at the retest of support with confirmation of bullish candles.
⚠️ Note:
This is technical analysis only and not investment advice. The cryptocurrency market is very volatile, so make sure to manage risks wisely!