Although cryptocurrency TRUMP has recorded strong growth, the Moving Averages indicate that the upward momentum lacks technical support.
Spot market traders continue to sell, possibly aiming to push TRUMP towards lower liquidity areas to exit their positions.
Official Trump [TRUMP] has increased by 13% in the past 24 hours, placing it among the highest gaining coins in the market.
However, further analysis shows that investors are not keen on pushing prices higher.
The Moving Average does not support the upward trend
Recently, the rise of TRUMP has faced opposition from several market indicators, including the Moving Average (MA) bands.
This technical indicator combines different MAs—20, 50, 100, and 200—to determine the trend direction and momentum.
When the short-term MAs (20 and 50) cross below the long-term MAs (100 or 200), it indicates selling pressure. Conversely, when they cross above, it shows buyer participation.
Source: TradingView
At the current time, the 20 MA (purple) and 50 MA (green) are both crossing below the 100 MA, signaling increasing selling pressure. This occurs even though TRUMP has risen by 16.89% in the past 48 hours, marked by the price range indicator on the chart.
This is not the only bearish signal in the market; analysis from TinTucBitcoin has found several other signals.
Traders in the market turn their backs on TRUMP
Moreover, the bearish sentiment has spilled over into the derivatives market.
Open Interest of Funding Rate decreases, with an index of -0.0069%, indicating that most active contracts come from sellers, increasing the likelihood of bearishness.
Source: CoinGlass
Similarly, in the spot market, selling has been ongoing for two days.
So far, traders have sold a total of 5.56 million TRUMP worth 4.41 million USD on April 7 and 1.15 million USD at the current time.
Two consecutive days of selling indicate that traders do not have long-term consensus on this asset. Many have moved assets from cold storage to exchanges where they can sell easily.
Source: CoinGlass
If selling pressure in the spot market continues, TRUMP may drop further.
Liquidity clusters lean towards the downside
Analysis from TinTucBitcoin also indicates that TRUMP has many incentives to decline due to clearly visible liquidity clusters.
Looking at the Liquidation Heat Map, it shows where liquidity is concentrated, revealing that there are many clusters below the current price level.
Source: CoinGlass
These areas, particularly the yellow and green, tend to attract prices like a magnet. Simply put, prices may be pushed lower to liquidate leveraged positions around those levels.
Source: https://tintucbitcoin.com/trump-crypto-tang-13-3-dau-hieu-canh-bao-giam/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated on the latest news in the cryptocurrency market and not miss any important information!
