Cryptonews - The Trump currency (Trump Official) has been added to the list of assets that can be lent to others through major crypto platforms globally, granting it additional value that elevates it beyond the realm of speculative meme coins, and suggesting it may be undervalued.
The Trump currency (Official Trump-TRUMP) has joined the list of cryptocurrencies that Binance platform users can use for lending or as collateral to borrow other assets, in a new addition to its uses that may support the price outlook for TRUMP currency. However, market participants show little excitement towards these developments, as the price of this meme coin dropped by 3% following the announcement, remaining 40% below its recent highs recorded in May after the presidential dinner that was limited to major coin holders, continuing to struggle to regain momentum. However, what is considered a commendation from Binance Loans for this currency could draw many eyes to its growing fundamentals, gaining a new practical use that could raise demand for reasons beyond just engaging in short-term speculation.
Binance Adds TRUMP as Loanable Asset on Binance Loans (Flexible Rate) and VIP Loan
https://t.co/MQRUA83Pso
— Binance (@binance) January 24, 2025
Technical analysis of the price of Trump currency (Trump Official): Can the new use stimulate a strong breakout?
The price of the Trump currency (Trump Official) may be on the verge of recovery with early signs of rising momentum on short timeframes as it re-tests the descending wedge pattern that began forming in late April.
A 4-hour chart of the TRUMP/USDT pair shows a re-test of the descending wedge pattern, source: TradingView, Binance. It is noted that the sharp rebound of the Relative Strength Index (RSI) reading to level 32 after the currency underwent an oversold wave that recently pushed it towards 25, indicating buyer initiative exploiting the sellers reaching exhaustion, and the MACD trend line is close to crossing its counterpart to signal and form a golden cross representing a classic bullish reversal pattern, preceding a price trend reversal in the near term on the 4-hour timeframe.
It is noted that the currency price is currently testing its main support level at $9.30, which corresponds with the lower bound of the descending wedge pattern aligned with the lowest recorded levels and the Fibonacci retracement level of 0.236, suggesting that a successful rebound from this indicator convergence area would push the price up towards the upper bound of the pattern, making the Fibonacci retracement level of 0.382 at $10.70 a focal point as a potential breakout target.
If the bulls (bullish speculators) regain control and manage to reverse the price trend, the technical target for breaking the descending wedge pattern will be at $16.50, representing a potential increase of 77% and a recovery of the highest levels recorded recently in May.
If the price fails to maintain the pivotal support level at $9.30, it may test its subsequent level at $7.15, which corresponds to the lowest recorded levels in mid-April, representing a decline of 22% from its current level and putting an end to its optimistic forecasts.
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Those who turned to invest in currencies that are solely based on speculation - like TRUMP - may have to reconsider their positions, especially as the Bitcoin technical system finally approaches resolving its main obstacles, which is scalability.
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The post Price predictions for the Trump currency (Official Trump-TRUMP) after gaining new support from the Binance platform, is a strong breakout on the horizon? appeared first on Cryptonews Arabic.