Here’s a more detailed breakdown of the $TRUMP coin chart:
1. Price Trend
• The coin appears to have gone through a sharp correction from its all-time high of $77.24 and is now consolidating in a narrow range between $34 and $40.
• The consolidation phase often indicates indecision in the market, where buyers and sellers are evenly matched. This phase typically precedes a breakout or breakdown.
2. Key Levels
• Resistance Levels:
• $46.75: The next strong resistance level above the current price.
• $57.74: A higher resistance level where the price previously reversed during the downtrend.
• Support Levels:
• $37.00 - $34.00: Immediate support zone. If the price holds above this range, it may bounce.
• $27.25: A significant support level tested earlier.
3. Volume Analysis
• Volume Decrease: The declining volume during the current range-bound movement suggests that market participants are waiting for a clearer signal before entering new positions.
• Volume Spike in Breakouts: A breakout above $40 or below $34 with a significant increase in volume would confirm the direction of the next major move.
4. Candlestick Patterns
• No clear bullish candlestick reversal patterns (e.g., hammer or bullish engulfing) are visible yet. This suggests the market is still deciding its next move.
• Watch for a breakout candlestick (large green candle with strong volume) as a sign of a potential upward trend.
5.Bullish Scenario (Pump)
• The price must hold above $37.00 and break through $40 with a volume increase.
• Confirmation would come with a higher low forming and sustained movement above the moving averages.
• First targets: $46.75 and $57.74.
6.Bearish Scenario (Dump)
• A break below the $34.00 support level with high volume could trigger a selloff.
• Possible retest of $27.25 or lower if bearish momentum continues.
