$TRUMP Trump the 45th and 47th President of The United Stated a few day to
his inauguration launched a meme coin called $TRUMP . The coin saw a
massive rally to new All Time High at $73.43 according to coin gecko,
but on some exchanges we hit record highs of $77.0. At the time of the
writing the price is down more than 52.95% from the ATH.
This Rally can be analysed using Elliot waves. From the lows on launch to
ATH we peaked in an Elliot wave 1. The pullback that followed was in an
Elliot wave 2. Targets for the wave 2 lie between $47.45 - $16.35. We
have now almost fully maximized this target area and there is a chance
we have a low in place in the wave 2.
This means that in the coming days or maybe hours we can easily get a
rally in an Elliot wave 3. All we need is some high around this token to
kick-start that rally. Targets for the wave 3 lie at the fib level
1.618 at $155.94. If this level is hit that basically means we have a
new ATH.
This whole structure can also come falling down in case we continue
seeing further selloffs leading to a break of support at $16.35. The
moment that happens we have a risk of getting a massive breakdown move
to $9.0 and $4.0 as the next targets.
That is the roadmap that I
expect this coin to follow for the next coming days. I have also
identified key areas of support that we need to hold for that rally to
play out and the invalidation points.