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Trump's official token (TRUMP) is currently trading at $12.23, registering a slight decline of -3.31% over the past twenty-four hours. Let's delve into the technical analysis to understand potential movements in the future.
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🔍 Technical overview
1. Approaching the key support area
Trump's stock is approaching an important support level at $12.00, which closely aligns with the 200-day exponential moving average (EMA). This level has previously represented strong support, and any rebound from here could indicate a potential bullish trend.
2. Resistance levels to watch
On the positive side, we observe immediate resistance near the level of $13.30. A breakout of this level could pave the way for a rise towards $16.52 and beyond.
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📊 Indicators and patterns
Ascending triangle formation: On the four-hour time frame, Trump's stock is consolidating within an ascending triangle, a pattern that typically indicates a continuation of the bullish trend. A breakout of the resistance level could spark new momentum.
Moving averages: The 50-day and 200-day moving averages are trending upwards, supporting the bullish structure.
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📈 Potential scenarios
Bullish scenario: If Trump's stock holds above the support level of $12.00 and breaks the resistance level of $13.30, we could see a move towards the level of $16.52 - $21.04.
Bearish scenario: Failure to maintain the support level of $12.00 could lead to a retest of lower levels around $10.00.
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🧠 Trading strategy
Buy position: We recommend entering near $12.00, with a stop loss below $11.50. Target the aforementioned resistance levels.
Sell position: If Trump's stock fails to maintain the support level at $12.00, a sell position could be considered with a target near $10.00. Be sure to set a stop-loss above $12.50.
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⚠️ Disclaimer
This analysis is for informational purposes only and does not constitute financial advice. Always do your own research and consult a financial advisor before making trading decisions.
Happy trading! 🚀📈
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