The Trump Official currency has been added to the list of assets that can be lent to others through the largest crypto platforms globally, giving it additional value that takes it out of the speculative meme currency circle, suggesting it may be undervalued.
The Trump currency (Official Trump-TRUMP) has joined the list of digital currencies that Binance platform users can use for lending or as collateral for borrowing other assets, in a new addition to its uses that could support the price outlook of TRUMP. However, market participants do not show excitement towards these developments, as the price of this meme currency dropped by 3% after the announcement, remaining 40% below its recent highs in May following the presidential dinner that was limited to major holders of the currency, continuing its struggle to regain momentum. However, what serves as a commendation from the Binance Loans platform for this currency could attract many to its growing fundamentals and gain it a new practical use that could increase demand for reasons beyond just 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 Trump currency price (Trump Official): Can new usage stimulate a strong breakout?
The price of the Trump currency (Trump Official) may be on the verge of recovery with early signs of a rise appearing on short timeframes during the retest of the descending wedge pattern that began to form since late April.
A 4-hour chart of the TRUMP/USDT price shows a retest of the descending wedge pattern, source: TradingView, Binance. It is noted that the Relative Strength Index (RSI) reading sharply rebounded to 32 after the currency experienced an over-selling wave that recently pushed it down to 25, indicating buyers are starting to emerge as sellers reach exhaustion, and the MACD indicator line is nearing a crossover with its counterpart, signaling a golden crossover that represents a classic bullish reversal pattern, preceding a price path reversal in the short term on the 4-hour timeframe.
It is also noted that the currency price is currently testing its main support level at $9.30, which corresponds with the lower limit of the descending wedge pattern that aligns with the lowest recorded levels and the Fibonacci retracement level of 0.236, suggesting that a successful rebound from this intersection of indicators would push the price up towards the upper limit 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 trajectory, 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 in May.
If the price cannot maintain the pivotal support level at $9.30, it may test the next level at $7.15, which corresponds to the lowest recorded levels in mid-April, representing a 22% decline from its current level and putting an end to its promising expectations.
The Bitcoin (BTC) price rally is gaining momentum amid the struggles of alternative currencies.
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