TRUMP Price Test: Can Support Trigger a Bounce or Extend the Downtrend?

• TRUMP is currently trading at the $3.30 range.
• The CMF value hints at moderate selling pressure.

OFFICIAL TRUMP (TRUMP) has been in a consolidation phase after a series of sharp corrections from its former highs. For a potential trend reversal, a steady bullish wave needs to form on the daily timeframe. Meanwhile, over the last week, it has dropped by 10%, trading on the downside. 

At the time of writing, TRUMP is trading within the $3.34 range, following a 3.11% gain in value in the past 24 hours. Moreover, the daily trading volume has plummeted by 8.84%, reaching the $145.36 million mark, according to CoinMarketCap. 

(Source: CMC)

The bearish shift in the trading chart might trigger the TRUMP price to retrace to the support at the $3.31 level. Further correction on the downside could trigger the emergence of the death cross, which would send the price even lower, below the $3.28 threshold. 

If the TRUMP price action turns green, it could likely climb and test its resistance at the range of $3.37. With additional gains, the bulls might get stronger and initiate the golden cross to take place. This will gradually drive the asset’s price up, above the $3.40 mark.

What Signals Are TRUMP’s Indicators Giving on the Chart?

With the technical analysis, the Moving Average Convergence Divergence (MACD) and signal lines are found below the zero line, indicating the TRUMP market has been moving down. The price action is weak, and unless there is a shift in momentum, this leads to continued lower drift.

(Source: TradingView)

Besides, TRUMP’s Chaikin Money Flow (CMF) indicator at -0.15 suggests moderate selling pressure. Notably, money is flowing out of the asset, and the buying interest is weak, which can keep the price under pressure. The market is leaning lower unless the buyers step in and change the flow.

TRUMP’s daily Relative Strength Index (RSI), stationed at 56.44, shows a mild bullish bias. The price action is moving up, but it is not too strong. Also, the market is slowly trending higher, with enough room to continue rising if the momentum builds.

The Bull Bear Power (BBP) reading of 0.133 infers a slight bullish edge. Buyers are in control, and the TRUMP market is gently leaning up rather than making a sharp move. This points to sideways action, unless the momentum starts building further.

Top Updated Crypto News

Bittensor (TAO) Gains Strength: Uptrend Continuation or a Short-Term Pop?