Official Trump (TRUMP) meme coin has ended its three-month downtrend. It has now broken out of its bearish phase, signaling potential recovery.
This breakout is turning the TRUMP price prediction bullish, as it opens the path for a massive upside rally. However, one thing that is raising concerns about the price is whether it will explode. The daily candle could determine this.
At press time, TRUMP was trading near $8.90 and had registered a price surge of over 6.20% in the past 24 hours. During the same period, its trading volume jumped by 75%, indicating heightened participation from traders and investors.
The recent breakout and a possible confirmation of a prolonged descending channel pattern potentially drove this. This jump in trading volume is a positive sign for the meme coin, as it indicates strong support from many investors and traders.
A daily close above $8.90 could trigger a sharp price increase for TRUMP. Predictions suggest an initial 14% surge. This would push the price to the $10 level.
If the upside momentum persists, the TRUMP meme coin could rally further. This may lead to a 24% surge, pushing its price to $12.45 soon.
While examining the price action thoroughly, TRUMP price prediction suggests that it can potentially witness an over 40% upside rally. This could occur if the current upward momentum remains unchanged.
TRUMP’s 200 Exponential Moving Average (EMA) trades above the meme coin’s price on the four-hour time frame. This indicated that the asset is in a downtrend with weak momentum.
The meme coin’s Relative Strength Index (RSI) has climbed above 75. This signaled that the asset is overbought, which could lead to potential price corrections. It also suggested that the asset may face selling pressure and experience downside momentum.
Technical analysis pointed to a bullish outlook for the TRUMP meme coin. TRUMP price prediction by some experts has suggested a strong upward momentum ahead.
The coming days could bring promising gains for TRUMP holders. The bearish trend may reverse if the daily candle closes above $8.90.
Recent price action and historical patterns suggest this level is key for a potential breakout. Otherwise, it would remain in a bearish trend.
On-chain metrics reveal that traders are aligning with bullish sentiment. According to Coinglass, this trend supports an optimistic TRUMP price prediction.
TRUMP Long/Short ratio was 1.45 at press time, indicating strong bullish sentiment among traders. This is a helpful tool, as it reveals traders’ sentiment. A ratio above one means more traders are betting on the long side than the short side.
The metric indicates that intraday traders were over-leveraged at $8.47, serving as support. Resistance was observed at $9.09 on the upper side within the past 24 hours.
Traders on the short side have established $5.21 million in long positions. Meanwhile, on the upper side, $1.49 million in short positions have been built, highlighting strong bullish sentiment in the market.
Combining these metrics reveals strong bullish dominance over the asset. Bulls are actively driving the TRUMP meme coin toward reclaiming its previous losses.
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