Official Trump (TRUMP) has been experiencing a continuous downtrend on the charts, with the panic in the market causing a significant price drop of 15% in 24 hours. Despite this drop, the trading volume has increased almost fourfold. This surge in trading volume, coupled with rapid price losses, suggests a prevailing bearish sentiment in the market. TRUMP traders are advised to wait for a minor price bounce before considering selling the memecoin. With TRUMP falling below the $9 mark, many are now speculating if $5 could be the next target price.
The bearish market structure of Official Trump is evident across multiple timeframes, from the 1-day to the 1-hour chart. The bearish 12-hour structure has been consistent over the past three months. While the downward trend was expected, the On-Balance Volume (OBV) falling below local support is a significant development. The OBV had been steadily climbing higher since March 15th, indicating increased buying pressure. However, in April, the OBV plummeted below the local support, wiping out any accumulation made over the past few weeks. The Relative Strength Index (RSI) reached 23, firmly in the oversold territory, indicating extreme bearish momentum.
On the 12-hour chart, there is a possibility that the TRUMP bulls may defend the $7.6 support level, which is the 23.6% Fibonacci extension level, potentially sparking a minor price bounce. However, the 2-hour chart also reflects strong bearishness, with the OBV trending downwards and the RSI beginning to climb out of the oversold zone. A potential price bounce could bring TRUMP back to the $9 level, which previously acted as support. If retested, this level could likely lead to a continuation of the bearish trend. The 12-hour chart points to the next price target at $4.47, the 61.8% extension level.
In conclusion, the bearish market structure of Official Trump across multiple timeframes indicates a dominance of bearish sentiment. The recent price drop and surge in trading volume suggest overwhelming bearishness in the market. TRUMP traders are advised to wait for a minor price bounce before considering any selling opportunities. The OBV and RSI indicators on different timeframes further emphasize the bearish momentum and the potential for further price declines. As the TRUMP price falls below key support levels, speculations arise about the next possible price target. Ultimately, caution and careful analysis are necessary for traders navigating the volatile cryptocurrency market.
