The market for TRUMP officially remains bearish, with the selling pressure showing no signs of easing up. The price of TRUMP has fallen below the $7.6 level, which marked the 23.6% Fibonacci extension level. The next target is projected to be at $4.47, the 61.8% extension level. Furthermore, Bitcoin also experienced a weak bounce to $80k before facing strong selling pressure on March 8th that pushed the bulls back. With global stock markets facing bearishness and recession fears looming, the crypto market is expected to face tough times ahead. The question remains as to how long the TRUMP bulls can hold on to the $7.34 support level.
The higher timeframe charts, such as the 1-day and 12-hour charts, indicate a bearish market structure for TRUMP. The 4-hour chart also reflects a bearish outlook, suggesting that traders should prepare to go short or remain on the sidelines as a buying opportunity for the memecoin may not be likely in the near future. Despite some attempts at recovery in the OBV in the second half of March, the buying pressure was not strong enough to reverse the price downtrend. The recent market panic sent the OBV below the lows from March. The RSI also remained below the neutral 50 level, indicating steady bearish momentum and casting doubt on the bulls’ ability to hold on to the $7.34 support level for much longer. A move towards $4.5 in the coming weeks is anticipated, with a possible short-term bounce to $8, the local resistance level.
Looking at the 2-week liquidation heatmap, there are two significant magnetic zones to note, with the closest one being at $6.9-$7.2. This zone aligns with indicators from the 4-hour chart, making it a likely short-term price target. Additionally, there is notable liquidity at $8.3, but it is unlikely that TRUMP bulls have the strength to drive prices that high at the moment. This presents an opportunity for short sellers to consider booking profits around the $7 target. Any potential bounce to $8-$8.3 should be viewed as a selling opportunity, as the trend for Official Trump remains firmly bearish. It is important to note that the information provided does not constitute financial advice and is solely the opinion of the writer.
In summary, the bearish market structure persists for TRUMP, with selling pressure remaining strong and the price falling below key levels. Bitcoin also faced selling pressure, indicating a challenging period ahead for the crypto market. Traders should be prepared for a potential move towards $4.5 in the coming weeks, with a short-term bounce to $8 possible. The 2-week liquidation heatmap shows significant zones at $6.9-$7.2 and $8.3, presenting opportunities for short sellers. Overall, the trend for TRUMP remains bearish, and caution is advised in trading decisions.
