- Despite the recent market volatility, TRUMP may move towards a Long-term uptrend.
- Technical analysis signals a reversal to an uptrend, and a move above $11.50 could trigger a recovery rally up to $17.95.
TRUMP has officially seen a strong increase in Trading Volume, despite the cryptocurrency market facing issues and price fluctuations.
According to data from CoinMarketCap at the time of reporting, TRUMP has increased 70.74% in Trading Volume and is trading at $11.33. With the market under selling pressure, traders are questioning whether TRUMP's successful Breakout could start a new Bull cycle.
TRUMP's Breakout on the Chart
After a prolonged decline, TRUMP has tried and bounced off the demand zone of $10.23-$10.50, signaling a potential reversal. Buyers are attempting to "buy the dip", while the meme coin has retested the descending resistance line multiple times.
Source: TradingView
Have the Bulls Regained Control?
According to technical indicators, TRUMP's oscillators and MACD (12,26) are signaling 'Buy', indicating a reversal trend and Short-term bullish momentum. At the time of writing, the 24-hour Relative Strength Index (RSI) is at 35 and has risen to 41 in the 4-hour timeframe. Data from Cryptowaves has confirmed this trend.
TRUMP's Long-Short ratio is at 2.20 and increasing in shorter timeframes, reflecting higher buying pressure. The meme coin has recovered from a major demand zone, reinforcing its bullish outlook.
Source: Coinalyze.net
A Look into the Chain Data
At the time of writing, the Weighted Funding Rate (OI) of the meme coin has turned positive over the past 24 hours, according to data from Coinglass.
This indicates a reversal in trend and renewed optimism as traders "buy the dip" amid market turmoil, as evidenced by the 70.74% increase in Trading Volume.
Source: Coinglass
Can TRUMP's Bulls Survive the Bearish Market?
TRUMP may be preparing for a Long-term uptrend after recovering from a major demand zone. With an RSI of 35, the meme coin appears to be oversold, presenting significant Buy potential.
However, the ongoing selling pressure in the cryptocurrency market may lead to Medium-term volatility. Traders should monitor TRUMP's Breakout signals and key levels to gain a clearer picture.
