The TRUMP token has been struggling to break the $15-resistance zone in recent weeks, indicating a potential consolidation phase. Despite this, Official Trump has shown resilience and climbed higher in the short term, indicating a bullish outlook.
As of now, Official Trump [TRUMP] has emerged as one of the top-performing memecoins, with a 13.1% gain in the past 24 hours. The trading volume has also increased by almost 60%, although it remains below average.
While the token has a bullish short-term outlook, it remains to be seen if it can surpass the local highs in the near future. The Fixed Range Volume Profile from March has identified key levels that TRUMP has adhered to, with the Point of Control (PoC) at $13 being a crucial support level.
The Value Area High and Low, marked at $10.11 and $14.6 respectively, could act as significant resistance levels. The recent rejection from the $14.6-level raises concerns about a potential pullback. However, the strong move beyond this level was accompanied by a retest of the 20-day moving average, suggesting a strong support zone around $13.
While the price surged by 8% on Tuesday, the trading volume remained relatively average. The rising A/D indicator indicates dominant buying pressure, although the Awesome Oscillator does not reflect overwhelming bullish momentum. Traders should exercise caution and wait for confirmation of a sustained rally.
The 2-week liquidation heatmap indicates a concentration of liquidity above the price, suggesting that Official Trump could continue to climb higher in the short term. A cluster of liquidity at $14.05 may propel TRUMP towards the $14 mark, with further liquidation levels extending to $14.44. This could trigger a short-squeeze and lead to additional gains.
In conjunction with Bitcoin’s bullish momentum, TRUMP holders may anticipate further price appreciation. Risk-averse traders could consider booking profits near $14.5 and $16 levels to capitalize on potential gains.
It is important to note that the information provided does not constitute financial advice and is solely the opinion of the writer. Traders should conduct their own research before making any investment decisions.