In the world of cryptocurrency trading, two whales named Meteora and Binance are currently at odds over the TRUMP asset. Meteora has been accumulating TRUMP tokens, with a netflow of $1.84 million in the last 24 hours, indicating a bullish sentiment. On the other hand, Binance has seen a positive netflow of $2.04 million in TRUMP, suggesting a sell-off.
This clash between the two whales has created uncertainty in the market, potentially leading to increased volatility. Retail traders, however, seem to have a more clear outlook on TRUMP. Despite Binance’s selling activity, retail investors on the platform have remained bullish, opening long positions.
AMBCrypto’s analysis reveals that Binance retail traders are supported by rising Funding Rates and Open Interest, indicating a bullish sentiment. The Funding Rate, currently at 5.1%, suggests that most Binance retail traders are positioning for an upward move. The Open Interest on TRUMP has also increased to $95.41 million on Binance, dominated by long positions.
As for the future direction of TRUMP, the market remains at a critical junction. The liquidation heatmap shows liquidity on both sides of the current price, offering mixed signals. However, the TRUMP daily chart provides a clearer outlook, indicating a potential move higher. TRUMP recently broke out of a bullish descending channel, with a key resistance at $8.729. If this level is breached, the next target lies in the supply zone between $10.707 and $12.364. Further rallies could lead TRUMP towards $17 and possibly $24.
Overall, the conflicting positions of whales and retail traders have created a sense of uncertainty in the TRUMP market. While whales continue to oppose each other, retail traders on Binance remain optimistic about the asset’s future. As the market navigates through this tug of war, traders will be closely watching for key levels and signals to determine the next move for TRUMP. The ongoing COVID-19 pandemic has had a significant impact on the global economy, with many businesses facing unprecedented challenges. As countries around the world implement lockdowns and social distancing measures to curb the spread of the virus, businesses are struggling to adapt to the new normal.
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