- Official Trump has risen higher in recent hours and the increased purchasing pressure could stimulate prices higher.
- Despite the bullish structure break, traders must be wary of a breakdown under the support of $ 14.67.
Official [TRUMP] Has won 8.37% in the last 24 hours. It has shifted its market structure Bullishly at the period of time of 2 hours after violating the $ 13.64 lower high on March 1.
The technical indicators then showed increased bullishness in the short term. If the most important Fibonacci support levels can be defended the next day or two, official Trump can see more profit.
The Memecoin market capitalization rose higher on Sunday after the announcement of the US Crypto Strategic Reserve, but has already begun to throw off its profit. This could already be an indication for taking bullish strength.
Is Trump on his way to $ 20 and higher?
Source: Trump/USDT on TradingView
The Memecoin continued to break with his bullish process after the structure a few days ago. The rally on Sunday to $ 17.75 was accompanied by an increased trade volume.
The last time the 2 -hour sessions saw a similar volume, was mid -February when Trump reached $ 24.58 before he withdrew.
Just like that Midden-Fbruari rally, the current market structure cannot lead to a sustainable upward trend. It can be a step to grab the liquidity around the $ 18 region.
This level represented the previous significant lower high on timetables such as the 4 hours.
That is why the break of 2-hour market structure may not come down much. However, this does not mean that traders will not find opportunities.
The Fibonacci levels at $ 14.67 and $ 13.84 represented strong short-term support levels.
A movement under one of them can offer a scalp trade option to get short. Such a movement would also warn traders that the Bulls have lost strength.
The technical indicators in the chosen time frame showed a steady purchasing pressure with the rising BBV and upward momentum with the RSI’s lecture of 54.
The 2-week liquidation heat showed that the $ 18 area would be important in the coming days. In the south, $ 14.4 could act as a short -term support.
If that fails, the levels of $ 13.3 and $ 12.5 are the next bearish goals.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
Credit : ambcrypto.com
