Is the Sky the Limit or Will TRUMP Face a Hard Landing?

• OFFICIAL TRUMP is hovering around the $8 level.
• TRUMP’s trading volume has surged by over 55%.

The red carpet is set for the crypto assets, displaying losses across the market. With the neutral market condition lingering, the price movements are unclear. The largest asset, Bitcoin (BTC), hovers at around $113K, while the largest altcoin, Ethereum (ETH), trades at $4.2K. Notably, OFFICIAL TRUMP (TRUMP) has posted a loss of over 4.63% in price. 

TRUMP opened the day trading at a high range of $8.86, and as the bears drove the price, it slipped back to a low level of $8.32. Besides, a potent breakout would trigger the recovery, whereas a breakdown may see additional losses. As per CMC data, at the time of writing, OFFICIAL TRUMP traded within the $8.43 zone.  

With a market cap of $1.69 billion, the daily trading volume of TRUMP has increased by over 55.7%, reaching $473.63 million. According to the Coinglass data report, the market has experienced an event of $1.68 million worth of OFFICIAL TRUMP liquidation during this interval. 

Is TRUMP’s Price Headed for Another Dip?

The OFFICIAL TRUMP’s Moving Average Convergence Divergence (MACD) line is found beneath the signal line, and both have crossed below the zero line. This implies that the current market momentum is weak, which reinforces the bearish sentiment. 

In addition, the Chaikin Money Flow (CMF) indicator of TRUMP is stationed at -0.24. It is pointing to the selling pressure in the market, although it is not extremely bearish. Also, with this negative value, more capital is likely flowing out of the asset than in. 

The asset exhibits a bearish takeover on the four-hour chart. The formation of a red candlestick might pull back TRUMP to find the nearby support range at $8.37. An extended loss could apply more pressure on the downside, and it triggers the death cross to unfold, sending the price to a low $8.31.

Assuming the OFFICIAL TRUMP price prints a green chart, it hints at a bullish trading pattern. The price could climb and test the initial resistance at $8.49 level. The potent bulls might initiate the emergence of a golden cross, pushing the token to trade at the $8.55 mark or above.

TRUMP’s daily Relative Strength Index (RSI) at 32.39 is close to the oversold zone. This level is for possible trend reversals or buying opportunities. If it dips below 30, the price is undervalued. Moreover, the Bull Bear Power (BBP) reading of -0.33 signals that the bears currently have the upper hand. If the value stays negative, it confirms weakness.

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