- OFFICIAL TRUMP is trading at the $6 level.
- TRUMP’s trading volume is up by over 10%.
With the 4.27% slip in the market, the red carpet has been put across the crypto assets, displaying losses. Notably, the neutral market condition is lingering in the market, and the price movements are losing momentum. The largest asset, Bitcoin (BTC), trades at around $110.2K, while the largest altcoin, Ethereum (ETH), is found at $3.9K.
Meanwhile, OFFICIAL TRUMP (TRUMP) has posted a loss of over 3.24% in value. The asset opened the day trading at $6.32, and with the bulls present, the price has climbed to a high of $6.63. Later, the bears took control, and sent the price to a low level of $6.09. As per CMC data, at the time of writing, OFFICIAL TRUMP traded within the $6.11 mark.
The market cap of TRUMP has touched $1.25 billion, and the daily trading volume has increased by over 10.52%, reaching $539.19 million. As per the report of the Coinglass data, the market has experienced a liquidation event of $1.55 million worth of OFFICIAL TRUMP during the last 24 hours.
Will OFFICIAL TRUMP Take Another Hit, or Find Support and Bounce Back?
The OFFICIAL TRUMP’s both the Moving Average Convergence Divergence (MACD) line and signal line are found below the zero line. This indicates that the momentum is currently weak. The broader trend remains bearish until these lines cross back above zero. Besides, the Chaikin Money Flow (CMF) indicator of TRUMP at 0.34 suggests strong buying pressure in the market. The money is flowing into the asset, supporting the further upside momentum.
The bearish takeover is evident from the four-hour price chart, with the red candlesticks. The OFFICIAL TRUMP might fall and find the key support at $6.04. An extended bearish correction could trigger the emergence of the death cross, sending the price to a low $5.97.
Assuming the OFFICIAL TRUMP price reverses the momentum, it could climb and test the initial resistance range at around $6.18. Further bullish pressure might initiate the formation of the golden cross. With the bulls pushing the asset up, it would trade above the $6.25 level.
TRUMP’s daily Relative Strength Index (RSI) at 40.44 signals its neutral to slightly bearish zone. The selling pressure is a bit stronger than the buying pressure, and the momentum is weak. If it drops further, it could signal the continuation of the downtrend. Furthermore, the Bull Bear Power (BBP) reading of OFFICIAL TRUMP resting at -0.190 implies that the bears are currently having the upper hand. The market is leaning bearish, with prices possibly moving down.
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