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Assessing if TRUMP bulls should expect a 10% price bounce soon
The recent performance of TRUMP has been marked by a consistent selling pressure. Despite this, some traders may be hoping for a potential 10% price bounce soon. But is it realistic to expect such a move? In this article, we will delve into the market structure and technical indicators to assess if TRUMP bulls should anticipate a 10% price bounce soon.
Following its reversal from the $13.84 resistance level, TRUMP has taken on a bearish tone. However, there are certain signs that indicate the possibility of a short-term bounce. Firstly, a bullish divergence is visible between the OBV and the price action. This divergence has been forming over the last two days and could lead to a price bounce.
Additionally, the RSI indicator has also formed a bullish divergence with the price. This signals the potential for a temporary recovery before the bears reassert their dominance. The combination of these indicators may be enough to prompt traders to expect a 10% price bounce soon.
Furthermore, it’s worth noting that the $11-level could potentially be visited before TRUMP reverses its short-term bounce and moves south. The liquidity heatmap revealed this possibility, with a cluster of liquidation levels around this point. If TRUMP manages to break above this level, then the focus shifts to the $12.82 and $14-levels.
While it’s crucial for traders to acknowledge the bearish structure that has taken hold in the TRUMP market, we must also recognize the possibility of a 10% price bounce soon. This could potentially see the asset leap as high as its recent lower high at $11.59 before retracing.
In conclusion, while there is no guarantee of a 10% price bounce, traders should be open to the possibility and prepared for any eventuality. The combination of bullish divergence in the OBV and RSI indicators, along with the liquidity heatmap indicating a visit to the $11-level before any further decline, could all contribute to a short-term recovery.
Source: https://ambcrypto.com/assessing-if-trump-bulls-should-expect-a-10-price-bounce-soon/
