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TRUMP traders, here’s why you should prepare for $8.3 next
The recent market trends and analysis suggest that it is crucial for TRUMP traders to be prepared for a potential drop to $8.3 in the near future. In this article, we will dive into the various indicators and charts that support this prediction.
Firstly, let’s look at the bearish market structure across all timeframes, including the 1-day and 12-hour charts, which have both been reflecting a strong bearish momentum. Additionally, the 4-hour chart also indicates a bearish outlook, providing further evidence for short-term traders to take profits or remain sidelined.
The recent weakness in the OBV (On Balance Volume) is another indication of increased selling pressure on TRUMP. The attempts made by bulls to recover from March’s low were too weak to stall the downtrend, and the recent market panic has caused the OBV to plummet below those same lows. This makes it unlikely that the bulls can hold onto the $7.34 support level for much longer.
Furthermore, the RSI (Relative Strength Index) has been trending below neutral 50 over the past week, reinforcing the notion that we will see a continuation of bearish momentum in the short term. In the coming weeks, it appears that TRUMP’s price may move towards $4.5.
In the shorter-term picture, a bounce to $8-$8.3 could be possible, but this would likely be viewed as an opportunity for sellers to sell TRUMP.
Source: https://ambcrypto.com/trump-traders-heres-why-you-should-prepare-for-8-3-next/
