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Assessing if TRUMP Bulls Should Expect a 10% Price Bounce Soon
Recently, the cryptocurrency market has seen a significant decline in prices, and Trump (TRUMP) is no exception. However, despite this downtrend, some analysts have suggested that there may be a short-term bounce expected in the near future.
To assess whether TRUMP bulls should expect a 10% price bounce soon, let’s take a closer look at recent market developments.
Firstly, it’s important to consider the market structure of TRUMP. Officially, TRUMP has reversed from the $13.84 resistance level and has failed to break above this point. This suggests that there may not be much upside potential in the short term.
However, despite this bearish market structure, some analysts are suggesting that a price bounce could occur if certain conditions are met. In particular, they note that the OBV (On Balance Volume) indicator is showing a bullish divergence with the price action of TRUMP. This suggests that there may be a change in sentiment among traders and investors.
Furthermore, a look at the liquidity heatmap shows that $11 could be visited before any bearish reversal can take place. This means that if TRUMP does bounce, it may initially go up to this level, before then retracing.
If TRUMP is able to break above this resistance level and continue upward momentum, some analysts suggest that it may potentially rise as high as the recent lower high at $11.59. However, any such price action would be short-term in nature and should not be interpreted as a long-term trend reversal.
In conclusion, while there are no guarantees when it comes to financial markets, these indicators suggest that TRUMP bulls may have some reason to expect a 10% price bounce soon.
Source: https://ambcrypto.com/assessing-if-trump-bulls-should-expect-a-10-price-bounce-soon
