- Token hit a market capitalization of $1 billion within its first hour of launch
- TRUMP could enter a brief accumulation phase before a confined move to the upside
At its peak, TRUMP rallied by 6,695%, pushing its market cap to $12.52 billion on the charts. However, AMBCrypto’s analysis revealed that the token may soon see a short-term pullback or consolidation, before resuming its upward trajectory.
Consolidation ahead for TRUMP
TRUMP has seen a series of successive rallies with minimal retracement – A move that defies typical market behavior.
On the charts, TRUMP seemed to be facing a potential drop from its press time price level as it struggled to break through the resistance at $13.83. This pullback could lead to a period of consolidation as the token stabilizes around lower levels.
If a drop occurs, the Fibonacci retracement levels highlighted several potential support zones which could act as springboards for a price rebound.
Most notably, the $10.035-level, marked in green on the chart, stands out as a key support zone. This level, representing a 50% retracement from its press time levels, could play a major role in determining TRUMP’s next move.
This downward trend appears likely, especially as trading volume declined steadily—From a peak of $76.982 million to its press time value of $27.354 million—indicating fading momentum behind the recent rally.
After a period of decline and consolidation, during which buyers can be expected to re-enter the market, TRUMP could resume its upward trajectory. This can help the token hit new highs.
Golden cross backed by buyers
At the time of writing, the Bull Bear Power (BBP)—an indi
Go to Source to See Full Article
Author: Olayiwola Dolapo
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
