• TRUMP has been consolidating within a range over the past 12 hours.
• The muted volume and bearish momentum meant traders should wait to go long.

Official Trump [TRUMP] has settled into a short-term range that stretched from $40 to $31.3. The mid-range level at $35.7 acted as resistance earlier today but flipped to support in recent hours.

Trading volume has declined over the past 12 hours. The Fibonacci retracement levels are likely to act as resistance if TRUMP breaks out of the short-term range. Will it?

Short-term range formation impedes TRUMP bulls

The price action on the hourly chart was bearish over the past 24 hours. The launch of Official Melania (MELANIA) saw TRUMP experience a 39.9% drawdown within an hour. Since then, the memecoin has been in a downtrend.

The range formation over the past 12 hours was around the 78.6% Fibonacci retracement. This was a good sign for holders and suggested hope for a recovery.

However, the technical indicators on the hourly chart leaned bearishly. The CMF was at -0.05 and had been below -0.05 a few hours ago. This showed that capital outflows were dominant, making a bullish breakout unlikely.

Similarly, the DMI showed a dominant downtrend, with the -DI and ADX both above 20.