- TRUMP token eyes key resistance at $8.97 after recent 15% surge.
- MACD signals bullish momentum as TRUMP token approaches $10 mark.
- RSI in overbought zone at 71 suggests intense buying pressure on TRUMP.
The Official Trump (TRUMP) token has made significant strides, surging by over 15% in recent days. At the time of writing, it is trading at $8.17, reflecting a 0.38% decline in the last 24 hours.Â
However, the bullish trend remains intact as the token targets key resistance levels. The market activity has been lively, with increased trading volumes signaling potential price fluctuations ahead.
This follows a breakout from a falling channel pattern, a technical development that could drive the token towards the $10 mark.
Resistance and Key Targets
The R1 Pivot Point at $8.97 is the next key resistance level for TRUMP, closely followed by the 200-day Exponential Moving Average (EMA) at $9.91. If the token can break through these levels, the next major target is at the R2 Pivot Point around $10.58. These levels suggest a strong upward trend, with the price action indicating bullish momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) has recently crossed above the zero line, further supporting the upward movement. The signal line’s positioning indicates that bullish momentum is increasing, making the $10 target more achievable.
However, the Relative Strength Index (RSI) is at 71, indicating that the token is in the overbought zone. A reading above 70 usually signals a period of overbought conditions, which could lead to a correction if the buying pressure wanes.
Support Levels and Volatility Outlook
On the downside, $8.00 remains a key support level for the token, with the 50-day EMA at $7.21 providing additional backing for TRUMP’s price action. Any significant drop below these levels would likely prompt a reevaluation of the bullish trend.
As the price rises, volatility is expected, especially with the growing trading volume. The recent surge is a clear indication of strong investor interest, which could lead to further price fluctuations.
However, the overbought RSI level suggests that traders should watch for any potential reversal signals. If TRUMP can sustain its momentum, it will be crucial to monitor the behavior of key resistance and support levels as the token approaches its targets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
