TRUMP Shows Potential for Long-Term Uptrend Amid Market Volatility

Despite recent market volatility, TRUMP could be poised for a price uptrend in the long term. Technical analysis indicates a bullish reversal, and a move past $11.50 could trigger a rally toward $17.95.

Official Trump’s [TRUMP] has surged in trading volume despite the crypto market crash and price fluctuations. TRUMP experienced a 70.74% increase in trading volume and was trading at $11.33 per CoinMarketCap data at press time. While the market faces bearish pressure, traders are curious whether TRUMP’s successful breakout could initiate its uptrend rally.

TRUMP’s Breakout on the Chart

After a period of bearish momentum, TRUMP tested and bounced off the $10.23-$10.50 demand zone, signaling a potential reversal. Buyers attempted to “buy the dip,” while the memecoin retested its descending resistance trendline multiple times.

A breakout above the $11 key resistance level has occurred, indicating a shift in market dynamics. If TRUMP confirms a breakout above $11.50, it could rally toward the $13.01-$14.81 resistance zone in the short term. Depending on market momentum and sustained buying pressure, the rally may even target $17.95. However, rejection at this level could result in a retest of $11 support above its falling wedge. A breakdown below $11 support might push TRUMP back toward the $10.50 demand zone.

Are the Bulls in Charge Now?

Looking at the technical indicators, TRUMP’s oscillators and MACD (12,26) signaled ‘buy,’ indicating a trend reversal and short-term bullish momentum. At the time of writing, the 24-hour Relative Strength Index (RSI) was at 35 and rose to 41 in the 4-hour timeframe. Cryptowaves data confirmed this trend.

TRUMP’s Long-Short Ratio stood at 2.20 and has increased in lower timeframes, reflecting heightened buying pressure. The memecoin rebounded from a key demand zone, reinforcing its bullish trajectory.

A Look into the On-Chain Insights

At the time of writing, the memecoin’s Open Interest (OI) Weighted Funding Rate had turned positive in the past 24 hours, per Coinglass data. This suggested a trend reversal and renewed optimism as traders ‘bought the dip’ amid the market crash, as reflected by the 70.74% upsurge in trading volume.

Will TRUMP’s Bulls Survive the Bleeding Market?

TRUMP may be set for a long-term bull rally after rebounding from a key demand zone. With an RSI of 35, the memecoin appears oversold, offering significant potential for buying. However, ongoing bearish pressure in the crypto market could lead to mid-term price fluctuations. Traders should monitor TRUMP’s breakout signals and key levels for clearer insights.