Trump Coin Faces Potential Local Top After Extraordinary Rally
Trump Coin (TRUMP) has seen a strong upward surge,but there are signs that the rally might be losing steam. The recent price movement suggests a bearish retest is underway, with a higher risk of a downward trend.
Several technical indicators point to a possible local peak. The price is currently struggling at the value area low, a typical resistance zone after a notable rally. This area is crucial as it aligns with the 0.618 Fibonacci retracement and the anchored VWAP from the $41 region. These levels frequently enough act as strong resistance.
Key points to watch include:
- Bearish retest of the value area low, a common resistance zone.
- A large volume spike near recent highs, hinting at a buying momentum slowdown.
- Price is testing major confluences, including the 0.618 Fibonacci retracement and the anchored VWAP from the $41 region.
The current price action is facing rejection at the value area low, a sign that the rally could be reaching its limit.A large volume spike near the highs may signal that buyers are losing steam.
traders should be cautious. If the price fails to break above this resistance zone, it could signal a new lower low.
Traders should be cautious. If the price breaks below the local low, it could confirm a short-term bearish market structure. This could lead to a move back toward the $9.30 region, the base of the previous impulse.
For now, the outlook for Trump Coin remains uncertain. Traders should monitor the price action closely and be prepared for a potential full retrace of the recent rally. Caution is advised as bearish momentum starts to build.
