- The $14.6 and $16 resistance levels rebuffed the TRUMP bulls’ advance recently.
- The May 22nd dinner invite news meant TRUMP could see sustained demand over the next couple of weeks.
Official Trump [TRUMP] soared 75.2% on the 23rd of April, after the announcement that the top holders of the memecoin will have a private dinner with President Donald Trump.
Labeled “the most EXCLUSIVE INVITATION in the world”, it promised the top 220 holders a private gala dinner with President Trump. Furthermore, the top 25 would get “an ultra-exclusive private VIP reception with the President”, the announcement said.
Previously, TRUMP had a bearish market structure and was down 80% from the $46.5 daily open on the 20th of January. The ongoing pump meant TRUMP was only 71% down compared to the inauguration day prices.
TRUMP breaks bearish market structure, but faces rejection at…
Source: TRUMP/USDT on TradingView
Based on the move downward in March from $17.75 to $9.54, a set of Fibonacci retracement levels was plotted.
Instead of bouncing to the 50% level at $13.65, the price reached the 23.6% extension level at $7.6, forming a double bottom—only evident in hindsight.
Before the dinner party invite announcement, demand for the memcoin was weak, with the OBV showing a downtrend from the 25th of March to the 22nd of April.
However, over the past 36 hours, high trading volume pushed the OBV to a new high, surpassing its March levels.
The structure of TRUMP remains bullish, as both the $8.7 and $12.2 lower highs have been breached. Still, the 61.8% and 78.6% retracement levels at $14.6 and $16 have acted as strong resistance.
Bulls are expected to defend the $12.2, $10.7, and psychological $10 support levels to maintain momentum.
Source: Coinglass
The Open Interest (OI) shot higher alongside the demand on the back of the dinner invite announcement. On Binance, the OI climbed from $97 million on the 21st of April to $207.9 million on the 24th of April.
The increased speculative interest pointed to firm short-term bullish sentiment.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
