Key Takeaways
Official Trump burst past the local resistance at 10.44, which marked a bullish structure and offered a buying opportunity. The short-term momentum was in favor of the bulls, and a move to $12 might be likely.
Official Trump [TRUMP] was one of the many memecoins to hit a new local high over the last few weeks. It was only up a paltry 10% over the past week though, compared to the sector leader Dogecoin [DOGE] after the latter climbed by 32%.
The larger memecoin sector is also in a bullish mood right now, having gained by 60% collectively over the past month. This pushed the memecoin sector’s market cap to $82.88 billion, up from $54.4 billion last month.
Source: Coinalyze
TRUMP saw an 11% hike in Open Interest over the past 24 hours, while its price appreciated by 6.4% on the charts.
This can be seen as a sign of strong bullish conviction in the Futures market. Additionally, the funding rate has been increasingly positive in recent hours – Highlighting the eagerness of speculative traders who want to go long.
What should TRUMP traders expect next?
Source: TRUMP/USDT on TradingView
It may be a good time to buy Official Trump. The 1-day timeframe showed that the market structure was bullish, and another breach of the previous high was underway at the time of writing. The bullish structure breaks were marked in white, while the higher low (green) was at $9. The next target levels for the bulls seemed to be $11.15 and $11.9.
The OBV climbed higher, hinting at a hike in buying volume over the past two weeks. The RSI also climbed back above the neutral 50-level in July. It retested the same as support before surging higher once again, proof of the dominant bullish momentum.
The moving averages, being lagging indicators, were yet to form a bullish crossover though. However, the Directional Movement Index has been quicker to respond. The +DI (green) and ADX (yellow) were both above 20 – Underlining a strong uptrend in progress.
The bullish structure break on the daily chart meant that buyers can go long, targeting $11.15 and $11.9. In fact, the prevailing market conditions mean that bulls could be even more ambitious and target the May high of $16.44 in the coming weeks.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
