- Official Trump has surged higher in recent hours and increased buying pressure could drive prices higher.
- Despite the bullish structure break, traders need to be wary of a breakdown below the $14.67 support.
Official Trump [TRUMP] has gained 8.37% in the past 24 hours. It has shifted its market structure bullishly on the 2-hour timeframe after breaching the $13.64 lower high on the 1st of March.
Thereafter, the technical indicators showed increased short-term bullishness. If the key Fibonacci support levels can be defended over the next day or two, Official Trump might see more gains.
Source: CoinMarketCap
The memecoin market cap surged higher on Sunday after the U.S. crypto strategic reserve announcement but has already begun to shed its gains. Could this be indicative of waning bullish strength already.
Is TRUMP on the path to $20 and above?
Source: TRUMP/USDT on TradingView
The memecoin continued on its bullish trajectory after the structure break a couple of days ago. The rally on Sunday to $17.75 was accompanied by heightened trading volume.
The last time the 2-hour sessions saw similar volume was in mid-February when TRUMP reached $24.58 before pulling back.
Like that mid-February rally, the current market structure might not lead to a lasting uptrend. It could be a move to grab the liquidity around the $18 region.
This level represented the previous significant lower high on timeframes such as the 4-hour.
Hence, the 2-hour market structure break might not amount to much. Yet, this does not mean traders will not find opportunities.
The Fibonacci levels at $14.67 and $13.84 represented strong short-term support levels.
A move below either one could offer a scalp trading opportunity to go short. Such a move would also warn traders that the bulls have lost strength.
The technical indicators in the chosen timeframe showed steady buying pressure with the rising OBV, and upward momentum with the RSI’s reading of 54.
Source: Coinglass
The 2-week liquidation heatmap showed that the $18 region would be important in the next few days. To the south, $14.4 could act as short-term support.
If that fails, the $13.3 and $12.5 levels will be the next bearish targets.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
