- The resistance levels of $ 14.6 and $ 16 recently rejected the advance of the Trump Bulls.
- The dinner of 22 May invited news meant that Trump could see persistent question in the coming weeks.
Official [TRUMP] rose 75.2% on April 23, after the announcement That the top holders of the Memecoin have a private dinner with President Donald Trump.
The label “The most exclusive invitation in the world” promised the top 220 holders a private gala dinner with President Trump. Moreover, the top 25 “would get an ultra-exclusive private VIP reception with the president,” said the announcement.
Trump previously had a Bearish market structure and fell by 80% compared to the $ 46.5 open daily on January 20. The current pump meant that Trump was only 71% lower compared to the inauguration day prices.
Trump breaks Bearish market structure, but is confronted with rejection on …
Source: Trump/USDT on TradingView
Based on the movement in March from $ 17.75 to $ 9.54, a set of Fibonacci retracement levels was turned off.
Instead of bouncing to the level of 50% at $ 13.65, the price reached the extension level of 23.6% at $ 7.6, so that a double bottom was formed – only afterwards.
Before the announcement of the dinner invited, the demand for the memoin was weak, showing the OBV from 25 March to 22 April.
In the last 36 hours, however, a high trade volume pushed the BBV to a new high, which surpasses its marines.
The structure of Trump remains Bullish, because both the $ 8.7 and the $ 12.2 have been violated. Nevertheless, the 61.8% and 78.6% retracement levels at $ 14.6 and $ 16 have a strong resistance.
Bulls are expected to defend the $ 12.2, $ 10.7 and psychological support levels of $ 10 to keep the momentum.
The Open Interest (OI) shot higher in addition to the question at the back of the announcement of the dinner. On Binance, the OI of $ 97 million climbed on April 21 to $ 207.9 million on 24 April.
The increased speculative interest rates pointed to a Fest-Bullish sentiment in the short term.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer