- Bearish market structure of Official Trump across multiple timeframes pointed to bearish dominance
- The $9-level was defended in early April, but has been ceded, and TRUMP could fall to $4.47 next
Official Trump [TRUMP] continued its ceaseless downtrend on the charts. The panic across the market on Monday pushed Bitcoin [BTC] to $74.5k, and TRUMP noted a 15% price drop in 24 hours.
However, its 24-hour trading volume has risen nearly fourfold since.
The high trading volume, combined with quick price losses, hinted at overwhelming bearishness across the market. TRUMP traders can wait for a minor price bounce to look to sell the memecoin.
TRUMP falls below $9, could $5 be the next target?
Source: TRUMP/USDT on TradingView
On the 12-hour chart, the structure has been bearish. This theme was true across multiple timeframes, from 1-day to 1-hour. The bearish 12-hour structure has been the case over the past three months. While the trend wasn’t a surprise, the OBV’s fall below local support was noteworthy.
Since 15 March, the OBV has maintained above a level (orange dotted), slowly climbing higher towards the end of March. This signified increased buying pressure. Even though the volume was not as high as it was in February, it appeared that the bulls had the upper hand.
This situation changed quickly in April. The OBV fell towards the local support and at press time, had plunged even lower. This showed that any accumulation made over the past three weeks has been wiped out by the sellers. The RSI was at 23 and well into the oversold territory – A sign of extreme bearish momentum.
However, the TRUMP bulls might defend the $7.6-level as support. This level was the 23.6% Fibonacci extension level and could spur a minor price bounce.
Source: TRUMP/USDT on TradingView
The 2-hour chart also highlighted strong bearishness. The OBV was on a downtrend, although the RSI began to clamber out of the oversold zone. A price bounce could reach the $9-level, which served as support a few days ago.
A retest of this level would likely be met with a continuation of the bearish trend. The 12-hour chart highlighted the 61.8% extension level at $4.47 as the next price target.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion