Official Trump [TRUMP] has experienced a 12% surge in value within the last 24 hours, accompanied by a 14.36% rise in trading volume during the same period.
Breaking through the local resistance level at $28, TRUMP seems poised for further gains, although the $30 resistance area may still pose a challenge.
While Bitcoin [BTC] managed to hold its ground at the local support level, the meme coin sector has faced difficulties in the past month.
The timing of Official Trump’s potential recovery remains uncertain, but signs of accumulation have begun to emerge.
Indicators Pointing to TRUMP Accumulation
TRUMP has been trading within a range of $24.58 to $31.37 over the last couple of days following a significant pullback from $74. Despite the range-bound movement, bullish sentiment has not waned.
The On-Balance Volume (OBV) has shown an uptick recently, breaking above the mid-range level alongside a bullish crossover on the Awesome Oscillator. However, a period of consolidation may lie ahead.
Breakout traders should exercise caution and brace themselves for sideways price action. The $32.3 level represents a key lower high that defines the current downtrend.
A conclusive two-hour close above this level could signal a bullish shift in the market structure.
Confirmation from Liquidation Heatmaps
Looking at the liquidation heatmap over a two-week period, three major resistance levels stand out for TRUMP bulls – $30.77, $32.42, and $35.7.
Given the recent uptrend, it is likely that hurdles at $30.77 and possibly $32.42 near the range’s peak may be overcome.
Additionally, the 24-hour liquidation heatmap suggests a strong possibility of TRUMP gravitating towards $30.7 in the near future, indicating that traders holding long positions may consider taking profits.
For swing traders, shorting a rejection near $32.4 could be an option, but exercising increased caution and lower risk exposure is advisable.
Amidst Bitcoin’s temporary bullishness, Official Trump could potentially surge to $35 to target liquidity before retracing back into the established range.
Disclaimer: The opinions expressed in this article are not intended as financial, investment, trading, or any form of advice and solely represent the author’s viewpoint.