Trump Coin at Critical Support: Potential for 200% Rally
Trump Coin (TRUMP) is currently trading near its yearly low of $7.14. This price point is crucial as it marks the bottom of a long-term trading range. If the coin can break out from this support, it could see a notable rally.
Historically, this level has sparked strong upward movements. However, the current low volume suggests the market is in a consolidation phase. Traders are closely monitoring for signs of accumulation or a potential breakdown.
Key technical points to watch:
- Range Low Support at $7.14: A ancient bounce zone.
- 200% Upside Target at $22.98: Aligned with the previous rally peak.
- Low Volume Surroundings: Indicates a consolidation phase.
For a bullish rotation to occur, TRUMP needs to reclaim the value area low and push through the range midpoint. This would set the stage for a move toward the $22.98 range high.
For a bullish scenario to unfold, TRUMP must first reclaim the value area low and show increased buying interest.Without a volume surge, the coin may continue to oscillate within its established range. Traders should watch for signs of accumulation at this support level.
Volume is a key factor. Below-average volume suggests the market is consolidating rather than trending.
Volume is crucial. A spike above the moving average, coinciding with a reclaim of key levels, would validate a bullish scenario. Until then, TRUMP is likely to oscillate within its established range. Traders should wait for a volume-backed breakout before positioning for the next major move.
What to expect next? As long as $7.14 holds, a potential reversal remains possible. Watch for a reclaim of the value area low and a surge in volume to validate a 200% rally toward $22.98.
