With the gradual recovery in the crypto market, the meme coins are gaining momentum. The market cap of the meme coin segment has increased by nearly 5%, reaching $47 billion.
Among the rising meme coins, the official Trump coin has increased by nearly 2%, crossing the $8 mark. The Official Trump Coin holds a market cap of $1.65 billion, making it the fourth biggest meme coin in the crypto market.
Will this short-term recovery result in the $8.5 supply zone breakout? Let’s find out.
TRUMP Coin Price Analysis
Amid the market recovery, the TRUMP token reflects a bullish breakout of a long-coming resistance trendline. Despite the prevailing downfall, the TRUMP coin forms a solid bullish foundation near the $7.33 demand zone.
With the bullish comeback, the trendline breakout challenges the $8.50 demand zone. Currently, the bulls struggle to surpass the overhead supply pressure despite the short-term recovery.
This warns of a potential double-top reversal with a neckline at the $8 psychological mark. The short-term recovery has surpassed the 50 and 20 EMA lines but faces dynamic opposition from the 100 EMA line.
Furthermore, the overhead supply zone near the $8.50 mark coincides with the 23.60% Fibonacci level. This warns of a potential consolidation range forming between the $7.30 and $8.52 levels.
TRUMP Price Targets
As the TRUMP coin faces opposition, the sudden decline in bullish momentum warns of a bearish crossover. This warns of a potential double-top reversal with a neckline at the $8.50 mark.
In case of a bullish breakout, based on the Fibonacci levels, the TRUMP coin price targets the 50% level near the $10 psychological level. Optimistically, a bullish continuation will likely reach the $12.38 previous swing high.
On the flip side, the $7.30 support zone will likely absorb any upcoming supply surge.
