- Resistance levels at $14.6 and $16 recently halted the advance of TRUMP bulls.
- The news of a dinner invitation on May 22nd indicated that TRUMP could experience sustained demand in the coming weeks.
Official Trump [TRUMP] experienced a 75.2% surge on April 23rd following the announcement that the top holders of the meme coin would have a private dinner with President Donald Trump.
Referred to as “the most EXCLUSIVE INVITATION in the world,” the event promised a private gala dinner with President Trump for the top 220 holders, with the top 25 receiving an “ultra-exclusive private VIP reception with the President,” as stated in the announcement.
Previously, TRUMP had a bearish market structure and had dropped 80% from the $46.5 daily open on January 20th. The recent surge reduced TRUMP’s decline to 71% compared to the prices on the inauguration day.
TRUMP breaks bearish market structure but faces rejection at…
Source: TRUMP/USDT on TradingView
Following the downward move in March from $17.75 to $9.54, a series of Fibonacci retracement levels were plotted.
Instead of bouncing to the 50% level at $13.65, the price reached the 23.6% extension level at $7.6, forming a double bottom—only evident in hindsight.
Prior to the dinner party invite announcement, demand for the meme coin was weak, with the On-Balance Volume (OBV) showing a downtrend from March 25th to April 22nd.
However, in the last 36 hours, high trading volume pushed the OBV to a new high, surpassing its March levels.
TRUMP’s structure remains bullish as it has breached the lower highs at $8.7 and $12.2. However, the 61.8% and 78.6% retracement levels at $14.6 and $16 have proven to be strong resistance points.
Bulls are expected to defend the support levels at $12.2, $10.7, and the psychological level of $10 to sustain momentum.
The Open Interest (OI) surged alongside demand following the dinner invite announcement. On Binance, OI increased from $97 million on April 21st to $207.9 million on April 24th.
The rise in speculative interest indicated strong short-term bullish sentiment.
Disclaimer: The information provided is the writer’s opinion and does not constitute financial, investment, trading, or other advice.