- Official Trump showed signs of forming a short-term range formation below $12.2.
- The OBV showed that selling pressure had begun to increase in recent hours.
The short-term performance of Official Trump [TRUMP] has been uninspiring. Since reaching the local resistance around $12.5 on the 15th of March, TRUMP receded by 10.55% and was trading at $11.19 at press time.
Mondays tend to see heightened volatility and can set the tone for the week’s price trends. AMBCrypto examined the liquidation heatmaps of Official Trump to understand what the next short-term trends could be.
Is TRUMP forming a range below $12.2?
Source: TRUMP/USDT on TradingView
Based on the downward move from $13.88 to $9.54 earlier this month, a set of Fibonacci retracement levels were plotted. They showed that the 61.8% retracement level was at $12.22.
This level had served as resistance in the past four days.
The memecoin didn’t set a convincing higher high, and neither did the OBV. Together, they showed that the buyers lacked strength. The $10.2 was a good short-term support level in the past week.
It could be retested once again, leading to a range formation for Official Trump.
The choppiness index fell in recent hours to show a trend was materializing. The DMI differed in its findings, showing that a strong bullish trend has been in place since the 13th of March.
Unless the OBV moves higher again, the short-term uptrend would likely remain standing.
If the $10.2 level is retested in the coming days but can not be defended as support, the $9.54 and $8.52 levels were the next bearish price targets.
The liquidity pockets to the south appeared to have strength. The $10.9-$11 and $9.8-$9.9 areas in particular were strongly shaded on the heatmap.
This reflected a higher concentration of liquidation levels that could attract prices to them.
These were the short-term price targets. To the north, the $12.5-$12.7 region could also pull prices to it, but this was unlikely to occur in the short term.
Traders can wait for a move to $10.9 and $9.9 before evaluating whether a bullish reversal is likely.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
