Michaël van de Poppe, a notable market veteran, identifies two regions on the TRUMP coin chart that triggered price rebounds.
The market analyst drew attention to these areas in an analysis today, drawing on the official Trump (TRUMP) 1-hour chart. Notably, the report arrives two days after the coin even thrownhaving increased up to 27.122% currently trading at $51.6.
For context, The meteoric rise of TRUMP saw it skyrocket to a maximum price of $35, triggering a psychological resistance response at that level and a major pullback. The decline persisted until it found support at $21 and SO rallied strongly, reaching a new high of $79 on KCEX.
The first range of support
According to According to van de Poppe, amid its rapidly volatile performance over the past 48 hours, TRUMP has observed two price regions that are guiding its market performance. The market watcher noted that the former is between $57 and $52.
Notably, the previous high of $79 introduced resistance, with the asset’s price collapsing during a second retracement cycle. This triggered the first rebound region. Notably, as TRUMP slipped into the $57-$52 support range yesterday, its price immediately rebounded, rising sharply to $73 in the evening, amid a 36% rebound.
Nevertheless, the obstacle that followed was too great for the buying pressure to be overcome. As a result, another withdrawal occurred at the rear of the launch of Melania Meme (MELANIA) by Trump’s wife.
TRUMP respects second level of support
The MELANIA token sucked liquidity out of TRUMP, exacerbating the impact of the decline. This time, the pullback fell below support in the $57-$52 range, leading to steeper declines. This brought Michaël van de Poppe’s second support region into play.
As a reminder, this second region lies between $46 and $40, representing the last line of defense for the meme coin in the event of bearish pressure. When the price fell to this level, bulls defended the region fervently, triggering a 68% rebound to $64 before recovery efforts lost steam earlier in the day.
According to van de Poppe, with the TRUMP coin Currently consolidating between $45 and the lower ends of the $50 mark, the best course of action at the moment would be to drop to between $25 and $30 and then trade within a range within that region before recovering .
This development could provide an attractive entry region for investors, bringing buyers back into the market for the next explosive period, especially as Donald Trump takes office today. As of press time, TRUMP is down 11.8% today, according to CoinMarketCap, currently trading at $51.6 with a market cap of $10.32 billion.
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