Market Overview for OFFICIAL TRUMP/Tether (TRUMPUSDT)

Summary
• Price declined from $5.96 to $5.81, forming bearish engulfing and bearish continuation patterns.
• Volume remained elevated during the downward move, confirming the bearish bias.
• RSI entered oversold territory near 30, suggesting potential for a short-term bounce.
• Volatility expanded as price traded over 10 cents range, breaching key support levels.

At 12:00 ET–1, OFFICIAL TRUMP/Tether (TRUMPUSDT) opened at $5.94 and traded as high as $6.10 before closing at $5.81 by 12:00 ET today. Total volume was 1,191,532.18 TRUMP, with turnover reaching $6,010,500.

Structure & Formations

The candlestick chart displayed a strong bearish bias over the past 24 hours. Key resistance levels emerged around $5.96 and $6.10, with the price failing to sustain above these levels. On the 5-minute chart, bearish engulfing patterns appeared around $5.96 and $5.94, confirming a shift in sentiment. Notable breakdowns occurred below the psychological $5.90 and $5.85 marks, with the 5.80–5.82 zone forming as a fresh support area.

Moving Averages

Short-term momentum turned bearish as the 20-period and 50-period moving averages on the 5-minute chart crossed lower. On the daily chart, the 50-period SMA currently sits above the 100-period SMA, reinforcing a neutral-to-bearish bias.

MACD & RSI

The MACD histogram turned negative and remained in bearish territory, confirming the downward momentum. RSI dipped below 30 into oversold conditions, suggesting a possible short-term rebound. However, without a clear bullish reversal pattern or strong volume, a bounce may struggle to gain traction above $5.85.

Bollinger Bands

Volatility expanded as price traded from $5.80 to $6.10, with a significant expansion of the Bollinger Bands. Price settled near the lower band at $5.81, which may offer a temporary floor for buyers to test.

Volume & Turnover

Volume spiked during the critical breakdowns below $5.90 and $5.85, confirming bearish conviction. Notional turnover also rose sharply during these periods. No divergence was observed between volume and price action, suggesting the bearish trend remains intact.

Fibonacci Retracements

Applying Fibonacci retracements to the key move from $5.81 to $6.10, the price currently resides near the 61.8% retracement level of $5.84, which may act as a short-term floor. A breakdown below this level could target the 78.6% retracement at $5.78.

Looking ahead, a test of the $5.81 support could lead to further downside pressure toward $5.78, especially if volume remains strong. However, a close above $5.85 may offer a temporary reprieve. Investors should remain cautious as volatility remains elevated.