Official Trump Memecoin Surges 8.37% in 24 Hours, Bulls Eye $18
1min read Official Trump, a popular memecoin, has surged by 8.37% in the past 24 hours, shifting its market structure bullishly on the 2-hour timeframe after breaching the $13.64 lower high on March 1st. This significant gain has been accompanied by increased short-term bullishness, as indicated by technical indicators.
The key Fibonacci support levels, particularly $14.67, are crucial for the memecoin's rally. If these levels can be defended over the next day or two, Official Trump may continue its upward trajectory. However, traders should be cautious of a potential breakdown below the $14.67 support, which could signal a loss of bullish momentum.
The memecoin market cap surged higher on Sunday following the U.S. crypto strategic reserve announcement. However, it has since begun to shed its gains, raising questions about the sustainability of the recent rally. While Official Trump has continued on its bullish trajectory, the current market structure may not lead to a lasting uptrend, and could instead be a move to grab liquidity around the $18 region.
The Fibonacci levels at $14.67 and $13.84 represent strong short-term support levels. A move below either one could offer a scalp trading opportunity to go short and serve as a warning that the bulls have lost strength. The technical indicators in the chosen timeframe show steady buying pressure with the rising On-Balance Volume (OBV) and upward momentum with the Relative Strength Index (RSI) reading of 54.
The 2-week liquidation heatmap suggests that the $18 region will be important in the next few days. If the $14.4 level fails to hold as short-term support, the $13.3 and $12.5 levels will be the next bearish targets. As always, traders should exercise caution and monitor the market closely for any signs of a potential reversal.
