TRUMP Faces Bearish Trend, Potential Decline to $8.3

Traders of TRUMP are advised to brace for a potential decline to $8.3, as the market structure across various timeframes indicates a bearish trend. The 1-day, 12-hour, and 4-hour charts all reflect a bearish outlook, suggesting that traders should maintain a bearish bias. The On-Balance Volume (OBV) for TRUMP has fallen below the March lows, signaling increased selling pressure. Although there were attempts at recovery in the latter half of March, the buying pressure was not strong enough to reverse the downtrend. The recent market panic has further pushed the OBV below the March lows, indicating a continued bearish momentum.

The Relative Strength Index (RSI) has also been below the neutral 50 level for the past week, reflecting steady bearish momentum. This suggests that the bulls may struggle to maintain the $7.34 support level for much longer. In the coming weeks, a move toward $4.5 appears likely. In the short term, a bounce to $8, the local resistance, is possible. However, given the overall bearish trend, any such bounce should be seen as an opportunity to sell TRUMP. The next target at $4.47, the 61.8% Fibonacci extension, remains feasible, but the current selling pressure has not eased since the earlier analysis that projected TRUMP to reach the $5 level. The price remains below the $7.6 level, which marked the 23.6% Fibonacci extension level.

The 2-week liquidation heatmap shows two significant magnetic zones. The closest one is at $6.9-$7.2, aligning with the bearish indicators from the 4-hour chart, making it the likely short-term price target. The liquidity at $8.3 is also notable, but the current market conditions suggest that TRUMP bulls may lack the strength to drive prices that high. Therefore, short sellers are advised to consider booking profits around the $7 target. A bounce to $8-$8.3 would likely be a chance to sell TRUMP, as the trend remains firmly bearish.

The broader market conditions, including strong bearishness across global stock markets and fears of recession, add to the challenges faced by TRUMP. The weak bounce in Bitcoin to $80k on March 8th, followed by a pushback from the selling pressure, highlights the broader market sentiment. With these factors in mind, traders are advised to remain cautious and prepared for further downside movements in TRUMP's price. The bearish market structure and increased selling pressure suggest that traders should be prepared for a potential decline to $8.3, with short-term opportunities to sell around the $7 target.