TRUMP Memecoin Surges 10% in Week, Sector Gains 60%

TRUMP, a prominent memecoin, has recently surpassed the $10.44 mark, indicating a robust bullish structure and presenting a favorable buying opportunity. This surge is part of a broader trend where several memecoins have reached new local highs in recent weeks. While TRUMP's price has increased by 10% over the past week, it trails behind Dogecoin, the sector leader, which saw a 32% climb during the same period. The overall memecoin sector has experienced significant growth, gaining 60% collectively over the past month. This surge has elevated the sector’s market cap to $82.88 billion, up from $54.4 billion last month.

The recent price appreciation of TRUMP has been accompanied by an 11% increase in Open Interest over the past 24 hours, signaling strong bullish conviction in the futures market. The funding rate has also been increasingly positive, reflecting the enthusiasm of speculative traders to go long. This bullish sentiment is further supported by the 1-day timeframe, which shows a bullish market structure with another breach of the previous high underway. The next target levels for the bulls appear to be $11.15 and $11.9, with the potential for even more ambitious targets, such as the May high of $16.44, in the coming weeks.

The On-Balance Volume (OBV) has climbed higher, suggesting an increase in buying volume over the past two weeks. The Relative Strength Index (RSI) has also climbed back above the neutral 50-level in July, retesting the same as support before surging higher once again. This indicates the dominant bullish momentum in the market. The moving averages, being lagging indicators, have yet to form a bullish crossover. However, the Directional Movement Index has been quicker to respond, with the +DI (green) and ADX (yellow) both above 20, underlining a strong uptrend in progress.

The bullish structure break on the daily chart suggests that buyers can go long, targeting $11.15 and $11.9. The prevailing market conditions mean that bulls could be even more ambitious and target the May high of $16.44 in the coming weeks. This bullish outlook is supported by the strong momentum and positive indicators, making TRUMP an attractive option for traders looking to capitalize on the current market trends. The bullish structure breaks were marked in white, while the higher low (green) was at $9. The next target levels for the bulls seemed to be $11.15 and $11.9. The OBV climbed higher, hinting at a hike in buying volume over the past two weeks. The RSI also climbed back above the neutral 50-level in July. It retested the same as support before surging higher once again, proof of the dominant bullish momentum. The moving averages, being lagging indicators, were yet to form a bullish crossover though. However, the Directional Movement Index has been quicker to respond. The +DI (green) and ADX (yellow) were both above 20 – Underlining a strong uptrend in progress. The bullish structure break on the daily chart meant that buyers can go long, targeting $11.15 and $11.9. In fact, the prevailing market conditions mean that bulls could be even more ambitious and target the May high of $16.44 in the coming weeks.