Bearish Shadow Casts Over OFFICIAL TRUMP (TRUMP): How Low Could It Fall?

• OFFICIAL TRUMP is trading around the $5 range.
• TRUMP is currently in a deep oversold condition.

The renewed red trait across the crypto market brings caution with the potential bearish grip. While looking at the overall candle bars, all of them are falling downwards, losing momentum. The largest asset, Bitcoin, hovers at $86.2K and Ethereum, the largest altcoin, trades around $2.9K. Among the digital assets, OFFICIAL TRUMP (TRUMP) has posted a 3.91% drop. 

The trading pattern of the asset has formed a series of lows recently, and in the early hours, TRUMP was trading at around $5.48, and later, with the bearish shift, the price was driven down toward $5.24. A break above the $6 and further could initiate the bulls to climb toward their recent highs.

At press time, OFFICIAL TRUMP is trading within the $5.26 range, with a market cap of $1.05 billion. Besides, the asset’s daily trading volume is briefly up by 7.31%, reaching $186.99 million. The Coinglass data has reported that the market has witnessed a 24-hour liquidation of $935.87K worth of TRUMP. 

Can OFFICIAL TRUMP Face More Downside as Bears Take Control?

OFFICIAL TRUMP exhibits a bearish outlook on the recent price chart, and the price might fall to the $5.20 support level. With an extended downside correction, the death cross could deeply retrace the price below $5.14. If the asset turns the trading pattern bullish, the TRUMP price could rise to the resistance range at around $5.32. Upon the upside pressure gains more strength, the golden cross would likely send the price above the $5.38 range.

TRUMP chart (Source: TradingView)

The Moving Average Convergence Divergence (MACD) line and signal line of the OFFICIAL TRUMP are settled below the zero line, hinting at bearish momentum. The short-term price action is weaker than the longer-term trend. In addition, the Chaikin Money Flow (CMF) indicator value at -0.07 points to a mild capital outflow in the TRUMP market. Also, the selling pressure is relatively weak, which gives caution rather than aggressive distribution.

TRUMP’s daily Relative Strength Index (RSI) resting at 26.81 indicates its deeply oversold condition and the exhaustion on the downside. While it reflects the downtrend, it can be turned into a bounce or relief rally if buyers step in. OFFICIAL TRUMP’s Bull Bear Power (BBP) reading of -0.210 suggests that the bears are dominant in the market. The sellers currently have the upper hand, and if it likely moves toward or above zero, a shift back to buying takes place.

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