The price of TRUMP has been in a strong downtrend, forming a descending triangle structure.
The broader correction appears to be in its final stages, with the Elliott Wave count suggesting a potential wave (c) conclusion near the lower boundary of the triangle.
TRUMP Price Analysis
TRUMP’s 4-hour chart reveals a prolonged correction since its peak from Jan. 19. at $77.57, with price action forming a descending triangle.
The Elliott Wave count indicates that TRUMP is in the final phase of a corrective WXY pattern, with wave Y now reaching key support at $14.55.
A Fibonacci retracement from the all-time high of $77.57 to the local low provides significant levels, with the 0.786 retracement at $28.04 and 0.618 at $38.63 as potential recovery targets.
However, the price remains suppressed beneath these levels, suggesting that bearish pressure is still dominant.
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The 4-hour Relative Strength Index (RSI) shows signs of exhaustion, forming a bullish divergence near oversold levels. This divergence suggests a weakening bearish momentum, which often precedes a reversal.
The price action near the triangle’s lower boundary could signal the completion of wave Y, setting the stage for a potential breakout.
TRUMP must reclaim the descending trendline resistance, currently near $14.55, for a confirmed reversal. Failure to hold above this level could lead to an extended corrective phase, potentially testing lower levels.
TRUMP Price Prediction
On the 1-hour chart, TRUMP is within the final leg of an internal five-wave decline, forming wave (c) of a broader correction.
The chart structure suggests that wave (v) is in progress, with a projected downside target near $10, aligning with the descending triangle’s lower boundary.
If the price completes wave (v) within this zone, a bullish reversal could follow, driven by RSI divergence and triangle support.
A breakout above $14.55 would be the first confirmation of a trend reversal, potentially triggering a rally towards $18, where previous resistance and Fibonacci retracements align.
If TRUMP fails to hold the $10 region and breaks down further, the next critical support would be around $8, which is its starting point.
However, given the oversold conditions on the RSI, a short-term bounce remains the higher probability scenario.
In summary, the price is approaching a decision point: successfully defending the triangle’s lower boundary could spark a sharp recovery. At the same time, a breakdown would signal an extended bearish continuation.
Key Levels to Watch
- Immediate Resistance: $14.55 (descending trendline).
- Key Support: $10.00 (descending triangle’s lower boundary).
- Critical Support: $8.00 (starting point).
- Short-Term Target: $18.00 (retracement zone).
- Invalidation Zone: Below $8.00.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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