Official Trump (TRUMP) Faces Setback, but Bull Flag Pattern Suggests a Comeback

Key Takeaways

• The memecoin briefly rallied over the weekend but now trades around $12.50 after a 5.5% daily dip.
• Despite the decline, TRUMP’s chart reveals a bullish flag pattern, suggesting the correction may be short-lived.
• A breakout above the 0.786 Fib/onacci level could see TRUMP climb toward $23.26 or even surpass $30.

Last weekend, the Official Trump (TRUMP) price experienced a double-digit surge that exceeded $16. But since this new week, the memecoin has struggled to hold those gains, while trading at $12.50.

In the last 24 hours, TRUMP’s price has declined by 5.50%. Despite the pullback, a bullish pattern has formed, so it does not appear that TRUMP will continue falling.

In this analysis, CCN presents scenarios that could help TRUMP rebound, and what could happen if the thesis gets invalidated.

TRUMP Slips, Eyes Quick Recovery

On the daily chart, TRUMP’s price had previously broken above the upper trendline of a descending triangle to validate the run above $16. While the price has recently fallen, we observed that the decline has led to the formation of a bull flag.

A bull flag is a continuation pattern that signals a potential upward breakout after a brief consolidation or pullback following a strong price increase. It typically forms after a sharp rise (flagpole), followed by a sideways or downward consolidation (flag), before the price breaks upward again.

Lately, TRUMP has been consolidating between $12.32 and $15.61. Amid this consolidation, the Money Flow Index (MFI) has failed to drop below the neutral midpoint.

The MFI measures buying and selling pressure by analyzing price and volume. When the value is above 50, the trend is bullish.

But when it is below it, it is bearish. Since the MFI on the daily chart is yet to slide below the signal line, TRUMP’s price will likely validate the expected breakout from the bull flag formation.

In line with this analysis, some users on X predict that TRUMP’s price could rise this month. One user pointed out that the memecoin might break out before Donald Trump meets with top holders.

Another user suggested that the cryptocurrency has likely bottomed out following its recent decline.

TRUMP Price Analysis: $23 or More

Regarding the short-term trend, CCN observed that the bull flag breakout could help TRUMP surge past the resistance at $16.19. This resistance is at the 0.786 Fibonacci level, crucial to the memecoin’s price action.

If this succeeds, TRUMP’s price could rise to $23.26 near the 0.618 Fibonacci level. If buying pressure increases, TRUMP could surpass $30 if bulls continue to dictate the price movement.

However, if TRUMP drops below the lower trendline of the bull flag, this prediction might not come to pass. In that case, TRUMP might slide below the $10 mark.