TRUMP Coin Consolidates After Its Post-Pump 50% Decline

TRUMP Price Analysis

On Jan 18, the price of TRUMP started trading around $19. After it consolidated a strong bullish move began, causing a breakout from the symmetrical triangle, leading to an all-time high of $77 on Jan 19, which was a 300% rise. 

Following this high, the price lost traction and entered a corrective stage. The 15-minute chart depicts a completed ABC corrective structure, marking the end of a significant downward trend. The price found support at the 0.786 Fibonacci retracement level near $31 on Jan. 21, a crucial zone where bullish momentum began to re-emerge. This rebound aligns with a low of wave C, confirming the correction’s conclusion.

Following this, the price rallied sharply, breaching the descending trendline resistance. forming potentially signaling the onset of a new bull phase. On Jan 21 it reached a high of $42.35, finding resistance at the 0.618 Fibonacci retracement level. 

The Relative Strength Index (RSI) momentum confirms the market’s bullish recovery, yet it remains cautious, approaching overbought territory. After a minor pullback to $36.60, the price is once again back at the horizontal resistance putting pressure. 

If the momentum sustains, more upside would be expected resulting in a higher high above $42. However, if the price immediately gets rejected and forms a lower high that could be interpreted as a sign of caution. 

In the second case, this early sign of weakness could be the signal of another larger downturn, leading the price of TRUMP to revisit its lower levels around the $26 zone where the first consolidation occurred on Jan. 19. 

TRUMP Price Prediction

The 5-minute chart focuses on the microstructure within the ongoing impulsive wave. The chart presents a detailed Elliott Wave count, highlighting sub waves (i)-(v) of the developing structure as a preliminary impulsive wave structure (waves i-iv) with wave v potentially in progress. 

Wave iii ended at $42, after which the price reverted to the ascending support level. Currently, it hovers near the 0.618 Fibonacci retracement of this impulsive move, acting as a consolidation zone.

The broader structure indicates that a decisive breakout above $41.70 (wave iii peak) could lead to further gains, while failure to hold above $39.78 (0.236 retracements) may invalidate the bullish outlook. This also applies if the price makes a breakout below the ascending trendline, which would diminish the likelihood of the scenario of a starting five-wave impulse from its recent low.

The projected wave (v) is expected to target the 0.786 Fibonacci extension at $45.27, as the ending wave should come slightly shorter that its wave (iii). Further potential to reach $53.57 (1.618 extensions) would be possible after the first correction in a new bullish phase to approximately $36 area. A bearish divergence on the RSI hints at a possible short-term pullback after wave (v) completion, before the next upward move, further confirming our projection.

Alternatively, a failure to sustain momentum above $42.42 could lead to an extended corrective pattern, potentially falling below $36 and signaling more downside ahead as in that case, we could have likely seen a three-wave upward correction instead of the now projected five-wave impulse.

Key Levels to Watch

• Immediate Resistance: $42.42 
• Key Resistance: $47.40, $50.12.
  Critical Resistance: $53.57 
• Immediate Support: $39.78.
  Key Support: $37.43.
  Critical Support: $30.37.
• Short-Term Target: $50.12 to $53.57 if momentum sustains.
  Invalidation Zone: Below $37.43, signaling potential deeper correction.

Conclusion

OFFICIAL TRUMP demonstrates a bullish recovery on both higher and lower time frames, with well-defined Elliott Wave structures guiding potential price action. A continuation of impulsive waves could drive prices towards $53.57, contingent upon sustained buying momentum. However, traders should remain cautious of short-term corrective pullbacks, especially if RSI divergence signals further weakening momentum.