- $TRUMP breaks above a descending wedge pattern, signaling a potential bullish reversal supported.
- Continued buyer strength is maintaining a constructive short-term structure for continued upward movement.
- Market capitalization surge is reflecting strong trading activity and growing investor interest in the TRUMP ecosystem.
$TRUMP is making waves again as the token rockets 18.65% in 24 hours to hit $8.02, driving over $1.9B in trading volume. After a bullish wedge breakout and 33% market cap surge, traders are eyeing the $18 target next.
Breakout from Descending Wedge Spurs Optimism
Crypto analyst Clifton Fx noted that $TRUMP has broken out of a descending wedge on the daily chart. This structure is often a bullish reversal pattern. The asset’s price had been consolidating between two converging trendlines, forming successive lower highs and lower lows.This pattern therefore suggests that the downtrend might be weakening.
The breakout above the wedge’s upper resistance near $6.70 was accompanied by a spike in trading volume, a sign of renewed buying pressure and short-covering by traders.
According to the analysis, the projected upside targets range between $16.50 and $18.00 a 151.75% gain from current levels.The analyst cautioned that a retest could occur before the next leg higher. Sustained momentum above $7.50 would confirm continued strength but a drop back below $6.00 could invalidate the bullish setup .
Fibonacci Retracement Suggests Controlled Correction
These retracement points act as demand zones and were marked by increased trading activity. A decisive move above $7.45, could push the price toward $8.05 and possibly $8.30.
However, failure could open the way for a deeper test of $6.50. The overall pattern suggests that the short-term structure remains upward-biased.
Mixed Technical Outlook Despite Rising Market Cap
@EdgenTech shared data showing that the Official Trump Market Cap rose sharply from $1.2 billion to $1.6 billion between October 28 and 29The 33% jump in market cap came with strong trading volume and active participation. After the surge, the market held steady above $1.5 billion.
Since October 23, the token has risen 25.39%, ending at $7.72 on October 28 after a 12.92% daily gain. Analysts remain careful even with the recent uprise and they are labeling $TRUMP a mid-term sell.
The trend looks positive but the overall direction is still unclear analysts are still insisting on the $6.50 support and $7.50 resistance levels as a gauge for the next move.
