TRUMP Price Analysis

Key Takeaways

* Official Trump (TRUMP) has broken out from a long-term descending channel after completing a complex corrective W-X-Y structure.

* The breakout triggered a sharp impulsive rally, but now the price consolidates above key resistance.

* Short-term Elliott Wave structures suggest that TRUMP is either nearing the completion of wave (v) or is setting up for another extension higher before a larger correction unfolds.

On the 4-hour chart, TRUMP completed a W-X-Y complex corrective structure, reaching a major low point around $7.26 in early April.

After setting a low at $7.26 on April 7, a powerful breakout unfolded from the long-term descending channel.

This breakout was characterized by strong volume as TRUMP broke through multiple resistance zones.

The rally stalled at the 0.382 Fibonacci retracement of the larger previous downtrend, which began in November 2021, and reached a high at $17.

Currently, TRUMP is consolidating in a tight range between $14 and $17.5 after the vertical rally.

The Relative Strength Index (RSI) has cooled down from overbought levels but remains elevated, suggesting that some underlying bullish pressure remains.

The broader structure still looks bullish as the breakout was clean, but a corrective pullback toward $13-$12 cannot be ruled out before a larger continuation move.

The key pivot level for maintaining the bullish bias is $12.78, which corresponds to the 0.382 Fib retracement from the breakout move. A break below this level could suggest a deeper correction.

A confirmed breakout above $16 could open targets toward the next major Fib levels around $7.45, which corresponds to the 0.786 retracement of the bear cycle that began in January 2022.

The 1-hour chart reveals a completed or nearly completed five-wave impulsive structure, with the current consolidation forming a possible triangle in wave (iv).

Since reaching a high at $15.86, the cryptocurrency saw a pullback but another upturn of 9.5% from $14.56.

This could be the start of its final upward advancement, but the price is still setting a lower high, leaving the possibility of it being part of a corrective structure.

Two short-term scenarios emerge.

Immediate breakout: If wave (iv) has already completed, TRUMP could surge from here, pushing beyond $16.09 toward $17.65 (0.786 extension) and possibly above $18.

Deeper retracement first: If the triangle breaks down, a correction toward $14.00 (0.236 retracement) or $12.78 (0.382 retracement) could occur, offering a better re-entry point before the final wave (v) thrust upward.

The RSI on the 1-hour chart is neutral, providing enough room for either an impulsive continuation or a pullback.

In addition, bearish divergence has been observed since the April 23 spike, with a gradual decrease in the RSI while the price maintains an upward trajectory. This indicates a weakening momentum.

The bias remains bullish as long as TRUMP stays above $11.76. A decisive break below this level would suggest that a deeper correction is unfolding.

Key Levels to Watch