Here we have Trump's official memecoin, and we will have to go through many assumptions because the chart is very young. But even this young chart is already revealing some interesting dynamics. Join me in this analysis.
For TRUMPUSDT, trading started 18-January. The rise lasted until early the next day and a strong correction followed.
We can right away notice very strong buy volume on the rise.
After the main drop ends, 21-January, bearish volume is very low. This indicates that the bears are not active on this coin which translates into a bullish signal.
The correction already went below the Fib. retracement 0.786 level from part of the bullish wave and the 0.618 level for the entire wave. Again, after the main drop, no selling pressure present. We are already seeing consolidation with a downward bent.
Conclusion
Trump is very popular and famous right now and a memecoin can react to every development that shows up in the political spheres. Trump making the headlines all days, at all times and with so many supporters, this Altcoin is likely to be strong for a very long time.
My first impression when considering the dynamics that would playout on this chart was a 4-years long bull-market. A simple correlation to the 4-years presidential term. As long as Trump is president of the United States, this pair should do great.
The second was an opportunity to buy and hold.
There are thousands of memecoins, but if people are going to choose one to trade and hold, this is likely to be one of those. These are easy assumptions to make.
The chart is in an interesting place. We should see some continuance of the present action followed by a bullish wave. A bullish wave can develop within weeks or days.
My idea is bullish. This pair already went through a 65%+ correction within days. A correction is followed by growth. This is only the start of Trump's bull-market, I am sure people will pump this all the way to the moon; they won't care about possibilities, risks, strategies or market dynamics, they will just want to show their support. To do so, just buy and hold.
Sellers are going to be losers when it comes to this coin.
Prepare for a strong bull-market.
Trust! The best is yet to come.
You deserve maximum profits in this life.
You deserve the best.
Enjoy your life to the fullest. It is yours.
You are the commander of your own Spirit.
You are the ruler of your own Soul.
Namaste.