TRUMP Memecoin Recovers Amid Bullish Signals
Key Takeaways
The memecoin TRUMP is showing signs of a potential recovery despite a recent price decline. Spot traders are accumulating the cryptocurrency, while Binance derivatives traders are increasingly betting on rising prices. However, market signals also suggest caution.
Strong Accumulation by Spot Traders
Since March 16, TRUMP tokens worth $41.92 million have been purchased. These purchases occurred despite the absence of a significant price increase, indicating an accumulation phase. In such phases, investors acquire assets at perceived low prices in anticipation of a future price rise.
Binance Derivatives Traders Betting on Rising Prices
The derivatives market also shows a bullish tendency. The long-short ratio on Binance is currently at 3.95, signaling a strong buying inclination. A value above 1 suggests that more traders are betting on rising prices than on falling ones.
Warning Signals from the Market
Despite positive accumulation, some indicators point to a possible further correction. The open interest-weighted funding rate stands at -0.0112%, indicating negative market sentiment in the derivatives market. Additionally, the overall market’s long-short ratio, at 0.9128, suggests that there are more open sell positions than buy positions.
Technical Analysis: Bullish Formation
TRUMP is moving within a descending triangle, a structure often interpreted as a sign of an impending upward movement. If the price breaks out of this formation to the upside, an increase to as much as $32.30 could be possible. However, if the price continues to fall, the accumulation phase may extend before a recovery sets in.
Our Assessment
TRUMP currently presents mixed signals. On the one hand, the high accumulation and bullish chart formation suggest a potential price rally. On the other hand, negative funding rates and a weak long-short ratio indicate a possible further correction. Traders should closely monitor market movements and act with risk awareness.
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