The cryptocurrency market is showing a bullish trend, leading to gains in Ethereum and interest in the memecoin Official Trump.
Bullish Trend in the Cryptocurrency Market
The cryptocurrency market continues to show confident upward trends. Ethereum (ETH) has risen by 19% over the past week and is nearing the $3,150 mark, indicating further upward movement.
Harmonic Pattern of Official Trump
On the 4-hour chart, Official Trump (TRUMP) is forming a bearish ABCD harmonic pattern, which often precedes a short-term rally. The pattern began to form around July 8 and reached point B at approximately $10.41, followed by a retracement to point C at about $8.99. Currently, TRUMP is trading near $9.48 and if the pattern completes as expected, it may reach point D, aligning with the 1.381 Fibonacci extension at $10.95.
What's Next for Official Trump?
If this bullish harmonic structure plays out fully, TRUMP could rally towards the Potential Reversal Zone (PRZ) around $10.95. This level may act as a critical resistance point where profit-taking could occur. It's also important for the price to hold above the 200-period moving average, which is currently at about $9.19. A break below this level may weaken the pattern and open the door for short-term bearish pressure.
Thus, the cryptocurrency market is displaying positive trends, and developments surrounding Ethereum and Official Trump could be key moments for traders.
