The cryptocurrency market continues to show positive trends, significantly led by Ethereum, which has made notable gains in recent weeks, quietly boosting interest in memecoins and new projects like TRUMP.
Market Overview
The cryptocurrency market is experiencing a wave of optimism driven primarily by Ethereum (ETH), which has surged 23% over the past week. Currently, ETH is trading above $3,750, which has contributed to rising prices of other assets, including memecoins.
Power of 3 Formation in TRUMP
Memecoin Official Trump (TRUMP) has gained 11% over the past 24 hours, extending its monthly rally to 22%. Its technical chart indicates a Power of 3 formation, potentially signaling a significant breakout.
On the daily chart, TRUMP is forming a classic Power of 3 structure, often associated with phases of accumulation and manipulation by larger market players.
**Accumulation Phase:** From late April to early June, TRUMP consolidated within a $11.16-$16.00 range, reflecting large players quietly building positions.
**Manipulation Phase:** Following this, TRUMP experienced a sharp drop below this range to around $8.30, fitting the “stop-hunt” characteristic.
Outlook for TRUMP
The current rise in TRUMP suggests the possibility of an Expansion Phase if it can hold above the 100-day moving average ($10.80) and decisively break above $16.00. This would confirm the Power of 3 formation and potentially propel TRUMP to $23.70, representing a potential 110% increase from current levels. However, confirmation is essential; a strong breakout with volume above $16.00 will be critical to validate the bullish scenario.
The cryptocurrency market is showing positive trends that could lead to new highs for assets like Ethereum and TRUMP. Investors are advised to closely monitor movements on the charts and consider technical signals.
