The consolidation of the TRUMP token may signal its bottoming zone, followed by a breakout to the upside.
The upcoming debate between Harris and Trump could be a significant catalyst for political tokens.
Based on technical analysis, this is a bullish falling wedge pattern, with possible targets of $11.50 and $17.75 if the resistance is breached.
In light of the increasing political tensions before the debate between Vice President Kamala Harris and the former Head of State Donald Trump, the rates of the TRUMP token are changing. The digital asset went down by 2.75% to $3.05 during a relatively quiet Sunday trading session. Now it seems to be caught in a consolidation phase that started at the beginning of this month.
Source:Coingecko
The crypto community expects fluctuation as the expression of opinions in the debate is only a few days away. The event could be the main trigger for TRUMP and other political tokens, such as KAMA, which are highly associated with political events. While both candidates are set to outline their stances on important topics like economic growth, international relations, and immigration, traders are keenly observing how these debates could affect the market.
Signs of a Bottoming Zone in TRUMP Token
Market analysts have been keen to observe the price pattern of TRUMP and observed that consolidation could mean a bottom zone. Based on Sistine Research findings, sideways trading movement implies buyers are slowly clawing back into bullish territory.Â
https://twitter.com/sistineresearch/status/1829889517576470589
This could support an upside breakout, especially with the focus on the debate next week. If the price breaks above the current trend line, it might signal a new round of speculation in the TRUMP token and a reversal of the recent decline.
Technical Indicators Point to a Potential Breakout
A closer look at the daily graph shows that the TRUMP token is currently in a falling wedge, a bullish pattern that typically precedes a reversal. This pattern indicates that bearish pressure is decreasing as the two trend lines converge, and if the price breaks above the upper trendline, a sharp rise may occur.
A successful breakout would require flipping the overhead resistance into support, which could propel the TRUMP token to price targets of $11.50 and $17.75.As the TRUMP token hovers near its bottoming zone, investors are preparing for a possible breakout triggered by the upcoming debate.Â
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