Digital assets witnessed slight retracements on Monday as Bitcoin consolidated around the $103K mark.
While analysts maintain the “calm before the storm” narrative, Official Trump ($TRUMP) appears on the verge of upside breakouts as bullish catalysts loom.
The meme token formed a symmetrical triangle formation, and this week’s dinner between top TRUMP holders and the US president could support the impending bullish breakouts.
The triangle’s measured move suggests extended gains to $28.63.
That would mean an approximately 124% upswing from current prices of $12.78.
$TRUMP holders to dine with the US president
According to Invezz, the top 220 investors of TRUMP meme crypto will attend a private dinner with the pro-crypto United States president this Thursday, May 22.
Furthermore, the top 25 holders will access even more perks, including touring the White House and an exclusive session with the president before the meal.
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$TRUMP, launched a few days before the January 20 presidential inauguration, has been a key for the Trump family’s venture into the crypto market.
Real-world events like the upcoming dinner reflect the project’s dedication to blending loyalty, political identity, and financial speculations.
The occasion, representing the most audacious connection between politics and cryptocurrencies, has grabbed the digital asset community’s attention.
Meanwhile, that has triggered speculations about $TRUMP’s potential price reactions and future performance.
The Thursday event might catalyze significant uptrends, especially if media coverage and key announcements follow.
Narrative remains paramount in meme assets, and Trump’s power and prestige positions the alt for impressive price actions.
$TRUMP price outlook: technical pattern meets political event
As the alt anticipates bullish moves, analyst Rose Signals identified a vital price pattern.
$TRUMP’s 1-day chart has tightened within a textbook symmetrical triangle formation for weeks.
Source – Rose Signals
The pattern remains vital as it often heralds a swift price move in either direction.
Meanwhile, $TRUMP price coils around the triangle’s apex, with eyes on the charts and Thursday’s dinner table.
The daily chart shows the triangle setup maintained crucial support and resistance zones in the past three weeks.
Meanwhile, looming upside catalysts signal imminent rallies.
Meanwhile, enthusiasts should watch for breakouts beyond the triangle’s upper boundary and closing above $13 to confirm extended gains.
$TRUMP hovers at $12.78 after sliding from yesterday’s high of $13.49.
Chart by Coinmarketcap
Bulls will target the initial resistance at $16.90 before exploring $23.64.
Broad-based rallies could support gains toward the measured target of $28.63, translating to a 124% surge from current prices.
Surged volume driven by positive announcements and media coverage during this week’s dinner could support the potential breakout.
However, nothing is a guarantee in the crypto space.
You probably remember how Dogecoin disappointed after Elon Musk’s SNL appearance in 2021.
Possible bearish sentiments around the much-awaited meeting with Donald Trump could catalyze bearish price actions.
That might catalyze a downside breach of the triangle, with price dips below $10.12 invalidating the bullish pattern.
Panic selling might trigger corrections to $8 – a nearly 38% dip from $TRUMP’s current price.
The post $TRUMP price eyes breakout: could presidential dinner spark 120% rally? appeared first on Invezz
