The Solana-based TRUMP memecoin is showing strong signs of recovery this November 6. Technical charts have confirmed TRUMP’s falling wedge breakout. This bullish pattern suggests a significant recovery. The asset is trading above $8.30, after bouncing over 450% from its October low of $1.50, following a 90% collapse earlier in the year.
The technical analysis shows a classic bullish reversal structure. The price broke above the wedge’s upper trendline in late October. This move was supported by a notable spike in trading volume, suggesting renewed market participation. This pattern establishes a technical upside price target. Analysts project a 70% rally from current levels toward $13 by the end of the year.
Are the new fundamentals justifying the technical optimism?
Confidence in the rebound has strengthened thanks to two key announcements from its issuer, Fight Fight Fight. On October 30, the company reported advanced talks to acquire the US operations of Republic.com. This deal could transform TRUMP from a purely speculative asset to one with real utility. Users of the crowdfunding platform could potentially use the token for transactions.
Furthermore, the firm plans to raise a $200 million digital-asset treasury. This fund will be used to buy back TRUMP tokens from the market. This strategy is designed to reduce the circulating supply. Therefore, it reinforces the asset’s scarcity. These fundamental developments support the bullish technical outlook shown by TRUMP’s falling wedge breakout. Analyst TrentyyX even projects a full recovery toward the $16.50 resistance area.
The cryptocurrency’s price faces immediate resistance. It must decisively close above the 50-day EMA (near $8.82) to confirm bullish continuation. Failure to hold this level could delay the bullish rally. A potential scenario would be a retest of the wedge’s support, now near $6.50. However, the combination of technical and fundamental factors suggests renewed interest in the asset.
