TRUMP crypto rebounds as Iran and U.S. have a ‘very good meeting’ – What’s next?

The United States and Iran held a three-hour meeting at the UN in New York on Tuesday, the 22nd of September. Afterward, President Trump told reporters that it was a –

Very good meeting.

Bitcoin [$BTC] moved toward the $87.3k local highs established on Monday, the 21st of September, but could not break through at the time of writing.

The memecoin sector has responded well to the uptick in bullish sentiment across the crypto sphere. According to Glassnode, memecoins have rallied by 29.2% over the past week, easily surpassing the 14.4% weekly returns of $BTC.

Dogecoin [DOGE] was up by 25.36% over the past week. Official Trump [$TRUMP] was unable to match this performance, with its 17.82% weekly move higher. But there’s reason to believe that $TRUMP crypto could move higher in the coming days and weeks.

$TRUMP crypto rebounds from pivotal level

In August, $TRUMP had a bearish swing structure on the daily timeframe. This structure was decisively shifted bullish by the rally from $1.365 to $3.68.

The move lost its momentum and saw a deep retracement to $1.86 in September. This level was the 78.6% Fibonacci retracement level plotted onto the August rally.

On the bright side, $TRUMP crypto bulls have defended this support level and pushed prices back above $2. The MACD was forming a bullish crossover above the zero line, another sign that upward momentum was taking root.

However, the CMF was still unable to climb above +0.05. Large intraday volatility in recent weeks has kept the indicator in negative territory and sparked worry of a distribution phase above $2.5.

Traders’ call to action – Stay bullish

The $2.10-$2.30 area had been a support zone earlier in September but was now a short-term resistance area. If $TRUMP crypto can continue its climb and reclaim this area as support, it would offer a buying opportunity.

On the 4-hour timeframe, both the CMF and the MACD were bullish, reinforcing the view that the 1-day chart’s uptrend would continue.

Final Summary

• The Iran-U.S. meeting on Tuesday helped spark a short-term crypto price surge.
• $TRUMP crypto has a bullish structure, and its recovery from $1.86 signaled a continuation of August’s uptrend.