Official Trump token holds on at $8.5: What’s next as bears stay in control?

Key Points

1. The Official Trump memecoin bounced from the $8.5 support level to $8.89, but the market structure is still bearish.

2. A move above the $10.5 local high is needed to shift the market structure to bullish.

3. The memecoin has struggled to break the $11 resistance level since early June, while the $8.5 support zone has held.

4. The On-Balance Volume (OBV) has declined slightly, and the Relative Strength Index (RSI) is at 39, indicating potential for a rebound.

5. A drop below $8.5 would invalidate the bullish outlook, while a break above $8.95 could signal further upward movement.