Key Insights:
- On-chain metrics reveal that exchanges have recorded an outflow of approximately $4.78 million worth of TRUMP crypto.
- If upside momentum occurs and TRUMP crypto breaks out of the symmetrical triangle pattern, the price could jump by 15%.
Amid the ongoing market uncertainty, Trump crypto, The Official Trump (TRUMP), along with other assets, has lost significant value in recent days. Since the Israeli airstrike on Iran, market sentiment has shifted toward the bearish side, and TRUMP crypto has been struggling to gain momentum.
At press time, TRUMP crypto was trading near $10.08, it was largely stagnant over the past 24 hours.
The notable drop in trading volume, despite the unchanged price, indicates that Trump crypto is experiencing weak downside momentum, suggesting a potential pause or consolidation phase rather than a sharp decline.
On-Chain Metric Flashes Bullish Signal
However, given the current market sentiment, investors and traders have shown strong interest in the meme coin, as they have been actively betting on and accumulating TRUMP crypto, according to on-chain analytics firm Coinglass.
Data from spot inflow/outflow reveals that exchanges across the globe have consistently witnessed notable inflows. Amid the ongoing market uncertainty, exchanges have recorded an outflow of approximately $4.78 million worth of TRUMP crypto in the past 24 hours.
Such an outflow of tokens from exchanges under the current market conditions indicates potential accumulation, which can reduce selling pressure and improve market sentiment.
Meanwhile, traders have been strongly following a bullish outlook. At press time, they are heavily over-leveraged at the $9.41 level on the lower side (support) and the $10.73 level on the upper side (resistance) over the past seven days.
At these levels, traders have built $31.98 million worth of long positions and $22.86 million worth of short positions. This suggests that traders strongly believe TRUMP crypto’s price won’t fall below the $9.41 level anytime soon.
However, if the ongoing Israel-Iran tensions escalate and the price drops below this level, the entire $31.98 million worth of long positions could be liquidated, potentially triggering a massive sell-off.
As of now, when combining these metrics, it appears that the bulls have been dominating the meme coin and are helping to reduce selling pressure.
Trump Crypto Price Action and Technical Analysis
According to expert technical analysis, TRUMP was moving sideways as the overall cryptocurrency market continues to experience uncertainty in recent days.
Additionally, the daily chart reveals that the meme coin has formed a symmetrical triangle pattern and is currently at the lower boundary (ascending trendline).
Based on recent price action and historical patterns, if sentiment shifts and TRUMP crypto fails to hold the ascending trendline support, breaking down from the symmetrical triangle pattern, there is a strong possibility that the meme coin could see a 10% price decline, potentially reaching the $8.65 level in the near future.
On the other hand, if upside momentum occurs and TRUMP crypto breaks out of the symmetrical triangle pattern, closing a daily candle above the $10.80 level, the price could jump by 15% and potentially reach the $12.55 level in the near future.
As of now, TRUMP’s Relative Strength Index (RSI) stands at 37.65, signaling that the asset is nearing the oversold zone. This typically reflects growing bearish pressure, but also opens the door for a potential short-term rebound if buyers step in to defend the key support levels.