Key Insights:
- If the TRUMP coin price falls below the $9.55 level, the next support for the memecoin is at $8.74.
- An expert previously predicted that if the TRUMP price falls below $11, it could drop to the $7.3 level.
In a major market shift, the Trump coin price has been hit hard, losing 17% of its value recently. This notable dip has opened the path for downside momentum in the meme coin.
According to the daily chart, the TRUMP coin price had held above the key support level of $10.45 for the past five trading days, but it has now fallen amid a significant shift in market sentiment.
Current Market Sentiment and TRUMP Price Momentum
Over the period, these small dips have dragged the TRUMP coin price down from $15.90 to $9.54 in just two weeks, indicating strong bearish momentum.
At press time, TRUMP was trading near $9.85 and had recorded a price decline of over 11% in the past 24 hours. This drop has garnered significant attention from traders and holders, resulting in a 185% jump in trading volume.
In a bearish market sentiment or when the price continues to bleed, a notable surge in trading volume often occurs. This is usually caused by the liquidation of traders’ positions after the loss of the key support level at $10.45. Additionally, panic selling by investors, fearing that the price could drop further, also contributes to the spike in volume.
Expert Predicts $7.3 Level Next
Before this dip, a crypto expert shared a post on X (formerly Twitter), noting that TRUMP appeared to be forming a symmetrical triangle pattern on the daily timeframe.
The expert also stated that if the TRUMP coin price held above $11, there was a strong possibility it could surge to the $12.5 and $15.5 levels — a scenario that has now failed.
He further noted that if the TRUMP coin price fails to hold the key support, it could drop to the $7.3 level.
Trump Coin Price Action And Technical Analysis
According to expert technical analysis, the TRUMP coin price is now pausing at another key support level of $9.55. However, this level appears weak due to the prevailing bearish sentiment and overall market structure.
TRUMP Price Prediction
Based on recent price action and historical patterns, if the downward pressure continues and the TRUMP coin price falls below the $9.55 level, the next support could be around $8.746.
On the other hand, if sentiment shifts and the price holds above $9.55, there is a strong possibility the meme coin could rally toward the $11 level. However, a strong price reversal from the current level appears challenging given the present market conditions.
Besides all this, TRUMP’s Relative Strength Index (RSI) stands at 33, indicating that the asset is nearing oversold territory. In the meantime, if the current sentiment remains unchanged, the TRUMP coin price could face significant downward pressure and momentum.
Mixed Sentiment From On-Chain Metrics
Despite having a bearish outlook, investors and long-term holders are currently seen accumulating tokens, as reported by the on-chain analytics tool Coinglass.
$9.50 Million Worth of TRUMP Outflow
Data from spot inflow/outflow reveals that exchanges have recorded a significant outflow of $9.50 million worth of TRUMP meme coin.
Such substantial outflows, especially when the asset’s price continues to dip, are often considered a sign of potential accumulation by investors and long-term holders.
$29.40 Million Worth of Bearish Bets
On the other hand, TRUMP traders are strongly betting on the bearish side. At the time of writing, traders were found over-leveraged at $9.30 on the lower side (support) and $10.80 on the upper side (resistance).
At these levels, they have built $8.50 million worth of long positions and $29.37 million worth of short positions. These bets on each side highlight the strength of short sellers, who believe that the TRUMP coin price won’t cross the $10.80 level anytime soon.