Key Insights :
- OFFICIAL TRUMP (TRUMP) meme coin could soar by 40% and reach the $22 level in the coming days.
- The $13.30 level is a make-or-break point for the TRUMP meme coin.
- Exchanges have recorded a $32 million outflow of TRUMP over the past 24 hours, indicating potential accumulation.
Amid the shift in market sentiment, the TRUMP meme coin is garnering significant attention from crypto enthusiasts. The meme coin has surged 40%, showing strong momentum. It is now experiencing a healthy price correction.
However, one thing that raises eyebrows is the outflow of the TRUMP meme coin from exchanges. Whales are actively accumulating the token, signaling strong interest. They may capitalize on the correction before the next rally starts.
$32.61 Million Worth of TRUMP meme coin Outflow, Rally Imminent?
Coinglass data showed a global exchange outflow of $32.61 million in the TRUMP meme coin. This significant movement occurred in the past 24 hours. This substantial outflow occurred during the meme coin’s correction phase following a notable rally.
This outflow from exchanges indicates potential accumulation by whales and long-term holders. In the current market sentiment, such outflows can create significant buying pressure and fuel a further upside rally.
Traders Strong Bets on Long Position
Investors and long-term holders remain optimistic about the market’s future. Traders further support this sentiment by increasingly betting on long positions.
Traders are currently over-leveraged at the $13.23 level on the lower side and $14.33 on the upper side. At these levels, there are $17.36 million worth of long positions. Additionally, short positions amount to $16.91 million.
This indicates a strong interest in long positions. Beyond highlighting over-leveraged levels, the data also reveals key support and resistance zones based on traders’ bets.
Bulls are currently in control based on on-chain metrics. There is a strong chance that the TRUMP meme coin could rally. This could happen once the broader market correction ends.
At press time, TRUMP was trading near $13.75 and had recorded a price decline of over 8% in the past 24 hours.
During this time, the ongoing correction caused a sharp decline in participation from traders and investors. As a result, trading volume dropped by 20%. This reflects reduced market activity across the landscape.
TRUMP Price Action & Technical Analysis
According to expert technical analysis, the TRUMP meme coin appears bullish. However, it has been undergoing a correction since the recent rally.
Per the daily chart, the meme coin recently rallied by 40%. It reached a strong resistance level of $16, with a history of price reversals. TRUMP recorded a 30% downside momentum the last time it reached this level. However, this time sentiment has shifted, making it less likely to happen.
If the meme coin’s correction ends and its price surpasses $16, it could trigger a strong upward movement. This surge might push the TRUMP meme coin’s value up by 40%, potentially reaching $22 soon.
If market sentiment weakens and the price drops below $13.30, it could pave the way for further decline. This downturn might mirror past trends, leading to another corrective phase.
TRUMP’s RSI has dropped from the overbought zone and now sits at 58. This suggests the meme coin has enough strength to maintain its upward momentum. If it breaks the resistance level, further gains could follow. A stronger rally may be on the horizon.