The TRUMP meme coin has been making some waves in the cryptocurrency market and is up by an impressive 15% following its endorsement from the president himself. The cryptocurrency surged to a multi-billion dollar market cap earlier this year before taking a sharp correction.
With social sentiment so high and trading volume so high, is the meme coin actually setting up another massive rally? Here we are going to check out some key resistance levels, whale activity, and technical indicators to see what price moves we can expect next.
In the past 24 hours alone, discussions about the meme token have far exceeded expectations, according to tracking firm LunarCrush.
A big motivator for this sudden increase was a recent post by U.S. President in which he referred to the token as the “greatest of them all. ”
After he posted his post, a lot of money was flowing into $TRUMP on the exchange. Initially the price was $10.90, then $12.50 and finally back down. Today the token is trading around $11.87 up 9% on the day.
When the question arises now: Can TRUMP maintain that momentum or face a second rejection at key resistance venues?
Technical Analysis: Can Memecoin Break Above Resistance?
Key Levels to Watch on the Chart
Resistance Zone: $12.50 – $12.79 (Major breakout level)
Support Levels: $11.50, $10.50, $10.00
200-SMA Resistance: $12.79 (Strong barrier)
50-SMA & 100-SMA Support: $11.22 – $11.25
Volume was quite strong in the following weeks move, which may indicate good buying interest. Meanwhile the Relative Strength Index (RSI) is at 61. 00% which may mean the token is approaching overbought conditions. However there is a lot of room to go.
If the price breaks above $12.79 and held above that level we may see a rally to 14.00–$15.00 in the short term, but if it doesn't hold enough value and goes below $11.50 we could see a pullback to $10.50–$10.00 in the near term.
Source: TradingView
Coinglass shows an increase in open interest which rose by 24.27% to $367.54 million along with an increase in daily trading volume of 334.39% indicating a higher liquidity level for the currency.
Spot inflows also surged to $11.51 million, the highest single-day inflow since the beginning of this month. But whale activity was actually negative net flows - which is one sign that the big players are getting short-term profits.
The recent spike in open interest (and spot market activity) suggests that trader's are positioning themselves for a breakout or spike in volatility.
Historically Donald Trump’s comments have been very influential on the market, particularly in the meme coin space, but as political climate is right now extremely polarized it’s not clear how long these changes will last.
If social sentiment stays up and technical indicators show additional bullish momentum, $TRUMP could see further upside to $14.00–$15.00. But if whales continue to sell into the rally, may see a retracement towards $10.50–$10.00.
The meme coin is at a critical juncture. Bearish sentiment and high volume may help push prices above the $12. 79 resistance level. If it doesn't break out we may see some short term retracement.
With social buzz at all-time highs, traders must closely monitor influence, market trends, and key resistance levels. Will the rally continue or is a clear selloff in the works?
Also read: Solana Price Prediction: Will SOL Price Ignite a Bullish Rally
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