TRUMP Memecoin Falls 15%, More Losses Possible
Key Takeaways
- The memecoin TRUMP dropped by over 15% in the past 24 hours.
- A further decline to USD 7.90 is possible.
- Traders are increasingly betting on falling prices – short positions significantly outweigh longs.
- On-chain data shows outflows of over USD 4.65 million from exchanges – a sign of accumulation.
TRUMP Memecoin Under Pressure
The cryptocurrency TRUMP, associated with the figure of Donald Trump, is currently in a critical phase. After breaking the important USD 10 mark, the price dropped by over 15% within a single day. This continues a pattern observed in the past: every time TRUMP broke through its support zones, a price loss of around 18% followed.
Chart Analysis Indicates Further Downside Potential
A look at the price trend since February 2024 shows: the price has already dropped by about 18% twice after breaking support levels. If this pattern repeats, the price could soon fall to USD 7.90. TRUMP is currently trading at around USD 8.80. The Relative Strength Index (RSI) is near the oversold zone – a sign of weak market sentiment and low buying pressure.
Traders Are Betting on Falling Prices
According to data from analytics platform Coinglass, many traders are currently heavily leveraged. Most open positions are between USD 8.67 and USD 9.49. In the past 24 hours, short positions worth USD 11.03 million were opened – compared to only USD 3.25 million in long positions. This distribution indicates a predominantly pessimistic market outlook.
Exchange Outflows May Indicate Accumulation
Despite the negative price action, on-chain data shows interesting movements. Over the past 24 hours, TRUMP tokens worth over USD 4.65 million have been withdrawn from centralized exchanges. Such outflows often suggest that investors are securing their holdings or planning to hold long-term – a possible sign of a “buy the dip” strategy.
Our Assessment
The current situation surrounding the TRUMP memecoin is tense. Technical indicators and trader behaviour suggest further downside potential. If the price remains below USD 9.50, a drop to USD 7.90 is realistic. At the same time, exchange outflows show that some investors are betting on a recovery. Anyone invested in or considering investing in TRUMP should closely monitor price developments and carefully weigh the risks. A clear trend reversal is not yet in sight.
Sources
- TradingView
- Coinglass
- AMBCrypto
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