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The meme coin has lost 33% on the weekly chart and is now 70% below its all-time high of 75.
The TRUMP meme coin has seen a rough week, losing 33% on the weekly chart and now trading 70% below its all-time high of 75. However, daily trading volume surged by 65% to 3.4 billion as investors rushed to sell.
Derivatives data from Coinglass reveals a 13% drop in open interest to 720 million, with 15 million in liquidations, including 11 million in long positions.
As the TRUMP price hit a daily low of 18.75, it rebounded slightly to 21.09, sparking debate among analysts about whether this is a buying opportunity.
Captain Faibik, a prominent crypto analyst, highlighted a falling wedge pattern, often seen as a bullish indicator, suggesting a potential price recovery.
“Buying the TRUMP dip! The falling wedge is still in play, expecting a strong bounce back,” Faibik stated on X (formerly Twitter).
Another analyst, Edward Morra, noted that the price bounced from a key support level at 20, adding, “Loaded up on TRUMP (average 21.5). Ideally, looking for a bullish reclaim above 25 for continuation.”
Key Points:
Trump's Failed Pump Attempt
Donald Trump's attempt to boost the TRUMP memecoin on Truth Social backfired, as the token continued its downward spiral.
In a post, Trump wrote, “I LOVE TRUMP!!” urging supporters to buy the coin. However, the promotion drew criticism from industry leaders.
Anthony Scaramucci, founder of SkyBridge Capital, criticized the move, stating, “President Trump posted on Truth Social last night in an attempt to ‘pump’ his TRUMP memecoin… The result has been an acceleration of the ‘dump,’ now down 70% from its peak.”
The TRUMP token has slipped to fourth place among meme coins, losing its third spot to PEPE Coin. The broader crypto market also faces pressure, with Trump’s proposed tariffs adding to the uncertainty.
Despite Trump's promotional efforts, the TRUMP memecoin remains under heavy selling pressure. While some analysts see a potential recovery, the token's future hinges on broader market trends and investor sentiment. For now, the meme coin's volatility serves as a cautionary tale in the unpredictable world of cryptocurrency.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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