TRON (TRX) and Official Trump Coin (TRUMP) prices rose today, May 22, as the cryptocurrency market bounced

TRX and TRUMP saw an extra boost due to the dinner between Donald Trump, Justin Sun, and other top holders of the Trump Meme coin.

Cryptocurrencies were trading mixed on Monday, May 22, as Bitcoin crossed the $111,000 resistance level.

TRON (TRX) and Official Trump Coin (TRUMP) prices rose today, May 22, as the cryptocurrency market bounced.

Both TRX and TRUMP saw an extra boost due to the dinner between Donald Trump, Justin Sun, and other top holders of the Trump Meme coin.

Tron and Trump Coin Prices Rise Ahead of Justin Sun and Trump Dinner

TRON price is trading at $0.2770, its highest point since December last year, and 37% above the lowest point in February. Similarly, the Trump Coin price rose to $15.28, up by 112% year-to-date.

These two coins will be in the spotlight as President Trump is meeting with the biggest holders of his meme coin. Sun emerged as the biggest holder, entitling him to the broader dinner of the 220 holders.

The dinner is notable for Justin Sun for two reasons. He is the biggest holder of the Trump Coin and one of the top investors in his World Liberty Financial project. At the same time, World Liberty holds 40.6 million TRX tokens valued at almost $12 million.

Therefore, the two tokens could continue rising ahead of the dinner. The risk, however, is a situation known as buying the rumor and selling the news. This is a situation where investors buy assets ahead of a major event and start selling after it happens.

There are signs that some of the attendees to the exclusive gala dinner have started to sell their TRUMP coins ahead of the event.

TRON Price Analysis: Needs to Flip Key Level

The 12-hour chart shows that the TRX price has been in a slow uptrend since March. It has formed an ascending channel, comprising of a series of higher highs and higher lows. TRON’S Bollinger Bands have been highly squeezed of late, while the accumulation and distribution indicator has moved up slightly. This could be a sign that it has been in the accumulation phase of the Wyckoff Theory.

The accumulation is then followed by the markup, characterized by higher demand than supply and higher price. This view will be confirmed if it moves above the upper side of the rising channel at around $0.3.

A drop below the lower side of the channel at $0.25 will invalidate the bullish TRX price forecast and point to more downside, potentially to $0.2100, the lowest point on March 16 this year.

Trump Coin Price Analysis: Nears Crucial Resistance

The daily chart shows that the Trump Coin price has rallied since the Gala dinner news came out in April. It jumped from the all-time low of $7.34 in April to $15.30 today. The Trump meme coin then formed a symmetrical triangle pattern, and has now moved above its upper side. It also moved above the 25-period moving average, while the Relative Strength Index is nearing the overbought level of 70. The ADX has risen to 27, a sign that the trend is strengthening.

The Trump Coin price now needs to rise above the resistance at $16.43, the highest point in April, to confirm more gains. If this happens, the most likely Trump meme coin price forecast is bullish, with the next point to watch being the psychological point at 20.

There is also a risk that it will pull back after hitting the resistance at $15.96 as investors sell the news.