Trump Coin (TRUMP) has plunged below the $13 support level on Friday, May 16

Trump Coin (TRUMP) has plunged below the $13 support level on Friday, May 16, following a volatile week defined by mixed market narratives.

Trump Coin (TRUMP) plunged below the $13 support level on Friday, May 16, following a volatile week defined by mixed market narratives and a new initiative from Asia's largest ETF investor.

At the same time, Bitcoin continues to consolidate above the $100,000 mark, signaling macro bullishness, while XRP price came under pressure as US District Judge Analisa Torres upheld a $125 million penalty related to the ongoing enforcement saga.

Solana also faced bearish momentum as impending $5 billion payouts from FTX rattled investor confidence, prompting over 1.4 million SOL staking withdrawals over the past week.

Earlier in the week, Trump Coin faced sell pressure as reports confirmed that a Chinese institutional buyer had acquired $300 million worth of TRUMP. The deal, while monumental in scope, spooked retail investors who feared market manipulation or impending regulatory scrutiny.

However, Trump Coin has enjoyed unprecedented levels of social media traction this week, linked to U.S. President Donald Trump’s diplomatic tour of the Middle East.

Trump Coin Social Mentions trending at All-Time Highs as Trump Visits Middle East Countriess

Trump Coin’s price may be trading lower at $12.69, but its social traction has surged to unprecedented levels, hinting at a potential bullish reversal.

This spike in attention coincides with U.S. President Donald Trump’s high-profile tour of the Middle East, which has dominated global headlines and triggered reactions across crypto communities.

According to Santiment, which tracks Social Volume—the number of times a token is mentioned across major crypto-focused social channels like Twitter, Telegram, and Reddit—Trump Coin has surpassed all previous records set during its January launch window.

On January 20, 2025, the day with the highest social volume at launch, Trump Coin recorded 281 mentions. As Trump embarked on the official trip to the Middle-East this week, that number shot up to 847 on May 12, having printed all time high values of 949 mention on April 30 reflecting a 264.4% increase from the January peak.

At press time on May 16, Social Volume remained elevated at 462, well above the historical average for TRUMP. These sustained high volumes suggest persistent global engagement during Trump’s tour of Saudi Arabia, Qatar, and the UAE.

This may explain why TRUMP Coin price has consolidated at the $13 resistance amid concerns of regulatory scrutiny following a $300M acquisition by a Chinese firm earlier in the week.

If the Social Volume uptick continues, TRUMP Coin price could be on the verge of another parabolic breakout. However, technical indicators on the TRUMPUSDT daily chart present a bearish short-term outlook.

Trump Coin Price Forecast: $10.35 Support at risk as $13 Fails to Hold

Trump Coin (TRUMP) slipped 1.64% today to trade at $12.56, extending its recent pullback from the May 9 high of $15.79.

Despite elevated social volume this week, momentum has visibly cooled across key indicators. TRUMP remains pinned beneath the mid-range VWAP at $12.74, suggesting fading buyer strength amid uncertainty around broader market conditions.

The Relative Strength Index (RSI) has dipped to 51.29, down from last week’s overbought region near 65. This signals weakening bullish momentum and aligns with a flattening MACD histogram.

The MACD line sits just above the signal line, but convergence is apparent. A confirmed bearish crossover could open downside risk toward the Donchian Channel lower bound at $10.35—a level that coincides with prior support during April’s consolidation phase.

A retest of that support could invite dip-buying interest, especially if sentiment improves around meme tokens. Notably, Asia's largest ETF investor is reportedly raising stakes in Blackrock's IBIT shares to $691 million.

To align with Bitcoin’s upside potential, the bulls must reclaim the $13.07 Donchian median and close above the $15.79 resistance levels.