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The broader crypto industry is in the red right now, led by Bitcoin, which has dropped to $95k. Other cryptocurrencies are suffering in the current market
The price of the TRUMP meme coin has fallen sharply in recent days, despite a last-minute attempt by President Donald Trump to boost its value.
The token, which soared to a market value of over $5 billion immediately after Trump took his oath, is now trading slightly above $17, down nearly 18% from its previous day’s close.
The latest price action came when Trump, apparently taking matters into his own hands, shared a post about the token on Truth Social.
On its weekly chart, TRUMP is down 35% and 70% from its all-time high, respectively.
It was reported that the token’s crash happened right after the President shared a post on his Truth Social account. Also, his administration has been fending off criticisms after announcing the new tariff policy.
Immediately after the post went public, TRUMP’s price dipped by more than 13%, dropping below $20.
The token enjoyed a huge run two weeks ago, hitting an all-time high of $73.43. Also, data suggests that trading volume for the asset has increased by 65%, valued at $3.4 billion, as holders moved to sell.
On the other hand, some experienced traders are eyeing the token’s brief dip below $20 as a buying opportunity. Captain Faibik, a popular crypto analyst, joined the conversations suggesting to “buy the dip.”
According to Faibik, the token’s falling wedge is still active, and he anticipates a strong recovery from it.
A Trump Pump And A Possible Bounce Back?
In crypto, the falling wedge often indicates a potential price breakout. Many $TRUMP holders are using this chart to argue that a surge for this token is happening soon.
Crypto expert Edward Morra also shared his thoughts, saying that the token has recovered from the $20 level and predicted it’s now on the way up. He admitted that $TRUMP went deeper than expected, but he shared that he bought the dip and is now looking at its bullish potential.
Over at Truth Social, President Trump shared a post in support of his token, an obvious ploy on marketing. However, many observers criticized this move from the president, saying that the “pump” may soon lead to a “dump”.
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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