TRUMP (TRUMP) Price Prediction: Will the Official Trump Memecoin Rise or Fall After the Exclusive Dinner?

Data from GetTrumpmemes shows that the top 220 holders of the Official Trump (TRUMP) memecoin collectively hold nearly $150 million, earning them an exclusive dinner with the U.S. President on May 22.

The price of the Official Trump (TRUMP) memecoin has pulled back after failing to rise above a key resistance level.

Key Takeaways

Data from GetTrumpmemes shows that the top 220 holders of the Official Trump (TRUMP) memecoin collectively hold nearly $150 million, earning them an exclusive dinner with the U.S. President on May 22.

Despite the bullish sentiment around the approaching event, TRUMP’s price has faced a setback. On Sunday, May 11, the memecoin hit $15 for the first time since April 28.

However, TRUMP has since dropped below that level and is now trading under $13. With the pullback in play, what’s next for the memecoin?

This setup ensured that the memecoin’s price fell below $8 around the last days of April.

Later, it broke out of the bearish pattern, boasting a rally that saw it hit $15 last Sunday. But as of this writing, TRUMP’s price has fallen to $12.85.

This happened after the cryptocurrency failed to break past the resistance at $15.46. The Relative Strength Index (RSI) has declined to 53.64 on the same daily chart.

Earlier on, the RSI was 64.65, indicating bullish momentum. The RSI uses the speed and size of price changes to measure momentum.

When the reading rises, momentum is bullish. Therefore, the recent drop validates the bias that bullish momentum is fading.

If this trend continues, the TRUMP’s price might drop lower irrespective of the upcoming Dinner or the amount spent to hold the memecoin and to get a spot.

In addition, the 4-hour chart also presented a bearish outlook. According to the image below, the Moving Average Convergence Divergence (MACD) dropped into the negative region in that timeframe.

This drop signifies bearish momentum, as previously indicated by the RSI above. The Exponential Moving Average (EMA) also shows a bearish crossover.

A bearish crossover occurs when the longer EMA rises above the shorter EMA. The 26 EMA (orange) has crossed above the 12 EMA (blue).

If sustained, TRUMP’s price might fail to hit higher highs. In addition, the Chaikin Money Flow (CMF) has declined below the zero signal line.

At press time, the CMF on the TRUMP/USD chart is at -0.16, indicating rising selling pressure. Should this remain the same, TRUMP’s price could decline to the 0.382 Fibonacci retracement level, which is positioned at $11.24.

If bulls fail to arrest this decline, the price drop could extend to $10.01. However, this potential trend could change if momentum turns bullish and buying pressure intensifies.

Should that be the case, the TRUMP memecoin value might rise above $16.44. In a highly bullish scenario, it could get closer to $25.