TRUMP Records a Modest 1.57% Gain in the Past 24 Hours, Sharp Contrast to Last Week's 79% Surge

Official Trump [TRUMP] saw a modest 1.57% gain in the past 24 hours. This is a small gain compared to last week’s 79% surge.

Whale accumulation and activity in the spot market were still high. However, some derivatives metrics showed sellers were putting up resistance to TRUMP’s attempt to repeat last week’s move.

Whales accumulate TRUMP againInterest in TRUMP reignited ahead of an exclusive dinner with Donald Trump. Two new whales in the market were seen buying a large amount of TRUMP, with a total value of $6.42 million.

The first whale, who had previously sold off their TRUMP holdings, was seen accumulating again following the dinner announcement. They bought 337,950 TRUMP for a total of $5.2 million.

The other whale pivoted their trade, selling off their Fartcoin [FARTCOIN] holdings and switching to TRUMP after a $1.22 million buy.

This buying activity follows two days of consistent selling activity from the spot market, which has now stalled.

Previously, traders on the spot market were seen selling approximately $27.63 million worth of TRUMP in 24 hours, halting its earlier momentum.

A shaky stance but bullish signalsHaving said that, data from the derivatives market showed a fragile balance between bullish and bearish forces. This is reflected in the liquidation data over the 24 hours, which shows a nearly equal balance between short and long liquidations.

At the time of writing, $4.42 million worth of long positions were forcefully closed, while $4.37 million worth of short positions were also liquidated.

This nearly equal level of liquidation between longs and shorts signifies a trade balance, with no decisive direction for the price movement.

However, the balance in sentiment still leans toward long traders, as the OI-Weighted Funding Rate is seen increasing. The OI-Weighted Funding Rate considers multiple derivatives market metrics to predict the potential direction of the market.

With a positive reading of 0.0116%, it suggests that the market is in a bullish phase, which is likely to continue pushing the price upwards.

TRUMP bears still lurksDespite the bullish signals, the Funding Rate has continued to stay in the negative. At the time of writing, the funding rate dropped to -0.0019.

A slip into negative territory implies that short traders are paying a premium in fees to sustain their positions.

This setup gives short traders an edge, with their positions being more actively engaged compared to those of long traders. Additionally, the Derivatives Trading Volume remains in the negative, currently standing below 1, further indicating bearish sentiment.

The Long-to-Short Ratio, which measures whether the buying or selling volume is dominant, shows sellers in control.

If this ratio continues to remain below 1, then it is likely that TRUMP’s price will see further downward movement.