TRUMP Token’s $938 Million Unlock Sparks Short-Lived Rally, Price Struggles Below $11
Despite a short-lived rally after the $938 million unlock, OFFICIAL TRUMP token struggles below key resistance levels, requiring strong demand to push past $11. Ask ChatGPT Despite a short-lived rally after the $950 million unlock, OFFICIAL TRUMP token struggles below key resistance levels, requiring strong demand to push past $11.
OFFICIAL TRUMP (TRUMP) has experienced a surge in price this month, showing some recovery after recent struggles.
However, the token’s short-term rally was quickly dampened following the release of a large portion of its supply.
OFFICIAL TRUMP Token Unlock
OFFICIAL TRUMP recently saw its first major token unlock in six months, which flooded the market with fresh supply. The 90 million TRUMP tokens unlocked today, worth $938 million, are much smaller than the previous unlock in January, yet they still increased liquidity significantly.
However, the lack of response to the unlock, despite the substantial capital entering the market, further indicates a cooling of investor enthusiasm around the meme coin. With the market’s response being tepid, it’s unclear whether the recent influx of liquidity can reinvigorate the price in the long term.
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OFFICIAL TRUMP Token Unlock. Source:
CryptoRank
Despite the setbacks, there is some macro momentum working in OFFICIAL TRUMP’s favor. The Relative Strength Index (RSI) is currently positioned in the bullish zone, sitting above the neutral mark of 50.0. This suggests that, on a broader scale, the market’s overall momentum remains positive.
Bitcoin’s continued strength, in particular, can spill over into altcoins, providing an opportunity for TRUMP to benefit from the bullish market sentiment. However, the challenge for TRUMP is maintaining investor interest despite the positive technical indicators.
The broader bullish momentum could help, but unless demand for OFFICIAL TRUMP increases substantially, the market’s general optimism may not be enough to sustain a major breakout.
TRUMP RSI. Source:
TradingView
TRUMP Price Faces Challenge
TRUMP’s price recently rose by 6.48%, trading at $10.51 at the time of writing. It briefly surged by 10% during the intraday high, but the rally was short-lived, and the price retraced. The meme coin has struggled to sustain a breakthrough at key resistance levels, with the $10.97 resistance proving to be a difficult hurdle to breach.
If TRUMP fails to breach the $10.97 resistance level again, the coin could face potential corrections to $9.63, making recovery difficult. The token will need strong demand to push past this resistance and secure more gains.
TRUMP Price Analysis. Source:
TradingView
However, should TRUMP capitalize on broader market bullish momentum, it could break past $10.97 and reach $11.00. This would likely invalidate the current bearish outlook and provide an opportunity for a further rise to $12.18.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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