Trump Cryptocurrency Sees Positive Signs Despite Market Sell-off
The Official Trump (TRUMP) cryptocurrency might be on the brink of a price recovery, fueled by a promising double-bottom pattern in its daily chart. On September 9, TRUMP traded at $8.68, showing resilience amid unfavorable conditions.
Despite a 90% nosedive from its peak value and escalating negative sentiments, technical analyses suggest a possible turnaround. A double-bottom,characterized by two successive lows with a peak in between,appears near the $8.25 mark observed in June and September.
According to market experts, if TRUMP breaches the $11.94 resistance,it could rally towards $15.65—an eye-catching 82% hike from recent prices. However, should the price slip below the $8.25 support, further drops to $5 aren’t out of the question.
- A double-bottom suggests a future trend reversal.
- A price hike could be triggered if TRUMP surpasses $11.94.
- An increased presence of TRUMP on exchanges hints at active selling.
Notably, a whopping 129 million TRUMP tokens reside on crypto platforms—a 3.92% rise over the past month. Moreover, reports show a decline in whale-held coins from 5.66 million to 5.13 million, hinting at ample dumps.
Amidst this landscape, approvals from financial entities like Canary and REX Shares could attract US investors, possibly boosting the TRUMP crypto price. While technical indicators hint at improvement, caution prevails due to ongoing sales pressures.
