TRUMP Token Falls 13% as Market Approaches Critical $8 Support Level
The meme token TRUMP, backed by Donald Trump, has decreased over 13% in the last 24 hours, trading at $8.94 from a daily high of $10.63. Trading volume surged by 118.63% to $891.21 million, indicating seller dominance.
Price Dynamics
- Failure to maintain the $10 support could lead to a decline to $8, as warned by analyst Ali Martinez.
- If TRUMP breaks below $8, potential downside targets are $7 and $5, with $5 serving as a psychological support level.
- The 20-day EMA is at $10.78, presenting resistance to recovery efforts.
- The Relative Strength Index (RSI) is at 31.93, suggesting bearish control.
- The price has dipped below the lower Bollinger Band, indicating further declines may be possible.
Upcoming Token Unlock
On April 17, 2025, a significant token unlock event will release 40 million TRUMP tokens, valued at approximately $351 million and constituting 20% of the circulating supply. Such events typically exert downward pressure on prices.
- Analysts anticipate a steep price decline post-unlock due to concerns over early investors cashing out.
- Trader Kaizen plans to short TRUMP ahead of the unlock, predicting a potential collapse.
Investors remain cautious, especially following a recent 22% price drop in the past week.