Trump’s Post on Truth Social Triggers 5% Surge in Pepe Coin
On May 29, US President Donald Trump posted on Truth Social, which led to a brief spike in the price of the meme coin PEPE. Initial excitement saw PEPE increase by 5%, but it then fell back by 15% shortly after.
Price Movements
- PEPE's price hit upper resistance after Trump's post.
- Short surge resulted in a 5% gain followed by an 18% correction due to profit-taking and market pressure.
- Meme coins are highly volatile; small social media posts can rapidly influence prices.
Technical Analysis
- PEPE is forming a cup-and-handle pattern; breaking above could target $0.000026.
- Current MACD suggests a near-term downtrend; RSI has dipped toward 52.
- Key Fibonacci level at $0.00001 may serve as support; if breached, next support is at $0.000008.
Market Context
- A recent court ruling reversed tariff suspensions around the same time as PEPE's price spike.
- Broader trade news affects traders' sentiment towards riskier assets like meme coins.
Outlook
- Continued social buzz needed for PEPE’s price to rise significantly.
- Breaking current resistance is essential to aim for $0.000026; otherwise, selling pressure may persist.
- Watch the 0.618 level at $0.00001 for potential bounce signals.