Analysts Suggest TRUMP May Have Hit Bottom at $25
After a prolonged downtrend spanning eight days, analysts are now suggesting that TRUMP may have found its bottom at $25, signaling a potential reversal in its price trajectory.
According to analysis by Andrew Kang, a respected figure in the cryptocurrency space with a significant following, TRUMP likely reached its lowest point at $25 on January 27. This marked a significant decline of around 68% from its all-time high of $73.43, achieved just before Donald Trump’s inauguration on January 19.
Kang’s assessment was based on a detailed analysis of a 4-hour TRUMP/USDT chart, which revealed a bottoming structure and signs of reversing momentum, with TRUMP finding solid support at the $25 level.
Furthermore, Kang highlighted that despite its association with former President Donald Trump, TRUMP has maintained a relatively modest market cap compared to its brand recognition.
Market commentator ‘Captain Faibik’ also supported Kang’s analysis, noting that TRUMP has formed a bullish pattern that could potentially mark the end of its recent downward trend.
Analysis of a 4-hour chart shared by ‘Captain Faibik’ indicated that TRUMP had broken above a falling wedge pattern, a technical signal of a strong bullish reversal in the market.
Following its launch on January 17 as a tribute to Donald Trump just days before his inauguration, the meme coin quickly surged to an all-time high of $73.43 within 48 hours, attaining a market cap exceeding $14.5 billion.
Despite the subsequent decline of approximately 60% to stabilize around the $25 support level, TRUMP’s market cap currently stands at $5.8 billion, positioning it as the 31st largest altcoin by market capitalization.
Market Trends Support Bullish Outlook for TRUMP
Recent data from derivative trading platform CoinGlass has shown a notable 15% daily increase in open interest in TRUMP’s futures market, now totaling $939 million. This uptick in open interest typically signifies growing market participation and positive sentiment, indicating a influx of new capital into the TRUMP market.
Whales, large holders of cryptocurrency, have also shown renewed interest in TRUMP after previously divesting their holdings. Notably, a whale who previously sold TRUMP tokens at a peak profit has now begun accumulating the meme coin once again.
On-chain tracking data from Whale Watch has highlighted significant transactions in TRUMP over the past 24 hours, with notable purchases by ARC and ACT whales further supporting the bullish case for the cryptocurrency.
Technical indicators, such as TRUMP’s Relative Strength Index (RSI) on the 1-day chart nearing oversold levels at 39, suggest a potential reversal in price as buyers step in to drive the value upwards.
As of the latest data, TRUMP has seen a 13.7% increase in price, trading at $29.35 per coin, indicating potential upward momentum in the near term.