The recently launched Trump (TRUMP) meme coin has been making waves in the cryptocurrency market, with a remarkable 24% increase in value over the past 24 hours. Trading at around $20.15 according to CoinMarketCap, TRUMP has broken through a key resistance level of $19.70, signaling a potential upward trend.
TRUMP Price Action and Future Levels
The surge in price has led to the breakout of the $19.70 resistance level, paving the way for further gains in the days ahead. Despite this positive development, the breakout is not yet complete. Based on recent price movements and historical patterns, if TRUMP manages to close a four-hour candle above $20.30, there is a strong possibility that it could rise by 40% to reach $29 in the near future.
Investors Dump $66 Million Worth of TRUMP
While the bullish outlook is promising, there is cause for concern as a significant amount of TRUMP coins have been dumped on exchanges. This influx of selling pressure could potentially lead to a decline in price. Data indicates that a whopping $66 million worth of TRUMP coins have been traded on exchanges, marking the largest inflow since the coin’s launch.
Traders’ Optimism
Despite the potential selling pressure, traders remain optimistic about TRUMP’s future. Intraday traders have been actively increasing their positions, with TRUMP’s open interest rising by 35% in the past 24 hours. However, it is worth noting that traders with long positions currently dominate the market. Liquidation levels are set at $18.60 on the lower end and $21.36 on the higher end, with intraday traders at risk of being overleveraged at these levels.
In conclusion, the Trump meme coin’s price action and market dynamics indicate a mix of bullish and bearish sentiments. While there is potential for significant gains if certain resistance levels are breached, investors should remain cautious of the high selling pressure and overleveraged positions in the market. Stay tuned for further updates on TRUMP’s performance in the ever-evolving cryptocurrency landscape.