TRUMP price has witnessed a notable decline in the past few weeks. The Trump-inspired meme coin is now trading at $3.31, reflecting a 27% decline over the past week.
With the election just one week and six days away, TRUMP is poised to revisit its yearly low of $1.70. This analysis explores the factors making that scenario increasingly likely.
MAGA Sees Spike in Selloffs
TRUMP’s price has declined by 22% in the past 24 hours. During the same period, its trading volume has totaled $12 million, rising by 122%.
When an asset’s price drops while its trading volume skyrockets, it indicates strong selling pressure in the market. The combined interpretation of this trend suggests that many TRUMP traders are selling off their positions. This shows that holders are losing confidence in the asset as the election date approaches, prompting a rush to sell.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
TRUMP Price/Volume. Source: Santiment
TRUMP’s negative Chaikin Money Flow (CMF) supports this bearish outlook. As of this writing, this indicator is in a downtrend, below the zero line at -0.04.
The CMF indicator measures money flow into and out of an asset. When its value is above zero, it indicates that an asset is being accumulated, suggesting bullish sentiment, as buying pressure exceeds selling pressure.
Conversely, a CMF reading below zero suggests a bearish sentiment. It signals that selling pressure dominates the market, and downward momentum will likely continue.
TRUMP CMF. Source: TradingView
Furthermore, TRUMP’s double-digit decline has pushed its price below the 20-day exponential moving average (EMA), which tracks its average price over the past 20 trading days.
This is a bearish signal because it suggests that Trump’s short-term trend is weakening. It indicates that the meme coin sellers are gaining control and have pushed its price below the moving average of the past 20 days.
TRUMP 20-Day EMA. Source: TradingView
TRUMP Price Prediction: Meme Coin May Revisit Yearly Low
If the current trend continues, TRUMP’s price is at risk of revisiting its yearly low of $1.70, marking a 48% decline from its current value. However, if market sentiment shifts from bearish to bullish and new demand for the meme coin surges, TRUMP’s price could rebound and begin an uptrend.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
TRUMP Price Analysis. Source: TradingView
In this scenario, it would aim to break through resistance at $5.49. If successful, TRUMP could potentially rally further, targeting $11.64.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Information contained on this page is provided by an independent third-party content provider. This website makes no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact editor @pleasantgrove.business
