Trump Coin Price On Verge Of 30% Rally, Expert Insights
Key Insights:
- TRUMP coin price could soar by 30% to reach the $16 level.
- Traders are over-leveraged at the $11.81 level on the lower side and $12.67 on the upper side.
- During the price surge, long-term holders were seen offloading $10 million worth of the TRUMP meme coin.
Amid a shift in market sentiment, the TRUMP coin price has recorded an impressive 16% upward momentum.
With this rally, the native token of The Official Trump has broken out from a major resistance level and has now reached another key resistance level at $12.40.
TRUMP Price Action and Technical Analysis
At press time, TRUMP was trading near $12.40 and had experienced a price surge of over 16% in the past 24 hours. This surge has attracted notable investors and traders, leading to a significant increase in market participation.
Data from CoinMarketCap shows that TRUMP’s 24-hour trading volume has skyrocketed by 200%. This surge in both trading volume and price indicates strong bullish momentum in the meme coin.
According to expert technical analysis, with the recent rally, the TRUMP coin price has now reached the key resistance level of $12.40 and appears to be attempting to continue its upward momentum.
The four-hour chart reveals that the meme coin has successfully broken out from a descending trendline, which had acted as a strong resistance level. Additionally, it has reached another resistance level that now seems to be creating a hurdle for the TRUMP coin price.
TRUMP Coin Price Prediction
Based on recent price action and historical patterns, if the meme coin successfully breaches the horizontal level and closes a daily candle above the $12.70 mark, there is a strong possibility that the TRUMP coin price could surge by 30% and reach the next resistance level at $16 in the coming days.
Despite the recent rally, TRUMP coin’s Relative Strength Index (RSI) remains below the overbought zone, indicating that the meme coin still has room to continue its upward momentum.
Another positive outcome of this rally is the breakout above the 200-day Exponential Moving Average (EMA), which had previously acted as a hurdle for the coin.
Bullish On-Chain Metric
In addition to the bullish price action, investors and traders have shown strong interest in the meme coin. While some took advantage of the rally by selling, others are betting on the bullish side, capitalizing on the positive market sentiment, according to on-chain analytics firm CoinGlass.
Data from spot inflow/outflow reveals that exchanges across the crypto landscape have recorded an inflow of a significant $10 million worth of TRUMP meme coin within a span of 24 hours.
This inflow suggests that long-term holders or investors might have moved their holdings to exchanges to seize the ongoing rally, which could potentially lead to selling pressure and a subsequent price correction.
Traders Major Liquidation Areas
On the other hand, traders are strongly betting on the bullish side. Data from on-chain metrics shows that traders are over-leveraged at the $11.81 level on the lower side, where they have built $21.57 million worth of long positions. Meanwhile, $12.67 is another over-leveraged level, with traders having built $5.94 million worth of short positions.
This data indicates that bulls are currently dominating the asset, and traders believe the TRUMP coin price is unlikely to fall below the $11.81 level, even if a correction occurs.
