TRUMP coin price continues to struggle to form lower lows.
Senator Chris Murphy said, “The Trump meme coin is probably the most massive corruption scandal in the country’s history.”
Approximately 74426 traders were liquidated, with the total liquidations coming in at $219.05M in 24 hours at press time.
Although the TRUMP coin was associated with the U.S. president, its value has steadily declined. This trend in the TRUMP Coin price reflects the fading hype following its launch.As it navigated the bear market, the meme showed more downward potential than a reversal after breaking below $10.
TRUMP Coin Price Action and Prediction
TRUMP/USDT price consistently faced descending trends, forming successive lower lows. It later showed signs of recovery in the one-hour time frame.TRUMP coin price action formed an inverted head and shoulders structure. This indicated a possible change in market direction, with the head at $8.734.A flip of the decisive resistance at $9.60 would ignite a bullish trend to the $10.671 zone. This marked its previous peak.If TRUMP faces rejection at $9.60, it might decline further, with $8.734 as a key support level unless bears overpower it. Should this level break, $5 could become the next target.TRUMP Price Chart | Source: TradingViewThe indicators reinforced an indecision. The Fisher Transform crossed the 0.40 threshold not far from its -0.01 trigger line. This signaled a momentum change with doubtful validation.Given that the RSI was 50.09 and in a neutral position, the price might move positively or negatively. For further gains that could lead to the next price objective of $10.67, the price had to break $9.60.If TRUMP coin price fails to hold above $9.200, it might retest at $8.734. Alternatively, it could continue the bearish movement to lower levels.
Is Price Fall Imminent as Senator Goes on Trump?
Outside forces, like comments from prominent people, could also affect how TRUMP is perceived. Backlashing it would increase selling pressure.Senator Chris Murphy criticized the TRUMP meme coin, describing it as “probably the biggest corruption scandal in the country’s history.” He raised concerns about alleged anonymous bribery and insider trading linked to the cryptocurrency.It was released on Solana, and its price increased to $75. Later, it fell back to below $10 as of press time, making it hard for buyers who had bought at the peak.Murphy’s condemnation also put purported conflicts of interest at the forefront, with a considerable chunk owned by Trump. He also alleged Eric Adams’ charges against him were dismissed in exchange for political favor.Criticism of such a nature could lead to reduced prices from regulatory risk, negatively influencing its long-term position. This affected public trust in crypto.Strong public acceptance could sustain its value if the legality controversy were avoided. However, ongoing accusations of corruption and illegality represented unaddressed threats.
How Could $219M Liquidations Affect TRUMP Coin Price?
The cryptocurrency market experienced a significant drop, leading to massive volatility. In the past 24 hours, $219.05M was liquidated, impacting around 74,426 traders.Bitcoin’s liquidation values revealed approximately $80.65M in long and $109.47M in short positions. Ethereum’s liquidation value stood at $40.54M.Additionally, the U.S. stock market has been down $9.6 trillion since Trump became president, thus affecting meme coins. This meant there was a tie between traditional markets and the speculative meme coin industry, to which TRUMP Coin belonged.Total liquidations | Source: CoinglassThe broader market correction may increase volatility for assets like TRUMP Coin. It relies heavily on sentiment and social influence. This could result in potential downward pressure during periods of market uncertainty.The substantial liquidation figures across the crypto market highlighted the inherent risks of leveraged trading. In a correcting market, meme coins with weaker fundamentals could face heightened price volatility.The tariffs could eventually strengthen the stock market. The immediate market correction and the high liquidation volume could lead to significant TRUMP coin price volatility.
