Key Takeaways
An expert noted that if TRUMP loses the $8.30 level, the next support would be at $7.30. Despite the bearish outlook, investors and traders seem to be betting on the bullish side.
The Official Trump [TRUMP] memecoin has formed a bearish pattern on the daily chart, suggesting it may be preparing for further downside.
Amid the uncertainty, the meme coin has already plummeted 18% over the past week and now stands at a make-or-break level.
Expert bearish prediction and current price momentum
Looking at the current market outlook, a crypto expert noted that TRUMP was sitting at a key support level of $8.4; if this is lost, the next support would be at $7.3.
At press time, the TRUMP memecoin hovered at $8.41, down 3.22% over the past 24 hours. Despite its persistent decline in value, trader and investor participation in the meme coin has risen notably.
CoinMarketCap data revealed that TRUMP’s 24-hour trading volume has surged by 40% compared to the previous day.
This surge in trading volume amid falling prices signals strong downside momentum and serves as a bearish sign for TRUMP holders.
TRUMP’s price action and upcoming levels
AMBCrypto’s technical analysis reveals that TRUMP has formed a bearish head-and-shoulders pattern on the daily chart and was hovering at the neckline.
Recent price action suggests that if bearish momentum persists and TRUMP breaks below the $8.40 neckline, a strong downtrend could follow.
A daily candle close beneath this level may trigger a further 13% decline, potentially driving the price down to $7.30.
Adding to the bearish outlook, TRUMP’s Relative Strength Index (RSI) sat
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Author: Vivaan Acharya
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