TRUMP, at its peak, experienced a remarkable surge of 6,695%, propelling its market capitalization to $12.52 billion. Despite this impressive rise, a comprehensive analysis by CryptoCrypto indicated that the token might encounter a brief period of correction or consolidation before resuming its upward trend.
Anticipating Consolidation for TRUMP
TRUMP has witnessed several consecutive surges with minimal retracement, a behavior that diverges from the norm in market patterns.
Charts suggest that TRUMP could face a potential decline from its current price level, struggling to breach the resistance barrier at $13.83. This pullback might lead to a phase of consolidation as the token stabilizes at lower levels.
In the event of a decline, various Fibonacci retracement levels identify multiple potential support zones that could serve as launching pads for a price recovery.
Particularly noteworthy is the $10.035 threshold highlighted in green on the chart, standing out as a significant support area. This level, representing a 50% retracement from the current levels, could play a crucial role in determining the next move for TRUMP.
The downward trend seems plausible, especially as trading volume has gradually decreased from a peak of $76.982 million to the current value of $27.354 million, indicating waning momentum behind the recent upsurge.
Following a period of decline and consolidation, where buyers are expected to re-enter the market, TRUMP could resume its upward trajectory, potentially reaching new all-time highs.
Strong Buyer Support with a Golden Cross
As of the latest update, the Bull Bear Power (BBP) indicator, used to gauge the dominance of buyers (bulls) versus sellers (bears), suggests that there is a higher presence of buyers in the market compared to sellers.
With a current reading of 1.00 and a rising trendline for the BBP, data indicates that substantial whale buying activity is outweighing selling pressure in the current market scenario.
Simultaneously, the Moving Average Convergence and Divergence (MACD) indicator formed a golden cross, accompanied by an increasing histogram in the positive territory.
A golden cross materializes when the blue MACD line crosses above the orange Signal line. In the case of TRUMP, the blue line registered at 2.0269, surpassing the orange line at 1.7597, signaling ongoing price momentum supported by persistent buying.
Whale’s Firm Holdings Strategy
Lookonchain revealed that during the initial stages of the coin’s launch, an address acquired 5.97 million TRUMP tokens for $1.1 million, realizing over $70 million in profits subsequently.
Following this, the holder has only sold 1.35 million TRUMP tokens valued at $3.65 million, retaining a profit of around $67.5 million.
The decision by such a significant holder to maintain holdings instead of selling signifies a deep belief in the asset’s potential. This behavior further suggests that TRUMP might witness additional price surges in the upcoming trading sessions, provided the core fundamentals supporting the token remain unchanged.