Experiencing a remarkable spike, TRUMP soared by 6,695%, elevating its market cap to $12.52 billion. Nevertheless, analysis from CryptoCrypto hinted at a potential short-term dip or a period of consolidation before resuming its upward trend.
Anticipating Consolidation for TRUMP
TRUMP has been on a streak of consistent surges with limited retracements, displaying an atypical market behavior pattern.
Currently, TRUMP seems to be encountering resistance around the $13.83 mark, indicating a probable decline from its current price level. This correction might pave the way for a consolidation phase as the token stabilizes at lower levels.
In case of a drop, the Fibonacci retracement levels point out various potential support areas that could serve as launchpads for a price recovery.
Of particular interest is the $10.035 level, highlighted in green on the chart, which emerges as a crucial support zone. This level, representing a 50% retracement from the current levels, could significantly impact TRUMP’s future trajectory.
The declining trading volume, plummeting from a peak of $76.982 million to the present $27.354 million, hints at diminishing momentum behind the recent uptrend.
Following a period of retreat and consolidation, during which buyers are expected to re-enter the market, TRUMP might resume its upward journey, potentially reaching new all-time highs.
Positive Market Sentiment Supported by Buyers
As of the latest data, the Bull Bear Power (BBP) signal, used to gauge the dominance of buyers (bulls) versus sellers (bears), indicated a higher presence of buyers in the market.
With a current reading of 1.00 and an upward-trending BBP line, indications pointed towards substantial buying activity outweighing selling pressure in the ongoing market scenario.
Additionally, the Moving Average Convergence and Divergence (MACD) indicator exhibited a golden cross formation, alongside a rising histogram in the positive territory.
A golden cross transpires when the blue MACD line surpasses the orange Signal line. In the case of TRUMP, the blue line stood at 2.0269, while the orange line registered 1.7597, signaling continuous buying support propelling the current price surge.
Major Whale Retains TRUMP Holdings
Reported by Lookonchain, an address acquired 5.97 million TRUMP tokens for $1.1 million during the early phase of the coin’s launch, subsequently accruing over $70 million in profits.
Since then, the holder has only offloaded 1.35 million TRUMP, valued at $3.65 million, thus maintaining a profit approaching $67.5 million.
The whale’s decision to hold onto the assets rather than sell showcases strong confidence in the token’s potential. This behavior also hints at the likelihood of TRUMP witnessing further price upticks in the upcoming trading sessions, provided the fundamental factors supporting the token remain unchanged.