Risks of TRUMP Memecoin Collapse Heighten as It Approaches Critical Support Area
In the volatile cryptocurrency market, Trump's official token is under intense scrutiny. Experts warn of a potential 13% crash if a crucial support level is not upheld.
Trump Token at High Risk!
A crypto market expert has highlighted that if the Trump token falls below the $8.30 threshold, the next support level would be at $7.30. Despite this negative outlook, investors appear to be betting on an upward trend.
Trump’s official meme token has formed a bearish pattern on the daily chart, suggesting a potentially larger decline. With an 18% drop over the past week, the token is now trading at a critical level.
The Trump token has established a bearish head and shoulders pattern on the daily chart and currently sits at a pivotal level.
A close below this level could trigger an additional 13% drop, potentially pushing the price down to $7.30. Despite this bearish trend, investor accumulation and long positions from traders indicate a certain confidence in the token.
On-Chain Indicators and Investor Optimism
Although technical signals are negative, investors continue to accumulate tokens. On-chain data reveals a $15 million outflow of Trump tokens from exchanges in the last 24 hours, which could alleviate selling pressure.
Traders are also positioning themselves heavily to the upside, with significant long and short positions around the $8.25 and $8.59 levels. These indicators suggest a bull dominance strategy to counter the bearish trend.
In conclusion, the official Trump token is trading at a critical level where a breakdown could lead to a 13% drop. Although technical signals are bearish, investors continue to accumulate and traders are positioning for a potential recovery. Increased vigilance is therefore essential for holders of this highly volatile meme token.
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Simon Dumoulin
Passionate about cryptocurrencies since 2019, I cover the latest news through clear and accessible articles. My goal is to make crypto understandable for everyone, with reliable and well-researched content.
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This article is for informational purposes only and should not be considered as investment advice. Some of the partners featured on this site may not be regulated in your country. It is your responsibility to verify the compliance of these services with local regulations before using them.
DISCLAIMER
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