After failing to sustain the bullish breakout, TRUMP crypto has now reached a key support area at $8.75. It’s not just the price touching this level; a bearish Evening Star candlestick pattern has also formed here, signaling a potentially bearish outlook for the asset.
Earlier, this support level acted as a strong resistance for TRUMP crypto, which has now turned into a key support zone.
On-Chain Metrics Reveals Mixed Sentiment
Given the current market sentiment, investors and traders seem to have differing views — some are accumulating, while others appear to be betting on short positions, according to the on-chain analytics tool Coinglass.
$1 Million Worth of TRUMP Outflow
Data reveals that exchanges have recorded an outflow of $1 million worth of TRUMP crypto over the past 48 hours.
This notable outflow, given the current market structure, suggests potential accumulation and appears to be a bullish factor for the meme coin, as it could reduce the ongoing selling pressure.
Major Liquidation Levels and Traders’ Eye on Short Positions
On the other hand, traders seem to be betting strongly on the downside. At press time, the two major levels where traders are over-leveraged are $8.74 on the lower side, which is a key support level, and $9.37 on the upper side, which is a key resistance level on the chart.
At these levels, traders have built $3.53 million worth of long positions on the lower side (support level), whereas $9.68 million worth of short positions have been built on the upper side.
Observing these levels, it appears that sellers are in control and likely believe that TRUMP crypto’s price won’t cross the $9.37 level anytime soon.
One more thing traders and investors should understand is that whenever the price moves to either side and any key level gets liquidated, a strong price momentum often follows in that direction, as there will be no major liquidation levels left to hold back the movement.
Current Price Momentum
At press time, TRUMP crypto stands at $8.94 and has remained relatively stable over the past 24 hours. Data reveals that the meme coin has experienced a 0.50% price decline during this period. Meanwhile, participation from traders and investors has also dropped significantly.
According to CoinMarketCap, TRUMP’s 24-hour trading volume has decreased by 14%, indicating lower activity compared to the previous day.
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TRUMP Coin Price Action and Key Technical Levels
According to expert technical analysis, the TRUMP crypto price appears to be consolidating within a tight range at a key support level.
This consolidation follows the formation of an Evening Star candlestick pattern, raising concerns about whether the asset is preparing for a price decline or if the movement is simply due to overall market volatility.
TRUMP Crypto Price Prediction
Based on recent price action and historical patterns, if the current market structure and sentiment remain unchanged, there is a strong possibility that the asset’s price will either consolidate or experience a sharp decline.
This potential free fall in TRUMP crypto’s price could occur if it fails to hold above the key support level. If that happens, the price could face a downside move of over 16%, potentially dropping to the $7.30 level.
On the other hand, a TRUMP rally would only be possible if it breaks out above the key resistance level of $9.54. If this happens, the price could potentially soar by 11%.
