The crypto market has started the week on a negative note. This has pulled the value of top altcoins toward their lower support levels, indicating an increase in the selling pressure. However, the Trump coin (TRUMP) has maintained its bullish stance by adding approximately 3.5% in 24 hours.
Are you one of many who are planning on investing in the Trump memecoin before it regains momentum and heads toward its upper price targets? Scroll down to explore the market sentiments and possible Trump memecoin price prediction for this week.
Trump Price Forms a Descending Channel Pattern
The Trump coin price has jumped over 3% in 24 hours with a trading volume of 770.79 million, a change of +9.93% during this period. Moreover, with a market capitalization of $2.24 billion, this meme coin is constantly losing momentum over the past month.
The EMA 50-day records a sharp decline in the Trump coin price chart. Moreover, the 200-day EMA acts as a strong resistance in the 4-hour time frame. This suggests an increase in the selling pressure for Donald Trump’s memecoin.
However, the MACD indicator records a sharp decline in the red histogram with its averages displaying a bullish convergence. This hints at a mixed price sentiment for the 44th largest crypto token in the market.
Will Trump Memecoin Rise Back Up?
If the odds turn in favour of the bulls, this could result in the price of Trump memecoin retesting its resistance trendline of the descending channel pattern. Moreover, if the bullish sentiment grows at that point, the Trump coin price could breach its $12.15 mark and head toward its $13.70 mark.
However, in case the bears overpower the bulls, the TRUMP crypto token may retest its support level of $10.70 this week. Furthermore, a sustained bearish action could pull the TRUMP price toward its pivotal support trendline of $9 in the upcoming time.
Also Read: Donald Trump got Criticised For Conflicting Answers on Memecoins
