Official Trump (TRUMP) has booked an 8.2% loss in the past 7 days and briefly broke below a key area of support, favoring a bearish Trump Coin price prediction.
Trading volumes in the past 24 hours have surged by 31% to $460 million, currently accounting for a quarter of the token’s circulating supply, indicating that the selling pressure is quite strong.
Volumes reached a peak of $1.2 billion on August 14 as the token hit the $10 threshold. Since then, TRUMP has lost 16% as it currently sits at $8.4.
Even though the project’s vesting schedule indicated that millions of TRUMP tokens should have already been freed, it appears that insiders have chosen to pause these unlocks as the circulating supply still sits at 200 million.
According to the project’s official website, a total of 400 million TRUMP should be in circulation at the time. However, this supply increase has not occurred. This favors a bullish Trump Coin price prediction as it may indicate that the developing team has no intentions to dump their tokens at a point when buying interest is weak.
Trump Coin Price Prediction: TRUMP Hits Key Support at $8.4
The 4-hour chart shows that TRUMP has hit a key support at $8.4 from which the asset has bounced strongly at least 4 times.
The price action will confirm if this is still a relevant level to market participants. Trading volumes in this lower time frame have already confirmed that there is buying interest in this area.
TRUMP has stood above $8.4 in the past 24 hours despite touching and briefly breaking below this marker multiple times during that period.
The Relative Strength Index (RSI) is standing near oversold levels. This indicates that the downtrend has gained significant strength, which favors a bearish Trump Coin price prediction.
If we get a clean breakout below this area and toward the $8 zone, this would confirm a bearish outlook and could result in a much deeper correction toward the $7. However, if a big bounce occurs, it will favor a potentially explosive move toward the $10 resistance again and possibly higher.
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Click Here to Participate in the PresaleThe post Official Trump Coin in the Slums as the Biggest 24h Loser? Is TRUMP Going to Zero? appeared first on Cryptonews.
