$TRUMP
TRUMP meme coin’s uptrend stalls
The official Trump token is technically bearish, following a rejection from the previous week’s surge to $15.35. Declines will likely escalate below the meme coin’s current market rate at $13.46 based on the negative divergence of the Relative Strength Index (RSI).
If traders close positions in response to the minor instability in the market, key support levels such as the 50-day Exponential Moving Average (EMA) at $12.20 and the demand zone around $10.00 (marked red on the daily chart below) would come in handy to absorb the selling pressure and possibly liquidity before another attempt at recovery.
The Moving Average Convergence Divergence (MACD) indicator’s subtle sideways movement above the centre line reveals the possibility of consolidation in the current range. However, traders should watch out for red histograms expanding below the centre and the MACD line (blue) crossing under the signal line (red) to validate bearish momentum and prepare accordingly.
Despite the prevailing risks, interest in the Official Trump meme coin could surge toward the end of the week and early next week, ahead of the exclusive top 220 TRUMP holders’ dinner on May 22 with President Trump.
The team behind the meme coin notified the select 220 holders on the leaderboard on Monday via email with dinner details ahead of background checks. Volatility could erupt, propelling TRUMP above resistance at $20.00, mimicking the rally following the April dinner announcement.