The price of the
$TRUMP meme coin is currently exhibiting resilience against prevailing market trends and the volatility associated with the $307 million token unlock. Here are the reasons it may experience a further increase.
The official meme coin associated with Donald Trump, known as TRUMP, initially experienced a strong upward movement, marked by a bullish rally. However, it subsequently faced a significant decline, losing 80% of its value from its all-time high. Despite efforts from the former President to sway its price, the token continued its downward trajectory, leading to investor concerns about a potential further drop. Notably, the coin has recently gained bullish momentum, with a price increase of over 10% today following the $307 million token unlock.
What is Driving the Increase in TRUMP Meme Coin Price Despite the $307 Million Unlock?
The official Trump (TRUMP) meme coin, a well-known player in the meme coin market, has been on a downward trend, having lost nearly 28% of its value over the past month. The price trajectory of this meme coin remained predominantly bearish until today, when it experienced a 10% surge following the $307 million token unlock, which accounts for nearly 20% of the total supply.
Interestingly, such unlocks are bearish factors, as they increase the liquidity, diluting the price, but TRUMP’s unlock breakdown saved the day. Out of $307M tokens, 40M tokens will enter the circulation directly, and $4M unlocks will happen daily, diluting the impact.
Moreover, the investors’ sentiments worked in favor, with Trump influencing the Fed’s rate cut decision, potential relief in the Trump trade war, and other factors. Although the TRUMP token has entered an uptrend, experts believe it is short-term, as the bears’ dominance is still high.
What’s Next For TRUMP Meme Coin Price?
After hitting a weekly low of $7.5, the TRUMP price surged to a high of $8.5 today. With that, it is now trading at $8.20 with a high trading volume of $492.17 million and a market capitalization of $1.64 billion.
CryptoCove, a crypto analyst, believes this is just the beginning as the token TRUMP possesses the ability to surge another 12%. According to their analysis, TRUMP could hit $8.7 due to a bullish falling wedge formation. More importantly, the technical factors like volume, momentum, and others indicate a further surge.
Interestingly, some crypto community members also believe that the TRUMP price could reach the $12 mark, but a bullish momentum is important. The unpredictability is also high as there’s bears’ dominance due to the Trump trade war and other macroeconomic events.
Additionally, if it fails to hold the crucial support level, its price could crash to $2.5 or lower, according to many Official TRUMP price predictions.
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