The price of TRUMP token has plummeted by over 27% in the past 24 hours, bringing its market capitalization down to $7.5 billion, a sharp decline from nearly $15 billion just two days ago. This steep correction comes amid heightened market volatility, with TRUMP currently trading within a consolidation range between $30.30 support and $45 resistance levels.
Key Technical Indicators
1. TRUMP RSI Indicates Neutral Momentum
The Relative Strength Index (RSI) currently stands at 46.8, rising sharply from 30 in the previous session, signaling a potential recovery from oversold conditions. Earlier today, RSI briefly touched 67, before cooling off.
Neutral Momentum: The RSI hovering near 50 suggests a lack of clear bullish or bearish trend.
Caution Advised: TRUMP must break above the 50 RSI level to confirm a renewed bullish outlook.
2. TRUMP ADX Reflects Weak Trend Strength
The Average Directional Index (ADX), which measures the strength of a trend, has dropped to 14.4, a sharp fall from 46 just yesterday.
Sideways Movement: This indicates reduced market volatility and uncertainty, with no clear directional bias in the short term.
Potential Consolidation: A prolonged consolidation phase could precede a significant breakout if market sentiment improves.
Potential Scenarios: Upside or Breakdown?
Bullish Scenario:
If TRUMP regains upward momentum and breaks through the $45 resistance, the token could target the next key level at $64.50, with further potential gains pushing it to $71.80, marking an 88% upside from current levels.
Bearish Scenario:
A failure to hold support at $30.30 may result in a severe correction, potentially dragging the price down to $15.43, representing a 59% decline from current levels.
Market Outlook
TRUMP’s recent volatility underscores the speculative nature of meme tokens, with traders closely watching for a decisive breakout or breakdown in the coming days.
