When U.S. President Donald Trump announced a dinner for the top holders of Official Trump (TRUMP), whales rushed in to accumulate.
Increased accumulation from whales has pushed the price up to $16.43. Since then, market conditions and sentiment have changed as this memecoin trades in a descending pattern for 6 consecutive days.
A decline occurs when whales start to exit the market, signaling increasing caution from recent buyers.
According to reports, the top 5 whales on Trump's dinner list have sent a total of 126,000 Trump tokens to Bybit, worth $1.64 million.
These whales aim to sell at $9.71 while the entry price is $13.02. If these holders decide to sell, they will make a profit of $420,000 at the time of writing.
Source: Arkham Explorer
Typically, whales transferring coins to exchanges is a bearish signal. If all these tokens are sold, it will create significant selling pressure, pushing the price down if buyers cannot absorb it.
Therefore, if this selling activity continues, prices could decline further.
Is TRUMP preparing to decrease in price again?
According to the analysis, Trump is under decreasing pressure as sellers return to the market.
When considering the delta of orders, we can see that sellers are dominant as this metric turns negative. A negative delta means that more sell orders are being executed in the market than buy orders, reflecting strong pessimistic sentiment.
Source: MobChart
This pessimistic sentiment was validated over the past day after TRUMP created a descending diagonal on the RSI chart. The descending diagonal on the daily chart indicates an increasing influence of sellers in the market.
This diagonal validates the previous diagonal of Stoch. Market sentiment changes while whales are selling, causing the memecoin to suffer additional losses on the price chart.
Source: Tradingview
Thus, if whales buy Trump to get their name on the dinner list and then switch to mass selling, the price will drop due to increased selling pressure.
The next downward pressure will cause the price to find support around $11.4. Breaking this key support will push Trump below $10, heading towards $9.2.
To negate the bearish outlook, whales must switch to accumulating again.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.
