The cryptocurrency market has started the week on a negative note. This has pulled the values of top altcoins towards their lower support levels, indicating increasing selling pressure. However, the Trump coin (TRUMP) still maintains its bullish stance by further increasing around 3.5% in 24 hours.
Are you one of the many people planning to invest in Trump memecoin before it regains momentum and heads towards higher price targets? Scroll down to explore market sentiment and what price predictions Trump memecoin might have this week.
Trump Price Forms Descending Channel Pattern
The price of Trump coin has increased by more than 3% in 24 hours with a trading volume of 770.79 million, rising +9.93% during this period. Moreover, with a market capitalization of $2.24 billion, this meme coin has continuously lost momentum over the past month.
The 50-day EMA has recorded a sharp decline in the price chart of the Trump coin. Moreover, the 200-day EMA acts as a strong resistance level in the 4-hour timeframe. This indicates that selling pressure on Donald Trump's memecoin is increasing.
However, the MACD indicator recorded a sharp decline in the red chart with the average indicating a bullish convergence. This implies a mixed price sentiment for the 44th largest cryptocurrency in the market.
Will Trump's Memecoin Bounce Back?
If the odds favor the bulls, this could lead to the price of Trump memecoin testing the resistance trendline of the descending channel pattern. Moreover, if bullish sentiment increases at that moment, the price of Trump coin could surpass the $12.15 mark and head towards the $13.70 mark.
However, in the event that the bears overpower the bulls, the TRUMP cryptocurrency token may retest the support level of $10.70 this week. Moreover, a prolonged bearish action could pull the price of TRUMP back to the important support trendline of $9 in the near future.