The recent trend of TRUMP seems to be brewing a storm. The current coin price is hovering at $9.9 and has dropped 5.6% in just one day. Don’t think this is just a minor fluctuation—technically, red flags are flying: the standard descending triangle is about to break below the support level. Once it can’t hold, the immediate target is $5.75, with a 40% deep pit awaiting to be jumped into.
This trend doesn’t come out of nowhere; behind it is a substantial bearish bomb: on July 18, $500 million worth of tokens will be unlocked, with 50 million coins hitting the market. Just imagine the pressure. Not to mention that the funding rate on exchanges has already slid to -22%, and market sentiment is almost entirely bearish.
The trading volume is continuously shrinking, and both buyers and sellers are becoming more indifferent. The only truly active ones are those experienced traders preparing to short. The RSI is currently at 37, not far from being oversold, and with significant selling pressure, it could break at any moment. From the data on open contracts, the hype around TRUMP has also cooled down, hitting a new low in seven weeks, and speculators are starting to pull out.
In the past, as long as there were events related to Trump, TRUMP could soar. But this time, the birthday rally on June 14 completely fell flat, and funds simply aren’t following. The market is voting with its feet; on the eve of this unlocking, no one is willing to catch the falling knife.
This trend looks like institutions and whales are quietly reducing their positions while retail investors still hold onto their fantasies. In the long run, there might still be hope, but for now, don’t fantasize about the myth of 'buying means rebounding' repeating.
I am an old hand in the crypto world, focusing on analyzing every price storm. Follow me to see through the bubbles and opportunities of meme coins.
