Trump has officially joined the list of cryptocurrencies that Binance users can lend or use as collateral to borrow other assets, adding a new utility that could boost the price outlook of TRUMP.
However, market participants seem skeptical about this announcement, as the meme coin has dropped 3% since then.
TRUMP is still down 40% from the peak at the end of May after the president's dinner for top shareholders and is working to regain its upward momentum.
However, testimonials from Binance Loans may shift attention to fundamental factors, creating potential utility that could increase demand beyond short-term speculative trading.
Trump Coin Price Analysis: Can the New Utility Create a Major Breakthrough?
The price of Trump Coin may be preparing for a recovery as early bullish signals emerge in lower timeframes during the retest of the descending wedge pattern formed since late April.
The RSI index has made a strong recovery to 32 after hitting a deep oversold level of 25—often a signal that buyers are stepping in as sellers have reached exhaustion.
Furthermore, the MACD line is approaching a golden crossover above the signal line, a classic bullish reversal pattern that often occurs before a short-term uptrend in the 4-hour timeframe.
The price of TRUMP is currently testing an important support level around $9.30—where the lower boundary of the wedge intersects with the historical floor price and the Fibonacci retracement level of 0.236.
A successful reversal from this confluence area could trigger a move towards the upper trendline of the wedge, bringing the Fibonacci level of 0.382 at $10.70 into focus as a breakout area.
If the buyers gain control and there is a breakout, the descending wedge structure will set a technical target of $16.50—a potential increase of 77% back to the highs of late May.
However, if the $9.30 level cannot hold, the next support level will be $7.15, about 22% lower than the current level, aligning with the market bottom in mid-April and invalidating the bullish trend.