- TRUMP token faces strong bearish pressure, testing key support at $11.00.
- RSI nears oversold levels, while MACD hints at weakening selling pressure ahead.
- Trading volume rises, but declining open interest signals uncertain market sentiment.
OFFICIAL TRUMP (TRUMP) token has been facing a strong bearish trend, declining by 15.75% in the past 24 hours. The price has dropped to $11.23, reflecting increased selling pressure.
Initially, TRUMP traded near $13.33 before experiencing a steady decline. The breakdown below $12.00 accelerated losses, leading to the current consolidation near $11.23. While some stability is visible, further movement depends on key support and resistance levels.
Support and Resistance Levels Indicating Market Direction
The immediate support level for TRUMP is at $11.00, a crucial psychological and technical barrier. If the price holds above this level, a short-term rebound could push it higher.
However, a breakdown below $11.00 might lead to further losses, potentially reaching the $10.50 to $10.00 range. This zone could act as strong support if the downward trend persists.
On the upside, resistance remains at $12.00, which previously served as a breakdown point. Any recovery attempt will likely face selling pressure at this level. Additionally, the $13.00 to $13.33 range presents a strong resistance zone, as it marked the highest price point in the last 24 hours. Overcoming these levels would require increased buying momentum.
Technical Indicators Suggesting Bearish Pressure
TRUMP’s technical indicators reflect continued bearish sentiment. The Relative Strength Index (RSI) stands at 34.80, nearing oversold territory but still slightly above it. If RSI falls below 30, it could indicate an oversold condition, attracting buyers and potentially reversing the trend.
The MACD (Moving Average Convergence Divergence) further confirms the downward pressure. The MACD line is currently at -3.515, while the signal line is at -3.780. Since the MACD line remains below the signal line, bearish momentum persists.
However, the histogram has started flattening, suggesting that selling pressure may be slowing down. If this trend continues, a potential shift in momentum could emerge.
Market Sentiment and Derivatives Data Impact
Despite the price drop, TRUMP’s trading volume has increased by 5.34%, reaching $1.57 billion. This suggests heightened market activity as traders react to price movements.
However, open interest has declined by 8.07%, standing at $313.67 million. This decrease in open interest indicates reduced trader confidence in sustaining positions, which could lead to further volatility.
