- TRUMP token tests $26.00 support amid 15.82% drop, risking further bearish decline.
- Reduced trading volume and open interest highlight weakening market confidence in TRUMP.
- RSI and MACD confirm bearish momentum, signaling potential for further price downturn.
The cryptocurrency market remains turbulent, and the OFFICIAL TRUMP token (TRUMP) has taken a severe hit. Over the last 24 hours, the token plummeted by 15.82%, wiping out significant gains, including a $22 million profit held by a major whale. This sharp decline, paired with a broader reduction in market activity, underscores the ongoing challenges faced by TRUMP investors.
Price Movement and Key Levels
The TRUMP token fell from $31.15 to $26.13 within 24 hours, reflecting persistent selling pressure. Consequently, the market sentiment appears decisively bearish. The token is now testing the $26.00 support level, which could determine its immediate trajectory.
Breaking below this level might lead to a deeper decline, targeting the psychological support of $25.00. However, a rebound above $26.00 could signal a short-term recovery.
On the upside, $28.00 remains the first resistance level to overcome. Moreover, reclaiming $30.00, close to the token’s earlier price, is essential for reversing the bearish trend. Failing to achieve these levels could extend the downturn, leaving investors cautious.
Trading Volume and Market Activity
TRUMP’s 24-hour trading volume fell by 26.53%, standing at $3.64 billion, indicating reduced buying pressure. Additionally, the volume-to-market cap ratio of 65.22% shows significant activity but leans bearish.
According to Coinglass data, derivatives data reveal a 20.90% drop in trading volume, with current levels at $7.10 billion. Open interest has also decreased by 21.22%, settling at $824.27 million. These metrics collectively suggest weakening market confidence.
Technical Indicators Reflect Bearish Momentum
Technical indicators reinforce the bearish outlook. The RSI stands at 40.29, nearing oversold territory but not yet signaling a reversal. This indicates weakening bullish momentum, with further downside potential.
The MACD line is at -2.553, with a negative histogram value of -0.022, highlighting strong bearish momentum as it trades below the signal line at -2.540