Can Trump Coin Recover From Slump to $15 or Stay Low?
- TRUMP Coin surged 27%, jumping from $11.27 to $14.33 in the past 24 hours.
- The rally was sparked by Donald Trumps announcement of the first White House Crypto Summit on March 7.
In the past 24 hours, the Official Trump (TRUMP) meme coin has seen an unexpected single-day rally, jumping from a low of $11.27 to an intraday high of $14.33. After a week of steep declines, the overall crypto market attempts a recovery following Bitcoins (BTC) recent rally to $85K after dropping to $79K, which led TRUMP to benefit.
The sudden surge in Trump Coin price was triggered by the announcement that President Donald Trump will host the first White House Crypto Summit on March 7. The event is expected to bring together industry leaders to discuss crypto regulations, stablecoins, and Bitcoin reserves.
The rally isnt limited to TRUMP Coinleading altcoins like Ethereum (ETH), Solana (SOL) and XRP have also seen an uptick, along with popular meme coins such as Dogecoin (DOGE), BONK, and FLOKI.
At the time of writing, Trump Coin is priced at $13.23, with a market cap of $2.64 billion. Additionally, its daily trading volume has surged by 87% to $1.98 billion. TRUMP now stands as the fourth-largest meme coin by market cap, behind only DOGE, SHIB, and PEPE.
However, despite the recent gains, Official Trump Coin is still down 20% over the past week, 50% for the month, and remains 75% below its all-time high of $75.35, which it hit just two days after launching on January 17. Nonetheless, speculation is growing that TRUMP Coin could see a significant rally and potentially climb above the $20 range in the coming week.
Will the Official Trump Rise Above $20?
Currently, TRUMP Coin is showing short-term bullish momentum as it trades above the 9-day and 20-day EMAs. Zooming in, it remains below the 50-day EMA, indicating that the broader trend is still bearish. A breakout above the 50-day EMA ($14.06) could confirm a trend reversal.
TRUMP Coins 4-hour technical indicators suggest a slightly bullish trend, but a strong external catalyst is needed for a full recovery. The signal line stands below the MACD line, hinting at bullish sentiment. Additionally, TRUMPs RSI value of 49 suggests a neutral market, with no strong indication of a trend reversal in either direction.
The possibility of strong bullish momentum is challenging for TRUMP. To validate this, the memecoins Bull Power at 2 and Bear Power at -4.26 indicate bearish dominance despite some buying pressure in the 4-hour timeframe.
Looking ahead, if TRUMP Coin stabilizes above $13 and breaks the $15 resistance, it could rally toward $20, with $25 and $30 as potential targets. On the downside, losing momentum could push it below $13, possibly dropping to $10 or even $8. The next few days will be crucial in determining its short-term trend.
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Read more: https://thenewscrypto.com/can-trump-coin-recover-from-slump-to-15-or-stay-low/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
