TRUMPs Meme Coin Explodes by 15% in an Hour: New Bull Run Incoming?
TL;DR
- TRUMP exceeded $19.50 for the first time in almost two weeks, with its rally coinciding with the broader meme coin revival.
- Analysts see $22-$30 as the next target, but with the RSI ratio above 70, traders should watch for a potential pullback.
TRUMP Heads North Again
Official Trump (TRUMP) a meme coin launched by the president of the United States made the headlines recently, charting an impressive resurgence. Its price shot by approximately 15% in the past hour, surpassing $19.50 (per CoinGeckos data) for the first time since early February.
The exact reason behind the rally remains unknown. However, it can be linked to the overall revival of the meme coin sector, whose market capitalization has pumped by 3% in the last 24 hours, exceeding $82 billion. Another factor could be recent support from the leading South Korean crypto exchange, Upbit. As CryptoPotato reported, it listed the trading pairs: TRUMP/KRW, TRUMP/BTC, and TRUMP/USDT.
Multiple industry participants noted the meme coins latest spike, predicting this could be the starting point for a new bull run. The X users Robert Mercer and Crypto Jobs are among the optimists. The former envisioned a rise to $30, while the latter believes the price could jump to the $22-$25 range.
Ali Martinez chipped in, too. He told his over 120,000 followers that TRUMP is showing a strong rebound after the TD Sequential indicator flashed a buy signal on the 12-hour chart.
Meanwhile, traders willing to jump on the bandwagon should keep an eye on the Relative Strength Index. The ratio recently climbed above 70, which indicates that the asset might be overbought and due for a potential pullback.
TRUMPs Turbulency in the Last Weeks
The meme coin saw the light of day in mid-January, shortly before Donald Trump officially became Americas 47th president. It entered the crypto market with a bang, with its market capitalization quickly rising above a whopping $14.5 billion. Thus, it briefly flipped Shiba Inu (SHIB) to become the second-biggest meme coin after Dogecoin (DOGE).
Since then, though, TRUMP has been on a massive downfall. Its price has plummeted by over 70% since the peak of $72, while the market capitalization currently stands at less than $4 billion.
These sharp drops highlight the volatility of celebrity-endorsed meme coins. Anyone considering entering the ecosystem should be prepared for sudden price swings in either direction and invest only what they can afford to lose.
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Text source: CryptoPotato
