From $4 to New Lows? OFFICIAL TRUMP (TRUMP) Tests Market Nerves

• OFFICIAL TRUMP is hovering around the $4 mark.
• TRUMP’s daily trading volume has soared by 17%.

The broader market sentiment hangs around fear, with the Fear and Greed Index value holding at 34. This cautious condition brings in unclear price movements across the crypto tokens. The largest asset, Bitcoin (BTC), hovers at around $89.9K, and Ethereum (ETH), the largest altcoin, trades near $3K.

Meanwhile, OFFICIAL TRUMP (TRUMP) has posted a 0.42% drop in value over the last 24 hours. The asset’s lowest and highest trading ranges were noted at around $4.81 and $4.99, respectively. At press time, TRUMP trades within the $4.90 mark, with its trading volume up by over 17.66%, reaching $217.1 million.

With the bears in control of the 4-hour chart, the OFFICIAL TRUMP price could slip to the support, near the $4.86 level. Further downward push might trigger the death cross to take place, and the price would revisit the $4.82 range or even lower. 

Assuming the price chart turns green, the bulls might take the OFFICIAL TRUMP price to find its nearest resistance at $4.94. By gaining further momentum, the asset could initiate a golden cross, potentially pushing the price toward the $4.98 mark.

Technicals Flash Bearish Signs for OFFICIAL TRUMP: Will the Slide Extend?

OFFICIAL TRUMP’s Moving Average Convergence Divergence (MACD) line and the signal line are found beneath the zero line, indicating momentum is bearish. The short-term bounces can occur, but the overall trend remains weak unless the lines start moving back above zero. 

TRUMP chart (Source: TradingView)

Moreover, the Chaikin Money Flow (CMF) indicator is stationed at 0.14, suggesting mild buying pressure in the TRUMP market. The money inflows are slightly outweighing the outflows, which can support the price action. Also, if it is sustained, the short-term upside continues. 

The daily Relative Strength Index (RSI) value at 39.76 signals a weak to bearish momentum. As it is below the neutral 50 level, the sellers still have the upper hand, but TRUMP is not yet in the oversold zone. There is room for either a continued downside or a potential bounce. 

Furthermore, the Bull Bear Power (BBP) reading of OFFICIAL TRUMP at -0.013 implies slight bearish dominance. The selling pressure is marginally stronger than the buying pressure. With this mild downtrend, the market is near neutral, not aggressively on the bearish side.

Top Updated Crypto News

US Crypto Bill Markup Delayed Again as Senate Shifts to Housing