- TRUMP rebounds following a brief decline in value.
The price surge has been backed by a significant decline for the meme coin.
As a seasoned crypto investor with a keen interest in memecoins, I’ve closely followed the price movements of TRUMP since its inception. The guilty verdict against Trump on 30th May sent shockwaves through the market, causing a sharp decline in TRUMP’s value. However, I’m pleased to see that it has rebounded strongly in the past few days.
After being found guilty on May 30th, the memecoin associated with Donald Trump (TRUMP) has rebounded from a significant drop of over ten percent.
Based on information from CoinMarketCap, the value of the memcoin associated with Donald Trump plummeted by 35% following the announcement of the guilty verdict, hitting a bottom at $11.28 before recovering.
TRUMP traded at $14.60 at press time, having risen by 29% since then.
TRUMP sees uptick in trading activity
In the previous 12 hours, there has been a significant increase in the interest and activity surrounding TRUMP among market participants, as indicated by its performance assessment. For instance, the memecoin’s primary momentum indicators displayed an upward trend at the current moment, implying that the recent surge was driven by genuine demand.
As a crypto investor, I’ve noticed that TRUMP‘s Relative Strength Index (RSI) stood at 63.02, while its Money Flow Index (MFI) hit 78.90. These figures suggested to me that there was more buying action than selling in the market for this token.
The Chaikin Money Flow (CMF) indicator indicated a net inflow of capital into the meme coin’s market as its value was above zero. This indicator tracks the buying and selling pressure within the market by assessing the relationship between price and volume.
At present, TRUMP‘s Chaikin Money Flow (CMF) indicates a net purchase of this altcoin, with a value of 0.30 and an upward trend. This implies that more capital is flowing into TRUMP as buying pressure grows.
Additionally, the MACD indicator of the meme coin’s price chart displayed strong bullish signals.
At present, the MACD line, represented by the blue color, hovered above both its signaling line, depicted as orange, and the zero line. This arrangement implies that the short-term moving average of the token is currently higher than its long-term moving average.
In simpler terms, this situation is considered a positive indicator by traders, prompting them to buy stocks (go long) and sell their short positions.
At the time of reporting, Trump’s Positive Directional Index (represented by green) outpaced its Negative Directional Index (represented by red), indicating that bullish forces were stronger among traders than bearish ones.
Is your portfolio green? Check the Maga [TRUMP] Profit Calculator
With respect to Trump’s present market trend, the Aroon Up Line, represented by the orange line, displayed a value of 71.44%. The Aroon Up Line is a technical indicator that assesses an asset’s trend strength and potential turning points in its price evolution.
When the Aroon Up line approaches 100, it signifies a robust uptrend with the latest peak being achieved not too long ago.
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2024-05-31 11:03