- Token hit a market capitalization of $1 billion within its first hour of launch
- TRUMP could enter a brief accumulation phase before a confined move to the upside
During its best performance, TRUMP surged an impressive 6,695%, which boosted its market value to a staggering $12.52 billion according to financial charts. Nevertheless, AMBCrypto’s examination suggests that the token might experience a temporary dip or holding pattern before continuing its upward trend.
Consolidation ahead for TRUMP
Trump’s recent rallies have been consistently strong, with only small pullbacks – an unusual pattern contrary to normal market dynamics.
According to the graphs, Trump appeared to be trending towards a possible decline from its current price point, due to difficulties in surpassing the resistance at $13.83. This downturn might result in a phase of equilibrium, as the token adjusts and maintains a more stable position at lower values.
Should a drop occur, the Fibonacci retracement levels have pinpointed various possible areas of support that might serve as launch pads for a price recovery.
Strikingly, the $10.035 point, denoted by the green mark on the graph, appears significant as a potential support area. This particular level, equivalent to a 50% pullback from its initial prices, may significantly influence TRUMP’s future actions.
It seems that this decline is probably going to continue, considering the gradual decrease in trading activity. Initially, it peaked at around $76.982 million, but as we speak, it’s down to approximately $27.354 million, suggesting a dwindling force driving the recent surge.
Following a phase of dip and stabilization, where it’s likely investors will return, TRUMP might once again experience an uptrend. This could potentially lead the token to reach new record-breaking heights.
Golden cross backed by buyers
Currently, when I’m penning this down, the Bull Bear Power (BBP), a tool employed for evaluating the dominance of buyers (bulls) over sellers (bears), indicates a higher number of buyers compared to sellers in the market.
Based on a current reading of 1.00 and an upward trajectory of the BBP line, the data indicates that whales have been more actively purchasing than selling in the present market scenario.
Simultaneously, the Moving Average Convergence and Divergence (MACD) signal displayed a ‘golden cross’, which was reinforced by increasing bars in the positive region of the histogram.
As an analyst, I’ve observed a significant development in the case of TRUMP’s market trend. Specifically, we’ve seen a golden cross formation where the blue MACD line has climbed above the orange Signal line, with the blue line at 2.0269 and the orange at 1.7597. This crossover suggests that the current price surge is being fueled by persistent buying activity, which could potentially continue to drive the market upward.
Whale maintains holdings
According to Lookonchain’s report, a user bought approximately 5.97 million TRUMP tokens for around $1.1 million during the coin’s initial release. This transaction later resulted in over $70 million in profits.
Over that period, I’ve offloaded 1.35 million TRUMP tokens, which were worth a total of $3.65 million at the time of sale. However, this action left me holding onto a substantial profit of around $67.5 million.
The fact that these whales are choosing to keep their assets instead of selling indicates a high level of confidence in its future growth potential. This action hints that the market might witness additional price increases in the upcoming trading sessions, assuming the underlying factors bolstering the cryptocurrency stay solid.
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2025-01-18 22:15