Trump Memecoin Soars as Bitcoin Eyes New Highs

1 Day prior to the inauguration of U.S. President-elect Donald Trump, Bitcoin (BTC) surged to $106,000. But it’s not just Bitcoin that has traders intrigued over the weekend; attention has also shifted towards a memecoin associated with the U.S. President-elect, known as Official Trump (TRUMP).

As a crypto investor, I launched my journey with the TRUMP token on the dynamic Solana network back on January 17th. Just two days later, on the 19th, the TRUMP token soared to an impressive peak above $79. This surge catapulted Solana (SOL) to a record-breaking all-time high of $295. However, since then, both my TRUMP tokens and the mighty Solana have experienced a slight dip in their gains.

It’s possible that Bitcoin could hit a record high again, but crypto investors should exercise caution since seasoned traders often buy into hype (the rumor) and later sell when news is announced. If the actual outcome falls short of trader expectations, there might be a drop in both Bitcoin and other cryptocurrencies.

If Bitcoin sets a new record high, it’s plausible that other cryptocurrencies will also experience a surge. Let’s examine the graphs of the leading digital currencies that could potentially perform exceptionally well in the coming days.

Bitcoin price analysis

The price of Bitcoin is steadily approaching its record peak of $108,353, and analysts predict that the sellers will put up a fierce resistance at this level.

The 20-day moving average (currently at $98,800) is now increasing, and the Relative Strength Index (RSI) indicates a positive trend, suggesting that buyers are currently in control. If the bulls manage to break through the current resistance, the Bitcoin price could potentially initiate another upward surge, possibly reaching $126,706.

Instead of rising further from $108,353, a drop in price could suggest that bears are becoming active at higher levels. This might cause the pair to move towards the 20-day Exponential Moving Average (EMA), a significant level to keep an eye on. If the price recovers from this 20-day EMA, the bulls will try once more to surpass the $108,353 mark again.

For a brief period, sellers must lower the price under the moving averages so as to initiate a temporary price range or pause between approximately $90,000 and $108,353.

On the 4-hour chart, the moving averages are trending upward and the RSI stands in a favorable position for buyers. There’s a minor resistance at $106,000, but it seems likely to be surpassed. If so, the pair could aim for the significant level of $108,353.

The bears have limited time remaining if they wish to avoid an upward trend. They can achieve this by pushing the price beneath the 20-Exponential Moving Average (EMA), which could trigger a descent towards $100,000 and eventually reach the 50-Simple Moving Average thereafter.

XRP price analysis

XRP (XRP) is correcting in an uptrend, indicating that the short-term buyers are booking profits.

Keeping an eye on the XRP/USDT pair as it could potentially fall to the significant level of around $2.91. If the price bounces back strongly from this $2.91 level, it suggests that the bulls have managed to change it into a support level. This strengthens the chances for a move above $3.40. Subsequently, the pair might surge towards the predicted target of approximately $4.84.

Instead of holding strong, a drop below $2.91 could indicate that the bullish momentum is weakening. In this case, the pair might descend to the 20-day Exponential Moving Average (EMA) at $2.71 and potentially further down to the 50-day Simple Moving Average (SMA) at $2.44.

The bears managed to drag the price below the 20-Exponential Moving Average (EMA), but they’re finding it tough to push the value down to $2.91. This indicates that buyers are stepping in during market dips. If the price increases and consistently remains above the 20-EMA, the pair may challenge the $3.40 resistance once more. Overcoming this level could initiate the next phase of the upward trend towards $4.10.

If the price falls below its 20-day moving average, there’s a higher chance it could drop to approximately $2.91. This decline might encourage sellers to push the price even lower, potentially leading to a more significant correction. The price may then slide down to around $2.60 and possibly further to $2.20.

Solana price analysis

On January 18th, Solana’s price significantly increased and managed to exceed the previous resistance level of $260, signifying that the buyers currently have control over the market trend.

On January 19th, the buyers continued their upward trend, but the tall ‘wick’ on the candlestick suggests that sellers are active at higher price points. The $260 mark may become a battleground between the bulls (those who expect prices to rise) and the bears (those who anticipate prices to fall). If the price bounces back from $260, the SOL/USDT pair could potentially surge towards $300, and then possibly reach $375.

To keep the bullish trend from gaining too much strength, sellers need to continuously lower the price, ideally below $260. This could potentially entice buyers to cash out their profits, causing the pair to drop towards $240 and eventually reach the 20-day Exponential Moving Average (EMA) at around $212.

On the 4-hour chart, sellers cashed in around the $300 mark, which dragged the price down to the potential resistance level of $260. This $260 area is significant because a strong rebound from it could signal that the buyers are attempting to transform it into a support level. If the pair manages to surge past $300 once more, it could resume its upward trajectory.

In other words, if the bounce doesn’t show strong buying activity around the $260 mark, it could indicate a potential lack of support and increase the likelihood of a drop towards the 20-Exponential Moving Average (EMA). If the $260 level is broken as well, the pair might plummet to $220.

Official Trump price analysis

Since its debut, the Trump-associated venture has seen a significant surge in popularity. Given its brief period of activity, a 30-minute chart is utilized for its examination.

The TRUMP/USDT combination briefly retreated from $79, but it’s currently holding steady near its 20-Exponential Moving Average. This indicates a generally optimistic outlook among traders, who appear to be buying the price drops. The bulls are preparing another push to break through the $79 barrier. If successful, the pair could potentially surge towards $109.

If the price decreases and finishes below the 20-Exponential Moving Average (EMA), this might suggest that traders are actively cashing out their profits. If the pair falls beneath $53, selling activity may intensify, potentially causing a drop to the 50-SMA.

Algorand token price analysis

On January 17th, Algorand (ALGO) experienced a decline from $0.50, suggesting that the bearish market participants are actively guarding this price point.

Based on current indicators, the 20-day Exponential Moving Average (EMA) is increasing at approximately $0.40, and the Relative Strength Index (RSI) suggests a positive trend. This implies that the buyers are currently in control of the market dynamics. If the price moves above $0.45, the buyers may try to push the ALGO/USDT pair beyond $0.50. Should they manage to do so, the pair could potentially surge towards $0.55 and subsequently reach $0.61.

If the price falls and shuts below its current moving averages, this optimistic outlook could prove false in the short run. Consequently, the value could plummet towards approximately $0.32.

The cost has rebounded from the 50-Simple Moving Average (SMA), but the sellers are attempting to halt the upward trend at the 20-Exponential Moving Average (EMA). If the price falls sharply from the 20-EMA, the likelihood of a drop below the 50-SMA becomes greater. In such a case, the pair might plummet to $0.32.

If the price surpasses and holds above the 20-Exponential Moving Average (EMA), it indicates strong buying activity at lower prices. In this case, the bulls would aim to overcome the resistance at $0.50, paving the way for an upward trend that could potentially reach $0.61.

XDC Network price analysis

As a researcher studying the XDC Network (XDC), I’ve noticed a robust upward trend it has been experiencing, yet the momentum seems to be primarily with the bulls rather than a significant shift towards the bears.

In simpler terms, the value of XDC/USDT is holding strong around the 38.2% Fibonacci support point at approximately $0.12. If the price begins to increase from its current position and surpasses $0.16, this cryptocurrency pair might initiate another upward trend towards $0.20.

If the price drops below $0.12 and continues falling, it might imply that the bulls are exiting the market quickly. The pair could then slide towards its 20-day Exponential Moving Average (EMA) at $0.11. For the price to suggest a potential short-term top, sellers would need to push it below this 20-day EMA.

As the duo dipped below the 20-Exponential Moving Average, yet the buyers stepped in to seize the discounted price. These buyers aim to push the value above the downward trendline. If they manage this feat, the pair might advance towards $0.16. This level could prove challenging to overcome, but if the bulls remain dominant, the pair may continue its upward trajectory.

Keep an eye on the 50 Simple Moving Average as a significant support level. If it’s breached and closed below, it might lead the pair to plummet towards the 61.8% Fibonacci retracement level, which is approximately $0.10.

2025-01-19 23:57