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The official Trump ($TRUMP), the recently launched meme coin by the United States pro-crypto president Donald Trump, is making waves with its impressive price performance. However, today, January 20, 2024, as Trump began his inauguration speech, the $TRUMP meme coin failed to hold its crucial support and is now poised for a massive price decline.
On January 18, 2024, during the Asian trading hours, Trump made a post on X (formerly Twitter) and introduced its official meme coin, $TRUMP, to the world. Following the post on X, the $TRUMP coin has attracted significant interest from traders and investors, resulting in the meme coin skyrocketing from $4 to $76.67.
TRMUP Coin Fall
But today, since the Asian trading hours, the price of the meme coin has been struggling and witnessed a price decline. As Donald Trump’s speech began, the meme coin failed to hold its crucial support at $40.
$TRUMP Could Fall to $30
Following this breakdown, $TRUMP appears bearish and seems poised to fall to its next support at $30. Based on the recent price action, if the $TRUMP meme coin closes a daily candle below $40, there is a strong possibility it could fall to $30.
The market sentiment for the meme coin seems to be a profit-booking scenario for investors.
Current Price Momentum
At press time, $TRUMP is trading near $37 and has experienced a price decline of over 38% in the past 24 hours. During the same period, its trading volume increased by 30%, indicating heightened participation from traders and investors.