thecryptobasic.com
The $TRUMP meme coin follows a bearish path as Donald Trump’s tenure as the 47th U.S. president begins, with the $TRUMP token showing a likelihood for further declines.
As Bitcoin retraces to $102,000 after reaching a new all-time high of $109,114, the bullish sentiment in the crypto market is starting to fizzle out. Likewise, the newly launched Trump family tokens are facing significant bearish pressure.
The official $TRUMP meme token has now dropped to 25th place in the crypto market after briefly entering the top 10 list. Meanwhile, the Melania meme token has plunged, losing 62.17% of its value over the past 24 hours.
As the Trump family tokens experience this bearish phase, the key question arises: will the ongoing correction lead to a massive crash?
$TRUMP Token Price Analysis
On the hourly chart, the $TRUMP token is under intense bearish pressure, reflected by the ongoing corrective rally. After initially surging 668% from $10.33 to an all-time high of $79.34, the token’s bullish momentum has now dissipated.
Currently, the $TRUMP token trades at $33.41, down 57.70% from its peak. This decline has pushed the hourly RSI to near-oversold levels.
Additionally, a bearish crossover between the 50 and 20 EMA lines has occurred. Bulls are hoping for a potential reversal rally as the $TRUMP token finds minor support near the $30 psychological mark. Supporting this possibility, the hourly RSI shows signs of a potential bullish divergence.
Trump Token Price Targets
In a recent post on X, crypto analyst Ali Martinez highlighted the potential for a bullish reversal in the $TRUMP token. On a lower time frame chart, the analyst identified the token as trading within a falling wedge pattern.
The $TRUMP token is expected to continue consolidating within this pattern before reaching its apex. A bullish breakout from the wedge could target the 38.20% Fibonacci retracement level near the $54 mark.
This projection suggests an upside potential of 47.57%. However, if the price breaks below the $30 psychological support, it could plunge further, with the next support level at $23.91.