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Bear in mind the TRUMP meme coin that soared to over $5 billion market worth instantly after President Donald Trump took his oath? Properly, it’s presently on a downtrend. It’s buying and selling barely above $17, down almost 18% from its earlier day’s shut.
The token’s newest value motion got here when President Trump took issues into his personal arms and shared a submit concerning the token on Fact Social.
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On its weekly chart, TRUMP is down 35% and 70% from its all-time excessive, suggesting a bleak outlook for its holders and buyers.
It’s Going Down For TRUMP Holders
The broader crypto trade is within the purple proper now, led by Bitcoin, which has dropped to $95k. Different cryptocurrencies are struggling within the present market, however the $TRUMP token will get particular point out for its distinctive circumstances.
It was reported that the token’s crash occurred proper after the President shared a submit on his Fact Social account. Additionally, his administration has been warding off criticisms after asserting the brand new tariff coverage.
Instantly after the submit went public, TRUMP’s value dipped by greater than 13%, dropping under $20. The token loved an enormous run two weeks in the past, hitting an all-time excessive of $73.43. Additionally, information means that buying and selling quantity for the asset has elevated by 65%, valued at $3.4 billion, as holders transfer to promote.
TRUMP Is Extremely Risky, Holders Ponder Subsequent Transfer
After hitting a low of $18.75, the token made a couple of beneficial properties to commerce above $21. Nevertheless, it’s again on the $17 degree, suggesting that it’s presently extremely risky and testing the persistence of most merchants and holders.
Based on Coinglass’ derivatives information, TRUMP’s open curiosity has decreased by over 13% to $720 million, whereas 24-hour liquidations have elevated to over $15 million, with lengthy liquidations totaling $11 million.
For a lot of skilled merchants, the token’s temporary dip under $20 is a shopping for alternative. Captain Faibik, a well-liked crypto analyst, has joined the conversations suggesting to “purchase the dip.” Based on Faibik, the token’s falling wedge remains to be energetic, and he expects a powerful restoration from it.
Shopping for the $TRUMP dip!
Falling wedge remains to be in play, anticipating a powerful bounce again..#Crypto #TRUMP #TRUMPUSDT pic.twitter.com/s1juQeskgY
— Captain Faibik 🐺 (@CryptoFaibik) February 2, 2025
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A Trump Pump And A Potential Bounce Again?
In crypto, the falling wedge usually signifies a possible value breakout. Many $TRUMP holders are utilizing this chart to argue {that a} surge for this token is occurring quickly.
Crypto skilled Edward Morra additionally shared his ideas, saying that the token has recovered from the $20 degree and predicted it’s now on the best way up. He admitted that $TRUMP went deeper than anticipated, however he shared that he purchased the dip and is now taking a look at its bullish potential.
Over at Fact Social, President Trump shared a submit in assist of his token, an apparent ploy on advertising and marketing. Nevertheless, many observers criticized this transfer from the president, saying that the “pump” might quickly result in a “dump”.
Featured picture from Pexels, chart from TradingView
