Official Trump (Trump) has experienced a surge in prices this month, showing some recovery after recent struggles.
However, short-term gatherings of tokens quickly faded after much of their supply was released.
Unlock the official card token
Official Trump recently unlocked its first major token in six months and flooded the market with new supplies. 90 million Trump tokens are unlocked today, and while the $938 million worth of the $938 million unlock is much smaller than the previous unlocked in January, it still has a significant increase in liquidity.
However, the lack of response to unlocking further shows the cooling of investors’ enthusiasm around memecoin, despite considerable capital entering the market. With the market’s slimy response, it is unclear whether recent liquidity inflows will be able to reinvigorate prices in the long term.
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Despite the set, some macro momentum is at work in the official Trump favor. The Relative Strength Index (RSI) is currently located in the bullish zone and sits above a neutral mark of 50.0. This suggests that on a wider scale, the overall market momentum remains positive.
In particular, Bitcoin’s continued strength could ripple over altcoins, providing Trump with the opportunity to benefit from bull market sentiment. But the challenge for Trump is to maintain investor interest despite positive tech indicators.
A broader bullish momentum could help, but the general market optimism may not be enough to maintain a big breakout unless demand for official Trump increases significantly.
Trump prices challenge
Trump’s prices have recently risen 6.48%, trading at $10.51 at the time of writing. Intraday highs had a short 10% surge in the rallies, but the rally was short-lived and prices were retracted. Meme Coin has struggled to maintain a breakthrough at major resistance levels, and the $10.97 resistance proves difficult to violate.
If Trump again did not violate the $10.97 resistance level, the coin could face a potential fix of $9.63, making it difficult to recover. Tokens need strong demand to overcome this resistance and ensure more profits.
But if Trump leveraged the bullish momentum of the wider market, it could reach $11.00, above $10.97. This could negate the current bearish outlook and offer an opportunity to rise further to another $12.18.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
