TRUMP, the memecoin launched by Donald Trump, has been in a downtrend for the past eight days. However, analysts believe that it may have bottomed at $25.

Analysts Weigh In

Andrew Kang, a prominent analyst with a significant following, believes that TRUMP likely hit its bottom at $25 on January 27. He notes that this marks a drop of approximately 68% from its all-time high of $73.43, reached on January 19, just one day before Donald Trump’s inauguration.

Kang’s analysis is based on a 4-hour TRUMP/USDT chart, which shows a bottoming structure and reversing momentum, with TRUMP finding support at $25. Additionally, Kang believes that the meme coin has held a relatively low market cap for a token linked to U.S. President Donald Trump, stating:

“Still barely $6 billion market cap for a brand more known than Ethereum,”

Market commentator ‘Captain Faibik’ echoes a similar opinion, noting that TRUMP has formed a bullish pattern that might likely end its downtrend. On the 4-hour chart he shared, TRUMP appears to have broken above a falling wedge pattern, a signal of a strong bullish reversal in technical analysis.

Bullish Indicators

The trader now expects the meme coin to rebound by around 105% from $27, the level at which it broke above the pattern. Other bullish indicators supporting the case for TRUMP include:

  • , with CoinGlass data showing a 15% daily increase in open interest in its futures market, now standing at $939 million.
  • , with a whale who previously bought $23.4 million worth of TRUMP and sold the tokens at the peak for $38 million starting to accumulate the meme coin again.
  • On-chain tracker Whale Watch flagged several large transactions in the past 24 hours, including an ARC whale and an ACT whale buying $371.41k and $12.92k worth of TRUMP tokens, respectively.
  • Another whale was seen buying $29.6 million worth of the meme coin from crypto exchange Crypto.com.
  • TRUMP’s Relative Strength Index on the 1-day chart stood at 39, close to hitting oversold levels, indicating a potential reversal as buyers step in, driving the price upward.

At press time, TRUMP was up 13.7%, trading at $29.35 per coin. Stay up-to-date with the latest cryptocurrency news and trends on Global Crypto News.

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