- TRUMP token gains 23.88%, faces resistance at $44.00 and $48.00 amid volatile trading.
- Support levels at $34.73 and $40.00 crucial for maintaining TRUMP token’s bullish trend.
- RSI at 60.81 and price above 200 SMA suggest potential for further upward momentum.
The newly launched TRUMP token has captured the market’s attention with its remarkable performance. The memecoin, associated with the U.S. President Donald Trump, skyrocketed from under $10 on Saturday to a peak of $74.59 before retreating.
As of press time, it is trading at $43.03 and has gained 23.88% in the past 24 hours. Its significant trading volume of $21.7 billion and an $8.6 billion market cap highlight its growing popularity among investors. However, market participants remain cautious as the token faces critical resistance levels.
Trading Volume and Market Sentiment
The TRUMP token has achieved a remarkable $8.6 billion market cap, reflecting heightened interest and speculative trading. Its steep upward trend demonstrates strong demand, but consolidation near $48.00 suggests cautious optimism.
A retracement from its weekend high indicates potential profit-taking, which could influence short-term market dynamics. Besides, the high volatility signals active trading, making it crucial to monitor key price levels for direction.
Support and Resistance Levels
Key support and resistance levels are shaping the TRUMP token’s price action. On the downside, $34.73 acts as a robust support, marking the lowest observed level during recent activity. The $40.00 level also serves as interim support, as the token has consistently consolidated above this point.
On the upside, resistance at $44.00 and $48.00 indicates zones of selling pressure. If the price breaches $48.00, the next psychological target could be $50.00, representing a major resistance level.
Technical Indicators and Price Trends
The RSI indicator, at 60.81, suggests mildly bullish momentum with room for further gains. Additionally, the price remains above the 200-period simple moving average (SMA) at $39.969, signaling potential for continued upward movement. However, breaking below this level could shift momentum toward bearish territory.
