- Traders seemed to be over-leveraged at $8.67 on the lower side and $9.49 on the upper side
- On-chain metrics suggested that exchanges recorded outflows of over $4.65 million in TRUMP
In light of the prevailing bearish sentiment, the Donald Trump-linked TRUMP memecoin may be poised to continue its downtrend on the charts. In fact, following the announcement of reciprocal tariffs, the larger crypto market sank significantly.
Owing to the same, TRUMP lost its key $10-level after a 15% price crash on the charts.
TRUMP price analysis and upcoming levels
Following the breakdown of this key level, the TRUMP memecoin might be likely to replicate its previous price trend. In fact, a look at the daily chart revealed that whenever TRUMP consolidated and breached its support, it recordecd an 18% price decline.
The memecoin has followed the same pattern this time too.
Source: TradingView
According to AMBCrypto’s analysis, since February 2024, the TRUMP memecoin has seen a support breakdown and an 18% price decline twice. Thanks to prevailing market conditions, it might be poised to do so for the third time now.
If the memecoin holds below the $10 or $9.50-level, there is a strong possibility that TRUMP could fall by 18% – Hitting the $7.90-level in the future.
At the time of writing, the memecoin’s Relative Strength Index (RSI) was near the oversold area, suggesting weak momentum in the token. TRUMP was trading near the $8.80-level, having declined by over 15% in the last 24 hours alone.
$11 million of short bets
An analysis of on-chain metrics highlighted that most traders have been betting on the bearish side, believing that TRUMP’s price won’t cross the $9.50-level anytime soon.
Data from on-chain analytics firm Coinglass revealed that traders are currently over-leveraged, with positions concentrated at $8.67 on the lower side and $9.49 on the upper side. In the last 24 hours, they built $3.25 million in long positions and $11.03 million in short positions.
Source: Coinglass
These over-leveraged positions by traders hinted at bearish sentiment and suggested that the price could continue to fall until it reaches the next support level.
$4.65 million worth of TRUMP outflows
On the other hand, whales and investors have been accumulating the TRUMP memecoin, seemingly following a buy-the-dip strategy.
According to spot inflow/outflow metrics, exchanges recorded outflows of over $4.65 million worth of TRUMP in the last 24 hours – Indicative of potential accumulation.
Source: Coinglass
