Trump-themed memecoin rises 60% despite crypto market pessimism.
TRUMP token breaks resistance and hints at bullish rally potential.
Bullish indicators suggest the TRUMP token may continue an upward trend.
Despite the pessimistic sentiment prevailing in the global cryptocurrency terrain, the Trump-themed memecoin MAGA (TRUMP) has astonishingly ascended by 60% in the last week. This remarkable rise coincides with statements made by Republican presidential contender Donald Trump concerning digital currencies.
These remarks were delivered at a dinner soirée on May 8 at Mar-a-Lago, where Trump convened supporters who had acquired non-fungible tokens (NFTs) from his “Mugshot Version” collection. At the gathering, Trump also declared his acceptance of cryptocurrency contributions for his presidential campaign.
TRUMP/USD 24-Hour Chart (Source: CoinStats)
As of press time, the TRUMP token is valued at $7.50, a 23.81% ascent from the preceding day. This noteworthy escalation in value has concurrently influenced the token’s market capitalization, which has amplified by 23.86% and is now standing at $329,603,686. This increment positions the TRUMP token as the 225th largest cryptocurrency by market cap.
Furthermore, the token’s trading volume within the last 24 hours has surged by 51.43%, amounting to $13,157,245. This optimistic trajectory of the TRUMP coin signals an escalating investor interest and engagement with the token, indicating a potential for further price augmentation.
TRUMP Token’s Bullish Outlook
The TRUMP token has broken the resistance level around $6.982 on the day chart, last touched on April 6, signaling a bullish trend. If this bullish momentum continues, the TRUMP token could break above the 78.6% Fibonacci level at $7.53. A successful breach at this point could result in a bullish rally, challenging a crucial high experienced in March.
TRUMP/USDT 1-Day Chart (Source: Tradingview)
However, if the TRUMP token shows a bearish sentiment, it is expected to find support around the 68.2% Fibonacci level. This level, previously a resistance, now acts as support. If this critical point is breached, the TRUMP token could see its prices fall to deeper levels, potentially reaching the support level at $5.549, aiming for April’s low.
On the technical front, the MACD indicator is above the zero line at 0.339, indicating strong bullish momentum for the TRUMP token. The token is also well above the signal line, suggesting the bullish trajectory will continue in the short term. Additionally, the MACD histogram chart shows expanding green bars above the zero line, further supporting the bullish momentum.
TRUMP/USDT 1-Day Chart (Source: Tradingview)
In tandem, the Chaikin Money Flow index indicator is moving upwards but is still below the zero line at 0.05. This indicates an increasing influx of money and potential buying pressure, aligning with the overall bullish sentiment in the TRUMP token market.
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