OFFICIAL TRUMP (TRUMP) Price Pressure Mounts: Will It Dive Below $5 or Are Bulls Preparing a Sudden Counterattack?

• OFFICIAL TRUMP is hovering near the $7 mark.
• TRUMP’s trading volume has dropped by 37%.

The crypto assets are stuck in extreme fear in the market, and the prices are riding the waves between upward and downward moves without a defined route. All major digital assets are trading on the downside, losing momentum, which includes BTC and ETH. Meanwhile, OFFICIAL TRUMP (TRUMP) has spiked by over 0.73% in the last 24 hours. 

The asset opened the day trading at a bottom range of $6.89. As the brief bullish shift in the TRUMP market made it climb high toward $7.14. Upon the bulls gaining traction, the price could test and break the resistance in between to hit the $10 threshold. 

As per the CoinMarketCap data, the OFFICIAL TRUMP is currently trading within the $7 mark, with the market cap staying at $1.4 billion. In addition, the daily trading volume of TRUMP has decreased by over 37.80%, likely reaching the $359.77 million zone. 

Where is the OFFICIAL TRUMP Price Headed?

OFFICIAL TRUMP’s bearish chart might trigger the price to slip toward the $6.93 support level. Assuming the downside correction gains more power, it could invite the death cross to happen, and gradually drive the asset’s price to its former lows at around $6.85. 

On the upside, if it reverses the ongoing momentum, the OFFICIAL TRUMP price could rise and find the crucial resistance at around the $7.07 range. Further upside pressure might trigger the emergence of the golden cross, sending the price toward $7.15 or higher. 

TRUMP chart (Source: TradingView)

The technical analysis of TRUMP reports that the Moving Average Convergence Divergence line and signal line are below the zero line, indicating bearish momentum. The asset will remain bearish until MACD climbs back above zero. Besides, OFFICIAL TRUMP’s Chaikin Money Flow (CMF) indicator at 0.12 suggests mild buying pressure in the market. The money is flowing into the asset, but not aggressively, which is supporting the price action in the short term.

The daily Relative Strength Index (RSI) value found at 43.93 implies the asset’s neutral-to-slightly bearish sentiment. Notably, it is nowhere near oversold, and the market still has room to move either way. Furthermore, OFFICIAL TRUMP’s Bull Bear Power (BBP) reading settled at -0.010, signalling that bears have a slight upper hand. The margin is very small, and it would not lead to a strong trend.

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