Red Candles Stack Up for OFFICIAL TRUMP (TRUMP): Will Sellers Tighten Their Grip?

• OFFICIAL TRUMP is trading close to the $5 mark.
• TRUMP’s daily trading volume has dropped by 33%.

The red floor remains awake, triggering the crypto assets to face losses. With the Fear and Greed Index value settled at 41, the market is lingering in neutral sentiment, and the price movements are lacking clarity. Meanwhile, the largest asset, Bitcoin (BTC), trades at $91.8K, and the largest altcoin, Ethereum (ETH), hovers at $3.1K. 

Among the altcoin pack, OFFICIAL TRUMP (TRUMP) has registered a modest loss of over 2.03%. The asset opened the day trading at a high of $5.49, and it chose to slip to a low of $5.31 as the bearish command drove the TRUMP market. A potential breakdown from the current trading level would lead to more losses. 

According to the CoinMarketCap data, at the time of writing, OFFICIAL TRUMP traded within the $5.36 zone, with the market cap resting at $1.07 billion. Moreover, the daily trading volume of TRUMP has plunged by over 33.77%, reaching the $171.39 million mark 

Is OFFICIAL TRUMP’s Price on Track for Another Slide?

The OFFICIAL TRUMP’s Moving Average Convergence Divergence (MACD) is below the zero line while the signal line is above the zero line. It points to a mixed or weakening momentum. The short-term momentum has turned negative, and the broader trend still hints at underlying strength. 

TRUMP chart (Source: TradingView)

In addition, the Chaikin Money Flow (CMF) indicator is positioned at -0.15, which indicates moderate selling pressure in the TRUMP market. With this negative value, the capital outflows outweigh inflows, showing the trend of distribution rather than accumulation, along with a bearish bias.

If the token exhibits a sturdy bearish takeover, the red candlesticks may light up, and pull back the OFFICIAL TRUMP to its key support range at around $5.31. An extended downside correction likely triggers the emergence of the death cross, eventually, sending the price below $5.26.

Assuming the price action turns the chart green, it implies a bullish trading pattern. The OFFICIAL TRUMP price could rise and test the initial resistance at the $5.41 level. Upon the potential bulls gaining more strength, the golden cross might take place, driving it to trade at $5.46 or even higher.

TRUMP’s daily Relative Strength Index (RSI) found at 45.36 indicates neutral to slightly bearish momentum. The asset is trading below the midpoint, 50, but it is not yet oversold, leaving enough room for movement in either direction. Furthermore, the Bull Bear Power (BBP) reading of -0.034 suggests that the bears are slightly in control of the market. The price of OFFICIAL TRUMP is trading below, as the value is close to zero and typically denotes consolidation.

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