U.S. President Donald Trump launched its meme coin on Jan.18 to much fanfare; it debuted in the top 50 largest cryptocurrencies ranked by their market capitalization.
However, the hype quickly faded, leading to a lengthy downtrend that is still ongoing.
With TRUMP reaching a new all-time low of $9.54 on March 11, the key question is: How long will the downtrend continue, and when can TRUMP begin a reversal? Let’s find out.
TRUMP Price Falls
The daily time frame chart shows that TRUMP has fallen 76% since its launch, reaching a new all-time low of $9.54 on March 11. The decline was initially swift but slowed after Feb. 9, creating a descending wedge pattern.
While the wedge is considered a bullish pattern, the wave count suggests that TRUMP is in wave four of a five-wave downward movement.
While it is still unclear how this fits with the long-term count, another decline is likely, completing the fifth and final wave.
This could take TRUMP to a new all-time low, reaching the descending support trend line at $9.
Additionally, the Relative Strength Index (RSI) is developing a bullish divergence, increasing the likelihood of an eventual breakout. If that happens, the main resistance will be at $17.
Activity Cools Down
The trading activity relating to TRUMP has reflected the ongoing price decline. At launch, most of the TRUMP trading activity occurred on Moonshot, which generated more than $3 million in fees on Jan. 19. That number has since fallen to less than $5,000 daily.
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Similarly, the portion of TRUMP fees to the total Moonshot fees has decreased. At its peak on Jan. 19, TRUMP fees were higher than the rest of Moonshot fees without it. As of March, TRUMP fees are less than 2% of total Moonshot fees.
Fees on other decentralized exchanges , such as Raydium, Orca, and Meteora, have also fallen considerably. Interestingly, over 83% of the total tokens are held by one account, which has not yet sold.
Moving away from decentralized exchanges, most TRUMP tokens are held on centralized exchanges . OKX leads with $181 million, followed by Binance and Bybit at roughly $75 million.
TRUMP Decrease Not Over
The TRUMP price has fallen since its launch, losing over 75% of its value. Even though the price has created a bullish pattern, another downward movement is likely before the price can begin a trend reversal. If that happens, the next closest support is at $9.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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