Key Takeaways
- Top TRUMP memecoin holders will have a dinner with Donald Trump on May 22.
- The TRUMP price has created a lower high in April and risks a breakdown.
- Will TRUMP holders sell after the dinner, or will their conviction remain strong?
U.S. President Donald Trump will hold a dinner with the top 220 holders of his memecoin on May 22.
While the TRUMP price rallied after the announcement, it has fallen since April 26, creating a lower high below resistance.
With only three days until the dinner, let’s examine the price action and determine what to expect.
TRUMP Price Struggles
The TRUMP price has increased since breaking out from a descending wedge pattern on April 19.
The upward movement culminated with a high of $16.44 on April 16, slightly above the $15 resistance area.
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TRUMP’s price has fallen since, creating a lower high on May 10 (red icon), confirming the $15 resistance area.
After another decline, the price risks a breakdown from the minor support level at $12.50, which could take it to $11.
Technical indicators are also bearish since the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are falling.
The former risks falling below 50, while the latter has made a bearish cross, indicating a bearish trend.
Therefore, the TRUMP price will likely fall to the $11 support area.
Key Support Levels
The wave count gives a bearish TRUMP prediction, suggesting the price will decline again.
According to the count, TRUMP is in wave C of an A-B-C correction (red) and will break down below support soon.
Giving waves A and C the same length leads to a low of $9.15, coinciding with the 0.786 Fibonacci retracement support level.
Moreover, TRUMP may retrace the upward movement and fall to new lows since the preceding rally is an A-B-C structure.
TRUMP Price Breakdown
The TRUMP price rallied after announcing an exclusive dinner on May 22.
However, it has fallen since the snapshot as large whales have sold some of their holdings.
The TRUMP price analysis is bearish, suggesting the coin will drop to single digits.
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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