Will It Glide Smoothly or Plummet Hard?

• OFFICIAL TRUMP is trading near the $7 mark.
• TRUMP’s trading volume has jumped by over 46%.

The crypto assets are exhibiting losses across the market with a drop of over 2.02%. With the overall market condition being fearful, the price action of the tokens is unclear. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), hover on the downside. Among the altcoins, OFFICIAL TRUMP (TRUMP) has registered a 1.32% loss.  

In the morning hours, TRUMP traded at a high of $7.66. Meanwhile, the bears entered the market and drove the price to a bottom level of $7.36. If the bears gain more strength, the price may fall, and with a breakout, the asset sees an upside correction. As per CMC data, OFFICIAL TRUMP currently trades within the $7.49 mark. 

The market cap has reached $1.5 billion, with the daily trading volume of TRUMP having soared by over 46.74%, touching $307.22 million. As reported by the Coinglass data, the market has witnessed an event of $1.20 million worth of OFFICIAL TRUMP liquidation in the last 24 hours. 

Can the OFFICIAL TRUMP Price Hold Support, or Will It Slide?

The price chart of OFFICIAL TRUMP exhibits a bearish turn, with the red candlesticks having lit up. The bears could pull the price back to the support range at around $7.42. Upon giving more downside pressure, the death cross might unfold, leading the price to a low range of $7.35. If the OFFICIAL TRUMP price recovery happens, it could move up and test the nearest resistance level at $7.56. Assuming the upside correction gains more strength, it might trigger the golden cross to take place, pushing the price toward the $7.63 zone. 

The Moving Average Convergence Divergence (MACD) line of TRUMP is located above the signal line, but both are found below the zero line. This crossover indicates short-term bullish momentum within a broader bearish trend. The bulls are trying to push the price up. Besides, OFFICIAL TRUMP’s Chaikin Money Flow (CMF) indicator at 0.09 suggests a slight buying pressure in the market, but not enough to be considered strong yet.

Furthermore, the daily Relative Strength Index (RSI) at 36.80 points out that the asset is approaching oversold conditions, but not extremely. The downtrend may continue if the momentum stays weak. OFFICIAL TRUMP’s Bull Bear Power (BBP) reading of -0.11 signals a modest bearish dominance in the market, but it is enough to keep the market under pressure. The farther below zero, the stronger the trend, and the price goes lower.

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