The official Trump (TRUMP), the recently launched meme coin by the United States pro-crypto president Donald Trump, is making waves with its impressive price performance. However, today, January 20, 2024, as Trump began his inauguration speech, the TRUMP meme coin failed to hold its crucial support and is now poised for a massive price decline.
On January 18, 2024, during the Asian trading hours, Trump made a post on X (formerly Twitter) and introduced its official meme coin, TRUMP, to the world. Following the post on X, the TRUMP coin has attracted significant interest from traders and investors, resulting in the meme coin skyrocketing from $4 to $76.67.
But today, since the Asian trading hours, the price of the meme coin has been struggling and witnessed a price decline. As Donald Trump’s speech began, the meme coin failed to hold its crucial support at $40.
Following this breakdown, TRUMP appears bearish and seems poised to fall to its next support at $30. Based on the recent price action, if the TRUMP meme coin closes a daily candle below $40, there is a strong possibility it could fall to $30.
The market sentiment for the meme coin seems to be a profit-booking scenario for investors.
At press time, TRUMP is trading near $37 and has experienced a price decline of over 38% in the past 24 hours. During the same period, its trading volume increased by 30%, indicating heightened participation from traders and investors.
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