The Official Trump (TRUMP), a recently launched meme coin on the Solana blockchain, is making waves and gaining significant attention from crypto enthusiasts. Today, January 22, 2024, the TRUMP meme coin is poised for significant upside momentum due to the formation of bullish price action on the hourly time frame.
According to CoinPedia’s technical analysis, TRUMP appears bullish, having broken out of a small consolidation formed near a resistance level of $40. In addition to this, the meme coin has also broken out of a trend it has been facing since January 19, 2024.
Following this breakout, the sentiment is poised to shift from a downtrend to an uptrend. Based on recent price action and historical price momentum, if the TRUMP meme coin closes an hourly candle above the $45 level, there is a strong possibility it could soar by 40% to reach the $63 level in the coming days.
On the positive side, with TRUMP’s Relative Strength Index (RSI) at 53, the meme coin indicates potential upside momentum and suggests an ideal buying opportunity.
At press time, the meme coin is trading near $42 and has experienced a price surge of over 2.6% in the past 24 hours. However, during the same period, historical price momentum shows that trader and investor participation declined, leading to a 50% drop in trading volume.
Despite lower participation, some investors and whales have been accumulating TRUMP meme coins, as the token is currently down by nearly 47% from its all-time high. Additionally, the tokens are backed by United States President Donald Trump.
Additionally, data from the on-chain analytics firm Coinglass’s spot inflow/outflow metrics revealed that exchanges have experienced an outflow of a significant $268.8 million worth of TRUMP.
This substantial outflow from exchanges indicates potential accumulation and could soon impact TRUMP’s price and upside momentum.
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