The post Potential Consolidation and Future Gains for TRUMP Memecoin Following Impressive Market Launch appeared on BitcoinEthereumNews.com.

TRUMP, the newly launched memecoin from President-elect Donald Trump, has turned heads in the crypto market by achieving impressive trading volumes within hours of debut. The token’s launch on the Solana blockchain marks a significant milestone as it quickly amassed a market cap exceeding $12 billion, showcasing its instant popularity. According to COINOTAG, despite this explosive growth, TRUMP may be on the brink of a market correction, potentially leading to a stabilizing accumulation phase. This article delves into the rapid rise and potential consolidation of TRUMP, a new memecoin on Solana, highlighting key market trends and technical analysis. Consolidation ahead for TRUMP The TRUMP token has recently experienced a series of upward rallies without substantial pullbacks, which is atypical in volatile crypto markets. Since its launch, TRUMP’s price movements have been closely monitored, revealing resistance at $13.83. This resistance level is crucial as a failure to surmount it could signal a necessary correction. Should the token see a decline, Fibonacci retracement levels identify key support zones that may facilitate a price rebound, adding to the analysis of its short-term outlook. Source: Dexscreener Key support is notably at the $10.035 mark, identified as a critical 50% retracement level from its peak price. A sustained trading below this line would further affirm incoming bearish sentiments. The coin’s trading volume has also declined from a peak of $76.982 million to around $27.354 million, indicating waning momentum. This downturn could facilitate a viable entry point for investors looking to capitalize on future movements. Golden cross backed by buyers Current analysis of market indicators shows that the Bull Bear Power (BBP) points to robust buying pressure. With a BBP reading of 1.00, the ongoing trend favors bullish momentum, suggesting that purchases are outweighing sell-offs. This bullish sentiment is corroborated by the Moving Average Convergence Divergence…

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Filed under: News - @ January 18, 2025 7:19 pm