The official price of Trump (TRUMP) is currently trading at 3.21 USD, down 1.32% for the day, after losing nearly all of the 49.65% gain peak on March 13, 2024.
Currently, this token is only 3.2% higher than its all-time low of 2.705 USD, and two on-chain signals confirm that sellers are still in control.
TRUMP coin has been listed on the exchange
Token balance data on exchanges from Glassnode shows that TRUMP investors have poured a large amount of tokens onto exchanges as the price surged in mid-March 2024. The balance fluctuated around 15 million tokens from March 7 to March 9, before skyrocketing to about 41 million on March 14.
This surge of nearly 26 million tokens â sent to the exchange at a price around 4 USD â represents about 104 million USD in selling pressure at the peak. Just 24 hours after that peak, the balance sharply decreased to 19.5 million tokens as the selling was absorbed and the price turned sharply down.
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Since 15/03/2024, the token balance on exchanges has stabilized around 18.5 million. However, this level is still much higher than the low at the beginning of March 2024, indicating that selling pressure has not yet been fully resolved.
The cash flow has fallen to its second-lowest level since 02/2024.
Despite the rapid increase in TRUMP being listed, the Chaikin Money Flow (CMF) indicator reflects the situation most clearly. The CMF dropped to -0.26 at the beginning of March 2024 and then nearly recovered to the 0 mark on 13/03/2024 â right when the price surged.
But this recovery did not last long. CMF then fell back to -0.14, the second-lowest level since 19/02/2024. This indicator has not maintained any positive range since the slight uptick to +0.04 on 25/02/2024.
The CMF index at -0.14 indicates significant capital outflow. To ease selling pressure, CMF needs to recover above 0 and hold â a feat this indicator has not achieved for nearly a month.
Forecast for TRUMP price: The record low could be the next target.
The price of TRUMP has decreased by 20.61% from the peak on 13/03/2024 at around 4.04 USD, currently at 3.21 USD. According to technical analysis, the price could continue to drop an additional 15.76%, heading toward the 2.71 USD range, which is the previous record low.
Currently, the price is below the Fibonacci 1.0 at 3.309 USD, becoming a new resistance zone. The Fibonacci 1.236 level at 2.941 USD will be the next support before returning to the historical low of 2.705 USD.
If the daily closing price is below 3.00 USD, this will be the final psychological support area before returning to the record low price range. The Mar-a-Lago party held for holders in March 2024 was the impetus that caused the price to rise, but the effect from this event has now worn off.
To break the current negative trend, buyers of TRUMP need to push the price above the 3.642 USD mark â this is the Fibonacci 0.786 area â and maintain a daily closing level above that. Without strong new momentum, the next target will be the all-time low of 2.705 USD.