Official Trump (TRUMP) coin took the spotlight today after it led the top 100 coins by daily gains, rising by more than 23% to bring its weekly gain to over 64%. Trading volume also jumped by 166% today, surpassing the $1.06 billion mark.
Reasons for the rise:
One of the most important driving factors is the expansion of the currency’s presence in the market. According to analyst Scott Milker, the TRUMP coin will make its debut at the Korea Blockchain Week conference, giving it exposure to the Asian market—where other meme coins such as Moo Deng (MOODENG) had previously surged.
This move may also support TRUMP’s trading volume, which rose in both the futures and spot markets. According to the August futures volume bubble map, activity shifted from neutral to bullish.
It was also observed that whales prefer leverage through the futures market rather than spot buying, as the average order size showed large whale positions in the futures market, while orders in the spot market were normal. Typically, when whales buy in the futures market, it indicates leverage use. According to Coinglass data, buy orders with 10x, 25x, and 50x leverage were concentrated between $2.44 and $2.77, while cumulative short liquidations were mainly concentrated at 5x and 10x leverage.
Can buyers break the sideways range?
On the chart, TRUMP is trading between the $2.90 high and the $2.16 low. The Supertrend indicator swung from bullish to bearish and then back to bullish again, suggesting fluctuating buyer sentiment and the possibility that the coin may remain in its sideways range for longer.
Meanwhile, the Awesome Oscillator was green, with histogram bars gradually increasing in size, indicating that buyers are still present. If this momentum continues, the coin could fill the price gap above $2.90, reaching around $3.68.
On the other hand, losing the horizontal level at $2.16 and support from the Supertrend indicator at $2.19 could push the currency to slip below $2.
Summary:
- TRUMP surged by more than 23% in 24 hours, outperforming all currencies within the top 100 by market value.
- The currency trades between $2.16 and $2.90, and any breakout on either side of this range may determine its next direction.
⚠️ Disclaimer: This content is for informational purposes only and not investment advice, and trading in cryptocurrencies carries a high level of risk.