OFFICIAL TRUMP (TRUMP) fell 17.37% in 24 hours to $1.27, briefly hitting an all-time low of $1.22, while the broader crypto market edged higher.
The sell-off followed the results of the U.S. midterm elections, in which the Democratic Party gained control of both the House and the Senate. Selling pressure also spread to other political memecoins.
TRUMP under pressure after U.S. election results
TRUMP falls sharply amid uncertainty over the future of President Donald Trump’s crypto-friendly policies and the possibility of Congress scrutinizing his family’s crypto activities more closely.
Technical indicators on the daily and 4-hour charts both reflect selling pressure, although the volume indicator on the daily chart edged up slightly.
Daily chart: TRUMP in oversold territory
TRUMP's daily RSI stands at 27.69, in oversold territory, while its price is at the 23.6% Fibonacci retracement level.
Source: TradingView
On the daily chart, the price is at $1.28. The On-Balance Volume (OBV) indicator edged up, suggesting buying pressure may be returning, but this needs to be sustained for the price to hold above $1.22.
4-hour chart and key price levels to watch
The 4-hour chart shows few signs of a reversal: RSI has fallen to 20 and OBV has dropped sharply, reflecting the dominance of selling pressure.
Source: TradingView
TRUMP is also at the 23.6% Fibonacci retracement level on the 4-hour chart. The following price levels and indicators reflect the points discussed in the analysis:
Indicator or price level Value Significance 24-hour price movement Down 17.37% to $1.27 The decline occurred while the broader crypto market edged up. All-time low $1.22 If the price falls below this level, selling pressure may increase. Daily RSI 27.69 The indicator is in oversold territory. 4-hour RSI 20 Short-term downward momentum is stronger. Recovery level $1.30 Reclaiming this level could allow the price to consolidate. Next recovery level $1.50 A potential target if the recovery continues.
Summary
TRUMP is facing selling pressure on both the daily and 4-hour charts. The $1.22 level is one to watch, while reclaiming $1.30 could affect the recovery outlook.
Source: https://tintucbitcoin.com/trump-giam-17-khi-dang-dan-chu-thang-lon-moc-122-usd-then-chot/
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