$9.27M Transfer Tests TRUMP's Support
TRUMP, an altcoin, has been experiencing volatility in recent days. Despite Ceffu's significant transfer of $9.27 million to Binance, a major cryptocurrency exchange, TRUMP managed to hold onto its support at $2.30.
The large deposit by Ceffu created distribution risk as it offered instant liquidity for any potential token sales on the platform. However, the market was able to absorb part of the new supply at existing levels, indicating that buyers were active in the space.
Despite this resilience, aggressive sellers remain dominant in the market, with a higher volume of sell orders compared to buy orders over the past 90 days. This suggests that the taker activity is still skewed towards sellers, which could undermine the absorbing capacity of the market.
The buyers need greater participation to counter the recurring aggressive selling and maintain the recovering price structure.