TRUMP Price Plunges 10% in One Day Amid Heavy Short Positioning

Official Trump (TRUMP) has been on a downward trend, losing 10% in the last day as of writing. This decline is a turnaround from its accumulated 34% gain over the past month.

The chart shows that despite this recent performance, TRUMP could still rebound. The price drop has pushed the asset into a possible demand zone on the chart, which has previously acted as resistance against the price, forcing it lower on three separate occasions.

When the asset last traded in this zone, it shed roughly 32%, forming its August low. This level could potentially provide a rebound, causing the asset to move back into higher territory, with targets around the $3.00 to $3.40 levels, according to the chart.