$TRUMP Price Plunges After 90% Rally: Is Another Slide Looming?
The $TRUMP memecoin has seen a significant price surge in recent days, rising nearly 90% from $1.39 to $2.62 over five days as of August 23rd. This sudden increase was largely attributed to statements from U.S. President Donald Trump supporting the CLARITY Act and expressing interest in purchasing substantial amounts of Bitcoin [BTC]. The altcoin market also made a resounding rebound on the back of Bitcoin's momentum, sparking talk of another altseason.
However, the $TRUMP team has continued to distribute tokens, making a sale worth $3.39 million, which added to the selling pressure and pushed the token below $3. With the price now comfortably above the $2 mark but still experiencing volatility, investors are left wondering if another rally beyond $3 is feasible.
A bullish structure break was noted on the 1-day timeframe of the memecoin, indicating positive price expectations despite intense profit-taking activity. Technical indicators showed a firm bearish reading, suggesting that while volume was not inherently bearish, the path ahead could be treacherous for bulls. The 78.6% Fibonacci retracement level at $1.86 is likely to be tested as prices fall below the 61.8% level at $2.24.