TRUMP Token Faces Uncertain Future Amidst Selloff and Wolfe Wave Rally
The TRUMP token, launched just days before Donald Trump's inauguration in January 2025, has been making waves in the crypto market. Currently trading at $2.20, it has seen a significant drop of 7.4% over the last 24 hours.
Backed by its high-profile name and brand, TRUMP drew massive early trading volume when it first hit the market. This led to a sharp move higher, breaking out of a descending channel on the daily chart.
A Wolfe wave pattern on the chart is indicating a potential rally towards $4.07, well above current resistance levels. However, the momentum reading suggests that the price has cooled down from its peak, and the RSI reading is close to neutral.
The bearish scenario would involve a breakdown of current support levels, sending prices towards lower levels at $1.830 and $1.364. On the other hand, if TRUMP finds support and bounces with volume, followed by a break above resistance at $3.089, it could open the path towards $4.070.