TRUMP Token Sees 90% Surge, But Further Losses Loom

The TRUMP token saw a dramatic 90% surge in just five days, from $1.39 to $2.62 on August 23rd. The sudden price increase was largely attributed to statements made by US President Donald Trump, who called for Congress to pass the CLARITY Act and expressed support for purchasing substantial amounts of Bitcoin.

However, this momentum was short-lived as the token experienced a mild retracement, but still remained above the $2 mark. The TRUMP team continued to distribute their tokens into strength, making a sale worth $3.39 million, which added to the selling pressure and pushed the token below $3.

Technical indicators suggest that the price drop may not be over yet, with the OBV making new highs while the CMF remains bearish at -0.23. The 1-day swing structure remains bullish, but a test of the 78.6% Fibonacci retracement level at $1.86 is likely.