TRUMP Token Volatility Raises Concerns of Price Drop Below $2
The TRUMP token experienced a significant price surge, rising nearly 90% in just five days. The price jumped from $1.39 to $2.62 by Sunday, August 23rd, after U.S. President Donald Trump made statements supporting the CLARITY Act and purchasing substantial amounts of Bitcoin. This led to a bullish frenzy in the crypto market.
However, despite remaining above the $2 mark, the token saw a mild retracement. The TRUMP team continued to distribute tokens, selling $3.39 million worth, which added to the selling pressure that pushed the price below $3.
The technical indicators showed an incongruence between the OBV making new highs and the CMF being bearish. This suggested intense profit-taking activity, with severe volume pulling prices far below the high of $3.68 on August 22nd.
Experts warn that a price drop below $2 could be next, allowing swing traders to go long. However, a drop toward $1.80-$1.90 is likely, and further losses would question TRUMP bulls' control of the market.