Official Trump (TRUMP) Breaks Resistance but Faces Rejection After 80% Drop

Key Takeaways

• TRUMP memecoin price climbed by 15% but hit a snag at a crucial resistance point.
• Analysis shows that the support at $12.52 could make or mar the token’s next move.
• TRUMP might continue to struggle due to notable obstacles at the upper price levels.
• Interested in buying or selling OFFICIAL TRUMP COIN ? Read our review of the best exchanges to buy and sell OFFICIAL TRUMP TRUMP

In line with yesterday’s broader market upswing, Official Trump (TRUMP) jumped by 15% in the last 24 hours.

However, when the TRUMP memecoin price hit $17, it failed to continue breaching the resistance levels at higher values.

This development comes amid TRUMP’s 80% decline from its all-time high.

Despite the rejection, the breakout remains a crucial signal to determine whether TRUMP can regain its momentum or if the token will continue to struggle.

TRUMP Rally Hit the Brakes

The TRUMP memecoin price hit an all-time high of $75.35 on Jan. 19. This happened just one day after the token launched.

Since then, the cryptocurrency’s value has struggled to stage such performance as the market struggled to sustain sufficient liquidity. However, Sunday’s double-digit hike drove TRUMP’s price above a persistent descending trendline.

One reason the token remained stuck under $25 for some time was its inability to surpass this falling line. While it finally jumped past this point, the daily chart shows that TRUMP encountered rejection at $17.01.

Looking closely at the daily chart, CCN observed that the $17.01 level has proven to be a major resistance level for TRUMP.

As seen below, the TRUMP memecoin price failed to surpass this level on three different occasions — Feb. 8, 18 and 21.

Furthermore, the other major resistance levels lie at $21.55 and $28.95, while the major TRUMP support is around $12.52. Should the memecoin keep trading below this resistance point, it could be challenging for the token to resume the uptrend.

This will also depend on whether the bulls can hold the support line.

TRUMP Price Flashes Sell Signal

Considering the short-term outlook, the Supertrend supports the notion that TRUMP might struggle to break out. This indicator shows if an asset has flashed a buy or sell signal.

The green line is a buy signal when it is below the price. But in this situation, the red line of the Supertrend is above the price, indicating a sell signal.

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Should this remain the same, TRUMP’s price might experience a pushback toward the $11 range. If selling pressure increases, the price could become single-digit.

On the contrary, using the Fibonacci retracement levels, the TRUMP memecoin price needs to rise past the resistance at $20.05 to invalidate this bias. If that happens, the cryptocurrency’s value could rise to $25.63.

The target could be higher if the broader market conditions improve more than they did over the weekend. In that scenario, TRUMP could break the $30 mark and rally toward $34.66 at the 0.618 Fibonacci level.