Key Takeaways
- Official Trump’s (TRUMP) price surged by over 70% on April 24.
- Donald Trump announced a dinner for the top TRUMP holders.
- Has the TRUMP price finally ended its downward trend?
The TRUMP price has fallen over 90% since its all-time high, culminating with a low of $7.14.
However, an April 23 announcement that the top 220 holders would have an exclusive dinner with U.S. President Donald Trump caused the memecoin to surge over 70%.
While users on X have lambasted the announcement, raising concerns about conflicts of interest and market manipulation , the TRUMP price finally broke through its downtrend.
With that in mind, let’s examine the price action and determine if the increase may continue.
TRUMP Price Breaks Out
The daily time frame analysis shows that TRUMP had fallen inside a descending wedge pattern since Feb. 14.
TRUMP’s decline led to an all-time low of $7.14 on April 17 before the price bounced (green icon), validating the wedge’s support trend line.
The price of TRUMP began an upward movement afterward and broke out from the wedge on April 18.
However, the rally did not accelerate until April 23, coinciding with the dinner invitation by Donald Trump.
The price reached a high of $16.17, confirming the $15 area as resistance and creating a long upper wick (red icon).
The Relative Strength Index (RSI) immediately reached overbought territory after the pump and has fallen since.
TRUMP trades between the $10.50 and $15 horizontal areas, possibly creating a range inside them.
TRUMP Dinner
Our previous analysis predicted that the TRUMP price would resume its wedge breakout and move above the $10.50 resistance, which it did earlier today.
Additionally, exclusive comments to CCN Wanchain CEO Temujin Louie characterized TRUMP as a likely cash grab, and the latest stunt of offering dinner to the top 220 buyers reinforces this view.
The announcement’s date also raises eyebrows. It comes after the start of two new linear unlocks , which will release 0.12% of the vested supply each day, and shortly after a major unlock of 40 million tokens.
While there are 636,970 TRUMP holders, one needs over 21,200 tokens to qualify for the dinner, which at the current price is roughly $260,000.
Local Top Close?
TRUMP’s wave count shows a completed five-wave downward movement (red) since the all-time high.
If the count is accurate, TRUMP is in wave C of an A-B-C corrective structure (green), which might have ended.
While the rally may be wave A of a larger degree A-B-C structure, the TRUMP price would have reached a local top in this scenario.
As a result, the most likely future movement is a decline toward the $10.50 horizontal support area.
Once the TRUMP price gets there, the reaction can help determine the direction of the future trend.
Corrective Rally Near End
The TRUMP price broke out from a descending wedge pattern last week.
It accelerated its upward movement yesterday after Donald Trump’s dinner invitation for the top 220 holders.
While the rally has been significant, the price action and wave count suggest TRUMP will reach a local top soon and fall to new lows.
TRUMP Memecoin Cracks Under Pressure: 30% Drop Could Worsen With $328M Supply Shock
