TRUMP Price Dives as Top Wallets Allegedly Spend $148M for Dinner With US President

Key Takeaways

• The top 220 TRUMP holders collectively own nearly $150 million in the memecoin, securing a seat at a dinner with Donald Trump.
• Despite the bullish sentiment, TRUMP has dropped from $15 to under $13, signaling a potential cooling-off period ahead of the event.
• On the 4-hour chart, the MACD flipped bearish, reinforcing the case for a short-term downtrend for the TRUMP memecoin.

Data from GetTrumpmemes shows that the top 220 holders of the Official Trump (TRUMP) memecoin collectively hold nearly $150 million, earning them an exclusive dinner with the U.S. President on May 22.

Despite the bullish sentiment around the approaching event, TRUMP’s price has faced a setback. On Sunday, May 11, the memecoin hit $15 for the first time since April 28.

However, TRUMP has since dropped below that level and is now trading under $13. With the pullback in play, what’s next for the memecoin?

Bullish Dinner, Bearish Chart

On the daily chart, TRUMP previously traded below a descending triangle. This setup ensured that the memecoin’s price fell below $8 around the last days of April.

Later, it broke out of the bearish pattern, surpassing $15 last Sunday. But as of this writing, TRUMP’s price has fallen to $12.85.

This happened after the cryptocurrency failed to break past the resistance at $15.46. The Relative Strength Index (RSI) has declined to 53.64 on the same daily chart.

Earlier on, the RSI was 64.65, indicating bullish momentum. The RSI uses the speed and size of price changes to measure momentum.

When the reading rises, momentum is bullish. Therefore, the recent drop validates the bias that bullish momentum is fading.

If this trend continues, the TRUMP’s price might drop lower irrespective of the sentiment around the upcoming Dinner or the amount spent to hold the memecoin and to get a spot.

TRUMP Price Analysis: Deeper Drop Ahead

In addition, the 4-hour chart also presented a bearish outlook. According to the image below, the Moving Average Convergence Divergence (MACD) dropped into the negative region in that timeframe.

This drop signifies bearish momentum, as previously indicated by the RSI above. The Exponential Moving Average (EMA) also shows a bearish crossover.

A bearish crossover occurs when the longer EMA rises above the shorter EMA. The 26 EMA (orange) has crossed above the 12 EMA (blue).

If sustained, TRUMP’s price might fail to hit higher highs. In addition, the Chaikin Money Flow (CMF) has declined below the zero signal line.

At press time, the CMF on the TRUMP/USD chart is at -0.16, indicating rising selling pressure. Should this remain the same, TRUMP’s price could decline to the 0.382 Fibonacci retracement level, which is positioned at $11.24.

If bulls fail to arrest this decline, the price drop could extend to $10.01. However, this potential trend could change if momentum turns bullish and buying pressure intensifies.

Should that be the case, the TRUMP memecoin value might rise above $16.44. In a highly bullish scenario, it could get closer to $25.