U.S. President Donald Trump launched its meme coin on Jan.18 to much fanfare; it debuted in the top 50 largest cryptocurrencies ranked by their market capitalization.
However, the hype quickly faded, leading to a lengthy downtrend that is still ongoing.
With TRUMP reaching a new all-time low of $9.54 on March 11, the key question is: How long will the downtrend continue, and when can TRUMP begin a reversal? Let’s find out.
The daily time frame chart shows that TRUMP has fallen 76% since its launch, reaching a new all-time low of $9.54 on March 11. The decline was initially swift but slowed after Feb. 9, creating a descending wedge pattern.
While the wedge is considered a bullish pattern, the wave count suggests that TRUMP is in wave four of a five-wave downward movement.
While it is still unclear how this fits with the long-term count, another decline is likely, completing the fifth and final wave.
This could take TRUMP to a new all-time low, reaching the descending support trend line at $9.
Additionally, the Relative Strength Index (RSI) is developing a bullish divergence, increasing the likelihood of an eventual breakout. If that happens, the main resistance will be at $17.
Activity Cools Down
The trading activity relating to TRUMP has reflected the ongoing price decline. At launch, most of the TRUMP trading activity occurred on Moonshot, which generated more than $3 million in fees on Jan. 19. That number has since fallen to less than $5,000 daily.
Similarly, the portion of TRUMP fees to the total Moonshot fees has decreased. At its peak on Jan. 19, TRUMP fees were higher than the rest of Moonshot fees without it. As of March, TRUMP fees are less than 2% of total Moonshot fees.
Moving away from decentralized exchanges, most TRUMP tokens are held on centralized exchanges. OKX leads with $181 million, followed by Binance and Bybit at roughly $75 million.
TRUMP Decrease Not Over
The TRUMP price has fallen since its launch, losing over 75% of its value. Even though the price has created a bullish pattern, another downward movement is likely before the price can begin a trend reversal. If that happens, the next closest support is at $9.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
