OFFICIAL TRUMP (TRUMP) Slides Over 8%, Is the Bottom Coming Into Sight?

• OFFICIAL TRUMP is trading close to $9.
• Daily trading volume has skyrocketed by 237%.

The crypto market is stuck in a state of indecision, as the asset’s prices bounce between upward and downward moves without clear direction. The largest asset, Bitcoin (BTC), has slipped to the $104K zone with the steady bear hold. Notably, Fartcoin, FLOKI, and TRON have secured the top-gainer spot of the day. 

Meanwhile, OFFICIAL TRUMP (TRUMP) has lost its momentum and plummeted by over 8.48% in the last 24 hours. According to CoinMarketCap data, the OFFICIAL TRUMP is currently trading within the $9.91 level, with the asset’s market cap at $1.98 billion.

TRUMP has posted its daily high at around $10.92, and the bears within the market took command, pressuring the price to fall toward a low range of $9.49. The bullish shift could emerge only after the asset surpasses the $11 threshold.

As per Coinglass data, the market has witnessed a 24-hour liquidation of $8.64 million worth of TRUMP. In addition, the daily trading volume of TRUMP has risen by over 237%, reaching $944 million.

Is The OFFICIAL TRUMP Heading for More Losses?

The asset’s technical indicators report a potent bearish sentiment with the Moving Average Convergence Divergence (MACD) line and signal line stationed below the zero line. It generally indicates a bearish crossover. Moreover, OFFICIAL TRUMP’s Chaikin Money Flow (CMF) indicator at -0.17, suggesting that the money is flowing out of the asset, with selling pressure in the market. 

OFFICIAL TRUMP’s four-hour bearish price chart might trigger the asset to retrace to the $9.50 level. Also, the bears with the potential to pull back the asset could likely invite the death cross to unfold, and gradually hit its former lows at around the $9 mark. 

Assuming the asset reverses the momentum, the price could jump and test the crucial resistance at around the $10 level. A further correction on the upside might push the emergence of the golden cross to take place, sending the OFFICIAL TRUMP’s price toward $10.40.

Furthermore, the asset’s daily relative strength index (RSI) found at 29.30 hints that the asset is approaching oversold territory. The Bull Bear Power (BBP) value of OFFICIAL TRUMP is settled at -0.71, signalling that the bearish sentiment is currently stronger in the market, and the price may face more downward pressure.

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