The Trump meme coin is back under the radar of the crypto community with its latest update of token unlock. Notably, the Donald Trump-backed memecoin is set to unlock over $300 million worth, which is roughly 20% of its circulating supply. Following this, investors are curious about the prospects of this project.
Considering the historic price action of this viral political (PolitiFi) memecoin, many traders are skeptical about a potential price drop following price drop. This comes as this memecoin had crashed 90% from its ATH after its surprising launch.
Will the token unlock push the price toward a new monthly high, or will it act as a catalyst for a major price crash this month? Scroll down to find out the possibilities now!
Trump Memecoin Forms A Triangle Pattern!
With a strong support around its $7.50 mark, the Trump crypto has formed a triangle pattern and continues to trade within it since the month started. Ideally, this trend pattern hints at a potential bullish reversal in the respective time frame. This suggests a positive outlook for the meme coin in the shorter time frame.
Trump Coin Chart | Source: TradingView
The Moving Average Convergence Divergence (MACD) displays a rising green histogram after displaying a negative price action for the past week. With its averages recording a bullish crossover, the Trump memecoin price continues to gain value.
Adding to this, the SMA indicator records a similar price action by experiencing a positive crossover in the 4H time frame. This clearly indicates a significant rise in the bullish influence for the memecoin in the cryptocurrency market.
Will Trump Coin Pump Again?
A sustained bullish action could push the price of TRUMP coin toward its resistance trendline of the triangle pattern. Moreover, if the positive influence intensifies at that point, this may push Donald Trump’s memecoin to its upper resistance zone of $9 this month.
Conversely, if a bearish trend reversal occurs, the Trump price could retest its crucial support of $2.50. Further, if the bulls fail to regain at that point, this could result in the price of the Trump token witnessing a new multi-month low during the upcoming hours.
