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- Trump-themed memecoin rises 60% regardless of crypto market pessimism.
- TRUMP token breaks resistance and hints at bullish rally potential.
- Bullish indicators recommend the TRUMP token could proceed an upward development.
Regardless of the pessimistic sentiment prevailing within the world cryptocurrency terrain, the Trump-themed memecoin MAGA (TRUMP) has astonishingly ascended by 60% within the final week. This exceptional rise coincides with statements made by Republican presidential contender Donald Trump regarding digital currencies.
These remarks had been delivered at a dinner soirée on Could 8 at Mar-a-Lago, the place Trump convened supporters who had acquired non-fungible tokens (NFTs) from his “Mugshot Model” assortment. On the gathering, Trump additionally declared his acceptance of cryptocurrency contributions for his presidential marketing campaign.
TRUMP/USD 24-Hour Chart (Supply: CoinStats)
As of press time, the TRUMP token is valued at $7.50, a 23.81% ascent from the previous day. This noteworthy escalation in worth has concurrently influenced the token’s market capitalization, which has amplified by 23.86% and is now standing at $329,603,686. This increment positions the TRUMP token because the 225th largest cryptocurrency by market cap.
Moreover, the token’s buying and selling quantity throughout the final 24 hours has surged by 51.43%, amounting to $13,157,245. This optimistic trajectory of the TRUMP coin indicators an escalating investor curiosity and engagement with the token, indicating a possible for additional worth augmentation.
TRUMP Token’s Bullish Outlook
The TRUMP token has damaged the resistance degree round $6.982 on the day chart, final touched on April 6, signaling a bullish development. If this bullish momentum continues, the TRUMP token may break above the 78.6% Fibonacci degree at $7.53. A profitable breach at this level may lead to a bullish rally, difficult an important excessive skilled in March.
TRUMP/USDT 1-Day Chart (Supply: Tradingview)
Nevertheless, if the TRUMP token exhibits a bearish sentiment, it’s anticipated to seek out help across the 68.2% Fibonacci degree. This degree, beforehand a resistance, now acts as help. If this vital level is breached, the TRUMP token may see its costs fall to deeper ranges, doubtlessly reaching the help degree at $5.549, aiming for April’s low.
On the technical entrance, the MACD indicator is above the zero line at 0.339, indicating robust bullish momentum for the TRUMP token. The token can be nicely above the sign line, suggesting the bullish trajectory will proceed within the brief time period. Moreover, the MACD histogram chart exhibits increasing inexperienced bars above the zero line, additional supporting the bullish momentum.
TRUMP/USDT 1-Day Chart (Supply: Tradingview)
In tandem, the Chaikin Cash Circulation index indicator is shifting upwards however continues to be under the zero line at 0.05. This means an rising inflow of cash and potential shopping for strain, aligning with the general bullish sentiment within the TRUMP token market.
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