Official Trump token ($TRUMP) a meme coin by US President Donald Trump through his Truth Social account, has suffered a huge loss, declining over 64% in the past two weeks.
At its peak, this meme token had traded for over $70; it currently sells at $17, prompting some investors to worry about what will happen to this token moving forward. Is Trump coin dead?
$TRUMP Struggles Amid Market Rebound as Volume and Market Cap Plunge
This last week, the broader cryptocurrency market saw a slide of 5%, while the $TRUMP was down 41%. Not even the relatively modest 3.3% gain in the overall crypto market over the past 24 hours could halt $TRUMP’s downward slide that took it lower by another 2.6%.
This price decline is rather sharp and goes along with declining trading volume. Over the past 24 hours, $TRUMP’s trading volume fell 37.6% to approximately $3.06 billion, which is an indicator of lesser investor interest.
$TRUMP’s market capitalization shrunk to $3.5 billion on Feb. 4, which declined sharply from the peak of $9.65 billion on Jan. 22.
Bearish Indicators Signal Further Downside for $TRUMP
A deeper price analysis suggests further downside risks for $TRUMP, with almost all technical indicators presenting a “Strong Sell” signal.
Moving averages also suggests a bearish sentiment. The summary of Moving Averages puts a “Sell” signal when eight sell indicators turn out, and there are four buy signals. Short-period moving averages MA5, MA10 still put up buying indications but, from MA20 onwards, all the mid-to-long-term moving averages (MA20, MA50, MA100, MA200) flash the sell signals.
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