Michaël van de Poppe Identifies Two Support Regions on the TRUMP Meme Coin Chart

The market analyst called attention to these areas in an analysis today, leveraging the 1-hour Official Trump (TRUMP) chart.

Market veteran Michaël van de Poppe has identified two key price regions on the TRUMP meme coin chart that have triggered price rebounds.

The market analyst highlighted these areas in an analysis today, using the 1-hour Official Trump (TRUMP) price chart. This report comes two days after the launch of the meme coin, which has seen it surge by as much as 27,122% to currently trade at $51.6.

To provide some context, TRUMP's meteoric rise saw it skyrocket to a top price of $35, which created a psychological resistance at this level and a major pullback. The drop continued until it found support at $21 and then recovered strongly, rising to a new peak of $79 on KCEX.

The First Support Zone

According to van de Poppe, amidst its rapidly volatile performance over the past 48 hours, TRUMP has observed two price zones that guide its market performance. The first one, as noted by the market watcher, is situated between the $57 and $52 price range.

Notably, the earlier $79 top introduced resistance, with the asset's price collapsing in a second round of retracement. This created the first rebound zone. As TRUMP slipped into the $57 to $52 support range yesterday, its price rebounded immediately, rising sharply to the $73 price in the evening with a 36% surge.

However, the next roadblock proved too strong for the buying pressure to overcome, leading to another pullback on the back of Trump's wife launching the Melania Meme (MELANIA).

TRUMP Respects the Second Support Level

The MELANIA token sucked up liquidity from TRUMP, enhancing the impact of the drop. This time, the pullback broke below the support at the $57 to $52 range, leading to steeper declines. This brought Michaël van de Poppe's second support zone into play.

For context, this second zone lies between $46 and $40, presenting the last line of defense for the meme coin during bearish pressure. When the price dropped to this level, the bulls defended the zone strongly, triggering a 68% rebound to $64 before the recovery efforts fizzled out earlier today.

According to van de Poppe, with the TRUMP meme coin currently consolidating between $45 and the lower ends of the $50 mark, the best thing for it right now would be to drop to $25 to $30 and then trade in a range within this region before recovering.

This development could present an attractive region of entry for investors, bringing back buyers into the market for the next explosive run, especially as Donald Trump takes office today. At press time, TRUMP is down 11.8% today, according to CoinMarketCap, currently trading for $51.6 with a market cap of $10.32 billion.

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