TRUMP Coin Forecast: Token Price Teeters between $31.64 Support and New All-Time High

Donald Trump's newly launched meme coin OFFICIAL TRUMP (TRUMP) has become the best performer on the market, rising 268% in value over the past 24 hours.

Donald Trump’s meme coin, OFFICIAL TRUMP (TRUMP), has seen a remarkable debut, becoming one of the top 20 cryptocurrencies within 24 hours of its launch. The coin's value has surged by 268%, reaching a market capitalization of over $14 billion.

However, the coin's rapid ascent is showing signs of slowing down, suggesting a potential short-term correction. Here's a closer look at the TRUMP coin's performance and what to expect next.

TRUMP technical indicators showing overbought territory

The technical indicators for TRUMP are indicating that the meme coin has entered into overbought territory. This could raise concerns about an impending correction.

For instance, the Relative Strength Index (RSI) for TRUMP is currently at 98.88, denoting the explosive demand for the meme coin at the time of writing. This momentum indicator gauges the overbought or oversold market conditions of an asset.

It ranges from 0 to 100, where values above 70 typically indicate that an asset is overbought and might be due for a correction. Conversely, values below 30 suggest that the cryptocurrency is oversold and could be poised for a recovery.

With an RSI reading of 98.88, TRUMP is indicating that the meme coin has been subject to extreme buying pressure, signaling a possible reversal or correction as the price may struggle to sustain its current trajectory.

Furthermore, the ATR, which currently stands at 6.20, highlights the volatility in the TRUMP market, increasing the potential for a downward move.

The Average True Range (ATR) gauges market volatility by calculating the average range between an asset's high and low prices over a specified duration. When it rises like this, it indicates increasing volatility, suggesting the likelihood of price swings in either direction.

TRUMP price outlook: Token’s fate pivots between $31.64 support and new all-time high

As per the readings from TRUMP's Fibonacci Retracement tool, once the correction begins, the price might encounter support at $31.64. If the bulls fail to hold this zone, the downtrend may continue towards $15.58.

On the other hand, a sustained increase in coin accumulation will propel the meme coin to a new all-time high, rendering the bearish TRUMP price prediction invalid.

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