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The TRUMP token (TRUMP), inspired by former US President Donald Trump, has experienced a significant downturn since its local peak of $16 on May 22, plunging approximately 36%. Despite this bearish trend, market analysts are watching the upcoming birthday of Donald Trump on June 14, as a potential catalyst that could trigger a major reversal in price action on the meme coin market.
Key Levels to Watch: Support and Resistance
At present, the TRUMP token is hovering near a critical support level around $9.50. This level proved significant just days ago, when the token saw a brief 17% upward bounce. However, technical indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) still suggest ongoing selling pressure, which could result in further short-term declines.
Potential for a Major Upswing
Despite these signals, there is increasing speculation that a high-profile announcement from Donald Trump—especially if it involves cryptocurrencies or specifically the TRUMP token—could ignite a sharp surge in price. Historical price patterns for this token reveal that political events and major news frequently lead to rapid price increases.
Important Price Ranges for Investors
Crypto traders should closely monitor key levels: the $9.5 support, the broader demand zone between $8.00 and $8.60, and resistance between $13 and $16. A breakout from these ranges could send TRUMP soaring, with the possibility of a 100% rally if momentum builds.
Risk Factors to Consider
While the TRUMP token presents enticing opportunities for profit, its highly speculative nature means investors should exercise caution. Thoroughly analyze current crypto market conditions before making any investment decisions involving meme coins like TRUMP.
Source: coingape
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