Trump Coin Volume Surges as Trump Prepares for Talk – Do Insiders Know Something?
Official Trump (TRUMP) has gone up by 0.8% in the past 24 hours to stand at $11.3 per coin but trading volumes have suspiciously increased by 53.3% as President Trump is scheduled to sign a bunch of executive orders (EOs) today.
This spike in trading activity has triggered rumors that insiders may know something about what the President will be up to in the afternoon and could possibly hint at another upcoming crypto-related EO.
TRUMP has produced gains of 6.3% in the past week as the meme coin sector has recovered slightly from the latest selling spree. However, the token has still shed 31.3% of its value in the past 30 days and is currently trading 85.5% below its all-time high of $75.35 of January 19.
Its circulating supply has remained unchanged as per data from CoinMarketCap and currently stands at 199.99 million TRUMP. However, based on insiders’ vesting schedule, the first batch of the token allocated to the launch team will be unlocked in April.
As more TRUMP enters the market, this would put pressure on the price in the near term, especially in these challenging conditions.
TRUMP Rallied Ahead of the Fed’s Meeting but Positive Momentum Is Fading
Yesterday, the Federal Reserve kept its interest rates unchanged as the market expected but reassured participants that two rate cuts are still on the table for the year. The market rallied ahead of the FOMC meeting and started to consolidate right after Powell gave his speech.
The hourly chart shows that a double-top pattern formed for TRUMP yesterday as the price action rejected a move above the $11.70 level. The token has already made a lower high after that, meaning that TRUMP is officially on a downtrend in this lower timeframe.
The Asian session has been bearish for the token thus far while momentum indicators are also favoring a bearish outlook as the Relative Strength Index (RSI) moved below the signal line while the MACD shows steadily increasing negative momentum readings.
TRUMP could drop to $11 during the next few hours and possibly to the high $10s as we enter the American session if negative momentum continues. This gives short-sellers the upper hand in the near term.
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