TRUMP Memecoin Dips as Whales Dump Tokens
The TRUMP memecoin experienced a 5.08% drop in the past 24 hours, following a recent surge in accumulation by whales. This downturn comes as five significant holders, identified as being on Donald Trump's dinner guest list, deposited a combined 126,000 TRUMP tokens (valued at approximately $1.64 million) into Bybit exchange.
Whale Activity and Market Sentiment
Initially, whale accumulation pushed TRUMP to $16.43. However, the subsequent six-day descending price pattern suggests a shift in market sentiment and a potential exit strategy from these large investors. These whales reportedly aim to sell at $9.71, representing a potential profit of $420,000 at the current price.
On-chain data from @ai_9684xtpa reveals the details of this significant deposit. This move is usually considered a bearish signal, potentially creating substantial selling pressure if not absorbed by other buyers. The potential for further price drops is therefore significant.
Order Delta and Technical Indicators
AMBCrypto's analysis indicates downward pressure on TRUMP, with a negative order delta showing more sell orders than buy orders. This bearish sentiment is confirmed by bearish crossovers on both the RSI and Stoch indicators on daily charts.
Key Support Levels: The next support level for TRUMP is around $11.4. A break below this level could push the price down towards $9.2.
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