Official TRUMP Token Tanks by 57%: Can $30 Support Hold?

The TRUMP meme coin follows a bearish path as Donald Trump’s tenure as the 47th U.S. president begins, with the TRUMP token showing a likelihood for further declines.

As Bitcoin retraces to $102,000 after reaching a new all-time high of $109,114, the bullish sentiment in the crypto market is starting to fizzle out. Likewise, the newly launched Trump family tokens are facing significant bearish pressure.

The official TRUMP meme token has now dropped to 25th place in the crypto market after briefly entering the top 10 list. Meanwhile, the Melania meme token has plunged, losing 62.17% of its value over the past 24 hours.

As the Trump family tokens experience this bearish phase, the key question arises: will the ongoing correction lead to a massive crash?

TRUMP Token Price Analysis

On the hourly chart, the TRUMP token is under intense bearish pressure, reflected by the ongoing corrective rally. After initially surging 668% from $10.33 to an all-time high of $79.34, the token’s bullish momentum has now dissipated.

Currently, the TRUMP token trades at $33.41, down 57.70% from its peak. This decline has pushed the hourly RSI to near-oversold levels.

Additionally, a bearish crossover between the 50 and 20 EMA lines has occurred. Bulls are hoping for a potential reversal rally as the TRUMP token finds minor support near the $30 psychological mark. Supporting this possibility, the hourly RSI shows signs of a potential bullish divergence.

Trump Token Price Targets

In a recent post on X, crypto analyst Ali Martinez highlighted the potential for a bullish reversal in the TRUMP token. On a lower time frame chart, the analyst identified the token as trading within a falling wedge pattern.

The TRUMP token is expected to continue consolidating within this pattern before reaching its apex. A bullish breakout from the wedge could target the 38.20% Fibonacci retracement level near the $54 mark.

This projection suggests an upside potential of 47.57%. However, if the price breaks below the $30 psychological support, it could plunge further, with the next support level at $23.91.