Memecoins
35% drop to 29% hike: TRUMP recovers after Donald Trump’s guilty verdict
The TRUMP token fell after he was found guilty of 34 felony counts on 30th May. However, it soon regained as demand skyrocketed.
- TRUMP rebounds following a brief decline in value.
- The price surge has been backed by a significant decline for the meme coin.
The memecoin tied to Donald Trump [TRUMP] has regained following a double-digit decline after he was found guilty on 30th May.
According to CoinMarketCap’s data, the price of the Donald Trump-linked memecoin immediately cratered by 35% after the guilty verdict was announced. The coin reached a low of $11.28 before rebounding.
TRUMP traded at $14.60 at press time, having risen by 29% since then.
TRUMP sees uptick in trading activity
An assessment of TRUMP’s performance in the past 12 hours revealed a surge in its demand from market participants. For example, the memecoin’s key momentum indicators trended upward at press time, suggesting that current rally was backed by real demand.
TRUMP’s Relative Strength Index (RSI) was 63.02, while its Money Flow Index (MFI) was 78.90. At these values, these indicators showed that buying activity outpaced token sell-offs.
Chaikin Money Flow (CMF) was above the zero line, confirming the inflow of capital into the meme coin’s market. This metric measures how liquidity flows in and out of the market.
With a value of 0.30 and in an uptrend at press time, TRUMP’s CMF signaled a net inflow of new money into the altcoin as buying pressure increased.
Further, readings from the token’s Moving Average Convergence/Divergence (MACD) indicator showed a significant bullish influence in the meme coin’s market.
The MACD line (blue) rested above its signal (orange) and zero lines at press time, suggesting that the token’s short-term average was above its long-term average.
This is regarded as a bullish signal, and traders take it as a sign to go long and exit short positions.
Likewise, TRUMP’s positive directional index (green) laid above its negative index (red) at press time to confirm that bull power was more significant than any bearish activity amongst traders.
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Regarding the strength of TRUMP’s current trend, its Aroon Up Line (orange) value was 71.44%. This indicator identifies an asset’s trend strength and potential trend reversal points in its price movement.
Source: TRUMP/USDT, TradingView
When the Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently.
