TRUMP crashes 17% as Democrats sweep the midterms – $1.22 is what matters now
Can buyers defend key support and give the token room to recover?
After the Blue Wave swept across the US midterm elections with the Democrats winning control of both the House and Senate, OFFICIAL TRUMP [TRUMP] faced strong selling pressure.
The token dropped 17.37% to $1.27 in the last 24 hours and briefly hit a new all-time low of $1.22, despite the wider crypto market’s slight rally.
This sharp drop shows rising uncertainty about the future of President Trump’s crypto-friendly policies and the chance that Congress may look more closely at his family’s crypto activities.
The sell-off has also spread to other political memecoins, indicating that TRUMP isn’t the only token under scrutiny.
TRUMP’s daily chart shows little sign of a recovery
TRUMP’s daily chart continued to paint a bearish picture, with the token trading at $1.28 at the time of writing. Notably, the price remained within the 23.6% Fibonacci retracement zone, implying that the price has retraced most of its measured upward move.
As a result, bulls are left with little ground.
This continued weakness also raises questions about whether buyers can step in before the token loses the $1.22 level, which is becoming increasingly important for a potential recovery.
An RSI of 27.69 indicated that the recent decline puts TRUMP deep into the oversold territory, with sell pressure dominating. The slight uptick in OBV shows that buyers may be returning, giving the memecoin a glimmer of hope.
However, buying must continue for the price to hold above the key $1.22 level.
TRUMP’s 4-hour chart also looks bearish
The 4-hour chart shows little sign of a trend reversal. TRUMP is still in the 23.6% Fibonacci zone, and the RSI has dropped to 20, showing even stronger bearish momentum in the short term.
The OBV has also fallen sharply, which suggests buying volume is not keeping up with selling, and there is little sign of accumulation.
Final Summary
- A break below $1.22 could see TRUMP under further pressure, especially if the buyers can’t continue to take the selling.
- If buyers can claw back $1.30, then TRUMP may have some breathing space to consolidate before another attempt at a recovery up towards $1.50.
