TRUMP faces major resistance at $11 – Is whale buying enough to beat bears?

• Trump memecoin fell 16.47% this week, with prices dipping as low as $10.43 before stabilizing near $10.74.
• Spot Sell Volume surged to 1.91 million, outpacing Buy Volume and leaving a -288k Delta.

After rallying to a high of $15.93 during Trump’s dinner, Official Trump [TRUMP] has struggled to make any more gains. Inasmuch, the memecoin has sharply declined over the past week.

After peaking at $15.93, the memecoin has slipped steadily, falling as low as $10.43.

As of press time, it was trading near $10.74, down 7.24% this week and 16.47% on the weekly chart. The trend suggests mounting bearish pressure and fading retail interest.

While prices have sharply declined over the past week, these losses have created a perfect buying opportunity, especially for whales.

Whales buy the dip—bullish or bait?

Inasmuch so, Trump whales have entered the market and are buying the dip.

According to Onchain Lens, a newly created wallet withdrew 425,764 Trump tokens worth $4.53 million from Binance.

That kind of buying, while prices are tanking, implies high-conviction accumulation. Naturally, it’s the kind of move that can spark copycat interest among smaller holders.

And there’s more. Despite the price drop, Trump Coin’s Exchange Netflow has stayed negative all week. That means more tokens left exchanges than came in, typically a bullish signal during downturns.

But the charts? Still gloomy

Despite this whale accumulation, other market participants largely remain bearish. When we look at spot activity, sellers are increasingly dominating the market.

On Coinalyze, Sell Volume surged past 1.91 million TRUMP in 24 hours, leaving a negative Delta of -288k.

Even the buyers entering the market in the future are mostly getting short positions.

This is so because TRUMP’s Funding Rate turned positive over the past day. A negative Funding Rate suggests that the majority of investors in the future are going short.

This signals that those expecting prices to drop further are dominating the market. Therefore, market sentiment has drastically shifted into bearish.

What’s next for the memecoin?

According to AMBCrypto’s analysis, TRUMP has been experiencing strong downward momentum. This downside momentum is evidenced by the declining MACD line.

The MACD Line has slipped beneath the Signal Line and both sit deep in negative territory. That’s a textbook sign of strong downside momentum.

On top of that, the 100-day EMA is about to cross below the 50-day EMA—another bearish crossover that typically precedes further declines.

Completion of this move will validate the bearishness in the market. These conditions could push TRUMP to dip below $10 and find the next support around $9.64.

To invalidate this bearish move, buyers need to retake the spot market and push for a close of around $11.32.